‘Unique’ is the most overused and misused word in the marketing world. Its meaning has been diluted and applied to just about every product out there. The downside to this grammatical abuse is that when something truly unique comes along, it’s not as easy as it once was when we could use 'unique' to accurately describe it. And so I find myself in a quandry because Qvinci® Software is such a product.
Qvinci is the name of both an Austin (Texas) company, and their software, designed to solve a problem that has plagued the accounting industry for decades: How to quickly gather and digest financial reports from multi-site businesses that are using different accounting programs.
As a reporting partner to the Intuit® Franchise Program, Qvinci offers a powerful, web-based financial reporting tool that is capable of quickly consolidating and analyzing financial files for thousands of locations.
Qvinci’s Standard Chart of Accounts mapping technology was recently awarded a U.S. patent and the company has two more patent-pending innovations in the queue.
According to Qvinci CEO and inventor Charles Nagel, this first-of-many patents in Qvinci's pipeline underscores the company's commitment to using technology to solve complex financial consolidation and reporting issues for multi-unit operators such as franchises and accountants with multiple clients.
“Our unparalleled ability to automatically gather and consolidate disparate financial files in seconds is a game changer. It allows our customers to focus on growing their business instead of spending their time tracking down files from all over the planet,” Nagel said.
WHAT QVINCI DOES:
Qvinci Software is perfect for franchisors; accountants and bookkeepers; multi-business enterprises and small to medium businesses; non-profit and religious organizations; banking and investment companies; and, multi-unit franchisees. Really anyone really that needs to combine financial data from more than one accounting source, and it doesn't just work with QuickBooks.
Qvinici can quickly consolidate multiple file types including QuickBooks Online, QuickBooks Desktop, Xero, MYOB and Excel; it can also be customized to support numerous other accounting files and systems in order to provide benchmarking, trending and ranking analytics.
- Consolidated financial reporting for 1 – 10,000 locations
- Visibility beyond revenue for all locations in a single view
- Timely financial reports due to daily automated syncing
- Dynamic mapping to a Standardized Chart of Accounts
- Benchmarking, trending, and ranking analytics
- Aggregation and consolidation of multiple file types
- Fraud and error detection
Qvinci offers an intuitive dashboard, email alerts, filtering by non-financial properties, multiple currency conversion, Excel exports, file-level security and a Health Check feature. The software's Health Check functionality automatically runs a set of seven tests on each file linked and synced in a Qvinci account.
The tests are designed to catch basic errors affecting the Balance Sheet, P&L and Cash Flow Statement and will identify the month in which the errors occurred (looking back as far as 36 months). Results of the daily checks are posted to the Health Check dashboard allowing users to drill down into additional details regarding the errors. These features allows users to easily identify accounting file errors, across all locations or clients in a single view.
Qvinci ensures that everyone responsible for financial management and oversight has access to up-to-date data by providing the following reports:
- P&L Statement
- Balance Sheet
- Cash Flow Statement
- Sales by Customer
- Expense by Vendor
- A/R and A/P Aging
Qvinci has a number of features that can contribute to company growth by helping owners and managers save money and make better decisions about when and where to spend money; however, the software’s fraud and error detection capability is one feature that really stands out. With Qvinci’s comprehensive reports and unlimited logins, transparency is increased and the likelihood of fraud is reduced. Take away the opportunity for fraud and you take away the fraud.
For many users, the first time they have ever seen all of their organization’s financials in one place is when they turn on Qvinci. The ability to see their finances in consolidated views, coupled with easy and intuitive navigation, has led to numerous insights and discoveries regarding accounting practices. With daily automated syncing and email alerts, potential issues are flagged early.
QVINCI IS SIMPLE TO USE:
The Qvinci interface is simple to use with icons and a toolbar that make it easy to navigate. Icons at the top of the screen contain drop-down arrows that present a variety of options such as build chart, build sheet, tools, ratios and many others.
Qvinci works by connecting with native data files, then displays that data in a variety of easy-to-understand formats. Data can be displayed utilizing various time frames so users can track and monitor essential information on a monthly, quarterly or yearly basis.
Qvinci allows entities with multiple locations to automatically collect financial data from every location on a daily basis, compare locations’ performance side-by-side, consolidate financial statements using a Standardized Chart of Accounts and rank and benchmark locations against top performers on a line-item basis.
One of the most valuable features of Qvinci is the ability to create up to 20 custom non-financial properties that can be used to filter their standard reports. This functionality makes it extremely easy to create reports divided up by an organization's characteristics like:
- Proximity to an urban center
- Square footage
- Staff size
- Years in business
- Services offered
- Group or division manager
Qvinci's home screen displays a graphical dashboard that can be configured to display the most important information. The dashboard features nine widgets that can display the followinng data:
- Financial Summary (Current)
- Financial Summary (Last Month)
- Bank account Last 24 Months
- P&L Last 3 Months
- P&L Year Over Year
- P&L Last 12 Months
- P&L Last 2 Years, to Date
- AR Aging
- AP Aging
Qvinci generates a full P&L, allowing franchisors and other top-level management a more complete view of their organization’s financial health. It goes beyond the Point of Sale system to include expenses and cash flows – information critical to the success of any enterprise.
WHAT ABOUT SECURITY?
Since it was founded in 2007, Qvinci has taken data security seriously and is constantly striving to provide the most up-to-date and secure environment possible. Currently, Qvinci is hosted at Amazon Web Services which is also used by Intuit® and the Department of Defense, providing one of the most flexible and secure cloud hosting services in the world as evidenced by their SOC 1, 2 and 3; HIPAA; FIPS; and, DoD certifications.
LOOKING FORWARD TO FUTURE FEATURES
Qvinci is presently in the final stages of developing three additional features to further enhance the software including:.
- Alerts: Set goals and use email alerts to track key accounts.
- Performance Planning: Allows a location to track its performance against a ‘best case’ budget constructed from the financials of the previous year’s top performers.
- File Management: Allows users to see the status of all locations they sync in a single view.
The implementation and operation of Qvinci’s is a simple, straightforward process. Most businesses can implement Qvinci in a few hours regardless of the accounting software or chart of accounts being used at each location. Qvinci’s reporting platform is designed for easy adoption. It takes approximately two to five minutes per file to link and sync, including download time for the sync app (where required).
Free support is available through the Qvinci Live Chat website feature from 8am-5pm CST Monday to Friday. Qvinci also offers a free trial to allow you to 'try before you buy'; the download and installation takes just minutes, so why are you waiting, check out this 'unique' software for yourself at Qvinci.
For those attending Scaling New Heights in New Orleans - June 21 through 24 be sure to drop by the Qvinci booth for more information and a software demonstration.
Credits: Thanks to Michael O'keefe of Qvinci for providing technical information and art work in support of this article.