Consolidated Financials

Client Overview

Cochner Garvey Capital Partners, Inc. (CGCPI) is a Wichita-based private equity firm with an investment history of over 50 years, focusing its investment on middle market companies. CGCPI holds nine separate entities, each with its own QuickBooks company file.

QUICKBOOKS LIMITATIONS

CGCPI recently moved to QuickBooks Enterprise from Sage and FRX Reports and discovered a showstopper limitation.

With QuickBooks, it’s impossible to get consolidated financials with more than two company files. To make matters worse, QuickBooks reports can’t be customized to provide financials for a partial ownership entity. It’s all or nothing.

CGCPI’s situation was even more complex because the accounts needed to display in a different order and with different labels than in the Chart of Accounts.

QUICKBOOKS JUST COULDN’T CUT IT

With QuickBooks alone, the only way to consolidate financial reports for multiple company files is to export each P & L and Balance Sheet to a spreadsheet, manually cobble together the pieces and create conditional calculations.

This was done every single month! It was a massive waste of time with the constant potential for error – and fraud.

HOW WE IMPLEMENTED CONSOLIDATED FINANCIALS REPORTING

QQube for QuickBooks handles the issue of consolidation very simply: all QuickBooks company files loaded into the data warehouse are available for reporting.

Once CGCPI provided a report layout sample and the desired account groupings, Datisfy used Crystal Reports to build the formulas and structure that result in two accurate single-click reports. We built an Income Statement, and a Balance Sheet – including budgets. With the QQube Multiple Company Add-On, any number of company files can be accommodated.

AND IT’S FUTURE-PROOF

If and when CGCPI invests in or sells new entities, only minor edits are required to adjust the reports. This solution saves the team at CGCPI at least two days of effort every month, and enhances the reputation of the Director of Financial Reporting when she delivers the financials with such velocity, reliability and accuracy, month after month.

CGCPI WAS ECSTATIC

The Datisfy team was very successful in building the custom reports that we now use every month. It’s a unique combination of several wholly-owned subsidiaries, one controlling interest, and a joint-venture with their respective parent companies. They were a very quick study once we finalized our requirements.

The reports are now in production. Datisfy’s team members were always patient, very professional, and quite pleasant to work with. I highly recommend Datisfy and their solution.