Friday, August 8, 2014

Qvinci : Financial consolidation tool for QuickBooks® Online streamlines reporting for franchisors, accountants, and other organizations with multiple locations

Qvinci Software announced today that its financial consolidation and benchmarking software for QuickBooks Online is now accessible on a try-and-buy basis through the Intuit® App Store. Qvinci is a reporting partner for the Intuit Franchise Program and pleased to be offering QuickBooks Online users a convenient means of acquiring Qvinci’s financial reporting solution. Qvinci’s technology allows entities to automatically sync, consolidate, and compare financial information from multiple locations on a daily basis, in seconds. Through the Qvinci dashboard, QuickBooks Online users can view consolidated reports (Cash, P&L, Balance Sheet, A/P and A/R) across locations, in an easily-digestible form. 

This kind of visibility affords franchisors, accountants, and other multi-unit operators the opportunity to monitor the financials of their entire ecosystem in real time, in just minutes a day. This eliminates the need for resource-consuming manual/off-line monthly consolidations and the extraordinary efforts it often takes to get timely and accurate financial information from every location. Qvinci is used by leading multi-unit organizations such as Anytime Fitness, Sunoco, and the Archdiocese of Lexington. 

“Qvinci has the ability to provide easy to use online reporting that a manager or owner of multiple locations needs. We have been partnering for the past 3 years and when companies and headquarters see what Qvinci does in conjunction with QuickBooks it amazes them," said David Vierreg, Intuit Emerging Channel Sales Leader.

“We are grateful to Intuit for the opportunity to deepen our relationship with the QuickBooks Online community. Together, our complementary cloud-based solutions make a ‘killer app’ for multi-location entities,” said Charles Nagel, CEO of Qvinci. Charles further explained, “Qvinci’s automatic file consolidation enables locations to effortlessly meet reporting requirements, which is extremely important to franchisors and other multi-unit operators with a vested interest in each location’s success. For some of our clients, opening the Qvinci dashboard is the first time they have ever seen all of their business’s financials up to date and in one place. Qvinci users are realizing benefits even we didn’t anticipate – everything from fraud detection to the concentration of purchasing power, to early warning systems for low-performing locations. The ability to benchmark against top performers or the average, on a line-item basis, makes it easy to identify opportunities for improvement. Accountants and bookkeepers save billable hours and profit from being able to provide these insights to their clients.”

In addition to providing visibility at the consolidated level, individual locations can view and anonymously benchmark their own financials inside the Qvinci application, without having to rename any of their accounts. With Qvinci’s patent-pending Standard Chart of Accounts (SCoA) mapping functionality, locations are able to sync with Qvinci on day one, with just 2 minutes of set-up time. 


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