Most businesses out there manage more than one QuickBooks account. If you are an international business that operates in multiple countries, or your business has more than one account per branch, this is something you do as well.
Regardless of industry or reason, operating across multiple sets of books creates reporting complexity.
Financial leaders lack a consolidated view of performance across the enterprise. Reconciling data and creating consolidated financial statements becomes tedious and time-consuming. This is where you will come across the need to consolidate QuickBooks online accounts.
There are quite a few methods available for you to consolidate your financial reports for convenience.
In this article, we will share them in detail. You can also get to know about a ready-made solution available to complete the job with ease.
Before creating the consolidated reports, you will need to extract data available within QuickBooks online. The most basic way to do this is extracting data manually. However, the overall process is quite cumbersome. That’s because you will have to do manual data extraction for every QuickBooks online account you own.
Due to the same reason, you should look for a way to automate the data extraction process.
You can find multiple tools available online to automate the data extraction process from QuickBooks. However, most of them allow you to extract data from one company account at a time.
If you are looking for a tool to extract data from multiple QuickBooks accounts at the same time, you should take a look at the QuickBooks Online Connector by Vidi Corp.
Once you start using this connector, you will be able to return multiple key tables available within QuickBooks online. It includes Cash Flow table, Balance Sheet table, Profit and Loss table, and many more. All these tables will have the “client_id” column. It will be the name of the QuickBooks account you have as well. By using this column, you can break down all the data you have from a QuickBooks entity. It makes life easy when managing multiple accounts.
Most other tools available online will provide you with multiple smaller tables. They include tables such as bills and invoices. If you try to rebuild the financial statements from more than 100 different tables like this, you will have to spend a considerable amount of time. That’s why you should look at Quickbooks Online Connector by Vidi Corp. It is the most convenient and effective method available to extract data available within few QuickBooks online entities.
This connector will extract data and store it in an Azure SQL database. You can then connect the database with any reporting tool you use, such as Power BI or Excel.
CONTACT US TO GET THIS SOLUTION
After you extract data, you may go ahead and create the consolidated management reports. But there is no need to build reports from scratch. Instead, you can use a reporting pack to make life easy.
It offers multiple pre-designed reports to you, including:
The reports you build from the reporting pack will have numerous impressive features. Few such features include:
You will also be able to customize the reports based on your specific needs. But if you don’t want to use a pack like this, you may create your own reports from scratch.
Here are the steps that you should follow to install the QuickBooks connector that Vidi Corp offers.
A commercial real estate company recently utilized a QuickBooks Online connector to consolidate financial data across 100+ entities, one for each property. Manually producing consolidated reports across so many accounts was nearly impossible, so consolidating the data into a database enabled fully automated financial reporting for leadership.
The management report could filter by specific properties, and removing filters provided an integrated view of all properties combined.
The connector also helped a retail brand with 5 branch locations, each with its own QuickBooks account. By consolidating the accounts into a central database, the team saved 5 working hoursper month previously spent on manual reporting. The new automated reports provided real-time visibility rather than monthly snapshots.
Now you have a clear idea on how to consolidate QuickBooks online accounts to ensure convenience in reporting. Consolidating multiple QuickBooks Online accounts into a database unlocks several key benefits:
Overall, automation reduces manual reporting burdens while providing dynamic visibility through centralized access to dispersed QuickBooks entities. Get in touch with Vidi Corp and learn more on how to use the automated connector solution. You can also find more information about connecting QuickBooks to Power BI
