Top

Group based in USA outsourcing IAM skilled professionals to clients in USA & India.

Group based in USA outsourcing IAM skilled professionals to clients in USA & India.

Background:

The group has 3 separate companies. The client used multiple systems/apps, i.e. Company A-Quickbooks Desktop & Payroll, Ability for Time Tracking & Billing. Company B-ADP Run for payroll with Wave Accounting. Company C-Quickbooks Online India version. Besides, they 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.

 

Another challenge was with Company B, because in the beginning while setting up a new company in Wave application they ironically chose multicurrency and INR as their home currency, whereas all their transactions were in USD only. Unfortunately, the system doesn’t provide an option to change the currency setting.

 

As a result P&L, B Sheet, and other reports were difficult to comprehend in converted INR value and it was merely used to download the reports in excel and apply some conversion rate to see them in approx. USD, which was grossly inaccurate. Almost in all the cases, the client was losing sight of potential bad debts piling up.

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 need a manual update & we also integrated with Quickbooks Time application. For Company B, due to the current issue, 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.

Rajesh Agarwal
No Comments

Leave a Comment

× Let's have a chat