AT A GLANCE

CHALLENGES

Unable to efficiently manage multiple accounts across several businesses, leading to challenges in tracking inter-business transactions and reconciling financial data.

Lacked a comprehensive view of overall financial health.

BENEFITS

Standardized and organized chart of accounts (balance sheet and due to/due from).

Consolidated reporting package to track money movement between entities.

Objectives

• Streamline Inter-Business Transactions: Standardize and clean up the chart of accounts across multiple QuickBooks entities, focusing on balance sheet and due to/due from accounts, to simplify tracking of inter-business transactions.
• Improve Financial Transparency: Provide a consolidated view of financial activities across all entities, enabling comprehensive tracking of money movement and overall financial health.
• Reduce Reconciliation Time and Improve Accuracy: Implement standardized processes to reduce reconciliation time, minimize errors, and accelerate month-end close procedures.
• Improve Decision-Making and Planning: Deliver detailed financial reports that offer insights into cash flow trends, profitability by business, and resource utilization, enabling strategic and data-driven decision-making.

Solutions

Plumb Bill Pay reorganized the QuickBooks files for each of the client’s businesses to streamline financial tracking and reporting. By consolidating financial data across all entities and integrating automated cash flow tracking, Plumb provided the client with a comprehensive dashboard that displayed revenue, operating expenses, and debt service payments in real time. This solution offered clear categorization of personal versus business expenses, ensuring complete visibility of their entire financial portfolio and simplifying year-end tax preparation for their CPA.

• Enhanced Financial Clarity: The client now has a consolidated, clear view of financial activities across all entities that seamlessly integrate with the client’s QuickBooks accounts, allowing for effortless monitoring of inter-company transactions and a comprehensive understanding of their overall financial position. The client now receives this report monthly and has referred to his Plumb team as “rockstars.”
• Reduced Reconciliation Time by 50%: Plumb’s standardized processes allowed the client’s team to cut their reconciliation time by half. Errors and discrepancies were minimized, and month-end close processes became faster and more accurate, freeing up resources to focus on other growth opportunities.
• Data-Driven Decision Making: Plumb’s new, detailed reports provided the client with insights into cash flow trends, profitability by business, and inter-business resource utilization. This enabled them to identify areas for potential cost savings, optimize inter-business transactions, and focus on investments on the most profitable entities. Strategic decision-making became more data-driven and aligned with the client’s long-term financial goals.