Challenges & problems faced
Before implementing Datarails, ThinkPlumb’s financial reporting process and creation of financial packages for clients was highly manual and time-consuming. The team spent up to 10 hours extracting trial balances from accounting software and manually inputting data into Excel spreadsheets to build complex financial packages for their clients. Any changes or updates to the data required repeating the entire process. This was cumbersome, time-consuming, and inefficient.
Timothy Pico, Controller at ThinkPlumb, and his team were looking for a tool to marry Excel and their client’s accounting software; QuickBooks, Sage Intacct, NetSuite, and others. He considers Datarails a match made in heaven for the ThinkPlumb team.
“It used to take me between 5 to 10 hours to establish a package…Now it takes less than 30 minutes to create it.”
– Timothy Pico
Controller, ThinkPlumb
The solution
Datarails enabled ThinkPlumb to streamline their financial reporting processes by automating data extraction, consolidation, and financial statement generation with just a few clicks.
By implementing Datarails, ThinkPlumb could:
- Automate the data integration process between Excel and the accounting software
- Refresh financial data instantly, eliminating manual data entry
- Generate customized financial packages and reports with ease
Results/Benefits Achieved
Since implementing Datarails ThinkPlumb’s operational efficiency and productivity vastly increased.
“We’ve probably cut things down by more than half in terms of time spent on working on these processes.”
– Timothy Pico
Controller, ThinkPlumb
Some key benefits for the ThinkPlumb team:
- Reduced time spent on data validation and financial package preparation by over 75%.
- Increased capacity to take on additional clients (Pico has had the capacity to take on 4-5 additional clients).
- Ability to focus more on value-added services like financial analysis and consulting for clients.
- Improved team productivity, with less time spent on manual tasks and training.
- Seamless integration with QuickBooks, enabling real-time data updates.
Conclusion: A solution that lets you spend your time better and bring greater impact for your clients
Pico added, “Datarails has definitely greatly improved the time it takes us to prepare financials for clients. As well as freeing up our time to perform more beneficial consulting for the client.”
He shares that time saved validating data and preparing packages has freed them up to do what they do best– perform accounting services, consult, and bring impactful changes to their clients.
