Custom QBO Integration Saves 40 Hours of Manual Labor per Month for Wealth Management Company

A Wealth Management company operates several subsidiaries, each with its own QuickBooks Online (QBO) file. To prevent the need for each subsidiary to operate its own check-writing process, one of the entities acts as a holding company for the others and pays for all the goods and services on behalf of the other subsidiaries through just one checking account.

While more secure with respect to bank access and fraud risk, every bill payment transaction requires an intercompany transaction to be recorded between the holding company entity and the subsidiary that actually incurred the expense. Unlike more robust ERP platforms, QBO does not have a built-in feature to manage intercompany transactions between entities. Therefore, each transaction must be manually recorded into both corresponding sets of books. With over 100 such vendor bills each month, the manual process is time-consuming and prone to human error.

SPRCHRGR developed a simple process that utilizes an import/export tool to populate the intercompany transactions into the corresponding sets of books in an entirely digital workflow that eliminates manual duplication of effort.

Features & Benefits

• Detailed data from each vendor bill paid by the holding company, many with hundreds of individual line items, is fully extracted from the holding company’s books and directly loaded into the subsidiary entity’s books at the same level of detail — so all expenses are accurately split between expense category with descriptions preserved at the detailed line-item level.

• The intercompany reconciliation process is faster and easier to perform between the holding company and each subsidiary since all source data is digitally integrated.

• Granular financial reporting is immediately available for each subsidiary.

• The digital solution significantly reduces the potential for human error.

• Streamlined data entry process saves 40 hours of manual labor each month, reducing costs.