Quantum Advisory is a Sydney based advisory team who help business owners supercharge their companies, become more profitable and plan for the future. That’s taken directly off the website and whilst I know they are excellent advisors, accountants and bookkeepers there is another whole reason entirely I love working with them. And that’s autonomy and flexibility for their staff to own processes, choose tools and ensure the job gets done properly. This clearly requires a huge amount of trust from management and then hard working onerous staff to pull this off, but I firmly believe they do this exceedingly well. So when QA got in touch over this particular project, the requirement went something like this.

“We don’t feel the Xero AddOn’s are quite right for this consolidated reporting job. We have a charity report pack produced in Xero ready to go, and I like the ability to play with the presentation more easily in a Xero Ledger. Can you help us automate the data from multiple Xero’s into a Xero ledger?”

Samual Baker

“Having our client’s several global Xero files consolidated into a Xero reporting ledger has personally saved me 8 hours per month. We leverage Xero’s improved financial management reporting and produce comparative monthly reports against budgets, with FX conversions and Tracking Categories, very, very easily”  Samuel Baker, Accountant, Quantum Advisory

The benefits of the solution we came up with

  • Eliminate manual journal entries and reduce monthly effort by 50%
  • Use the Management Report pack and Tracking Categories in a Xero ledger
  • FX Conversions, Tracking Categories, CoA eliminations and groupings
  • Use for any multi-entity Xero client
  • No monthly subscription
  • Monthly comparative reporting
  • Achieving this all in 3 clicks!

What is it and how does it work

It’s a bespoke ExcelAddIn. Check out the Quantum Advisory ribbon in the screenshot below. If you don’t know what that is, then google it or look at a product called QuickWinDevelopment which is an excellent ExcelAddIn AddOn for Xero.

From a process perspective, Quantum’s ExcelAddIn works like this;

1) A once off install from a URL
2) Open spreadsheet
3) Enter in FX Rates, TrackingCategories and Mapping sheet (once off exercise)
4) Click Download Accounts & Reports, Click Process into Manual Journals, Click Upload Manual Journals
5) Log into Consolidated Xero Ledger and view Management Reports (created separately in the Xero ledger)

 

Excel AddIN

Quantum Advisory’s Xero Consolidation Excel AddIn

 

What does the end result look like?

Xero Management Reports

Financial Management Reports in Xero

 

Summary

Quantum have been using this ExcelAddIn for several months now and we built it so that they will be able to use it on as many of their multi-entity clients as they see fit. I genuinely look forward to everytime a QA Group staff member gets in touch with a requirement, they are invariably very interesting!

More on consolidations

Xero consolidation is a thing, we get numerous chats per week on our website about it. The upshot is that we see most businesses wanting to do it in a way that fits within their organisation. So whilst there are a number of fantastic Xero AddOn’s that help to relatively quickly get a templated consolidation done, when there are requirements that fall outside the templates, then we have proven examples of helping clients achieve out of the ordinary results. So whether it’s consolidation into PowerBI, GoogleSheets, Tableau, Email and now back into Xero itself, we can get your consolidation done in a way that suits you.

Thank you for reading and please feel free to get in touch!

kevinw@datasights.com.au