Case Story
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Background:

  • Four Legal entities based in USA, Canada & India.
  • Client used multiple systems/apps, including Quickbooks Desktop and Payroll, E-bility for Time Tracking & Billing. ADP Run for payroll with Wave Accounting. Quickbooks Online India version. Manually maintained parallel Excel files for Invoices Tracking, Payroll processing & Bank passbook, etc.

Client’s concerns:

  • Messy Accounting, Duplicate Customers, Vendors, AR Ageing not reliable, Reports like P&L and Balance sheets did not give a true picture, too much dependence on excel sheets leading to errors & omissions and space constraint all the time with QB on remote Desktop.
  • Wrong Home Currency setup in one company led to complications in reporting and monitoring receivables tec

Solutions offered and successfully implemented by us:

  • Upon onboarding, we reviewed the situation, drew an action plan to clean up the books by merging similar Chart of Accounts, Customers, and vendors, updated the masters with payment terms address, email ids, phone numbers, etc, and significant effort in reclassifying transactions to the right accounts.

  • We migrated QB Desktop with all historical data into Quickbooks Online, payroll historic data needed manual update. We also integrated with Quickbooks Time application. For company with wrong currency setup, we had to upload transaction-wise data and match the opening Balance Sheet using the single-entry method.
  • After some initial hiccups, all companies are now successfully running on Quickbooks Online and fully integrated with Quickbooks Payroll & QB Time. All Banks & Credit cards are connected to bank feeds, most entries are automated thereby making the reconciliations easy. AR Ageing report is up-to-date & we use auto-reminders for overdue payments etc. The client can see all companies updated position on his mobile app.

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