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How We Helped a Client Automate their Accounting Consolidation Process <\/h2>\n
One large accountancy that we work with has a client consisting of 3 separate entities. <\/p>\n
One is the owner or \u201cparent company.\u201d <\/p>\n
The other two companies are linked via loans to each other for tax purposes. <\/p>\n
Each month the accountant would have to spend 5-10 hours exporting the each of the respective company\u2019s reports from QuickBooks Pro, combining them in excel, and then calculating eliminations and totals. <\/p>\n
When we began our engagement the main goal was to be able to create a simple set of monthly statements that populate automatically and can be sent to the client\u2019s bank and investors. <\/p>\n
For the banks who have lent money to the companies, the consolidated format of the Income Statement and Balance Sheet are a necessity and can not be accepted in any other format. <\/p>\n
For the investors, looking at individual statements don\u2019t show the health of the company as a whole. They are interested in how the parent company is doing, but want an in depth breakdown of each organization separately.<\/p>\n
We built the accounts, set up the data connection to Quickbooks Enterprise, built the statements as dashboards<\/a>, and set the eliminations to calculate themselves. <\/p>\nIn a few days, we were able to turn around the statements and eliminate this recurring monthly task from the accountant\u2019s agenda. <\/p>\n
Next, we used the data to create custom visualizations such as income source breakdowns as well as breakdowns for both accounts payable and accounts receivable accounts.<\/p>\n
This accountant freed up 10 hours per month of her time, minimized the risk of human error, implemented a scalable solution, and put her firm in a position to act as a trusted advisor rather than a data-entry assistant. <\/strong><\/p>\nThat\u2019s not all, the holding company client is now using Malartu for budget analysis and, as the organization grows, our platform grows with it. <\/p>\n
Talk to us about implementing this with your advisory<\/h2>\n
At Malartu, we have automated consolidations<\/a> for $250k\/yr family owned stores to $20mm\/yr corporate subsidiaries. <\/p>\nWhen you are ready to get some time back and provide your clients with the future of accounting tools, we are ready to help.<\/p>\n<\/div>\n
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