Reporting Quickbooks Expenses in Hive for Accurate Project P&L
TABLE OF CONTENTS
The Client
This is a marketing agency that specializes in promoting ophthalmic brands. They manage various projects and have significant financial tracking needs to ensure that each project remains profitable. The company uses Hive as their project management system and QuickBooks for their financial data.
The Challenge
- They struggled with maintaining up-to-date financial visibility on their projects. Project managers couldn't easily see how much budget had been used and how much had been invoiced.
- Employees had to spend a significant amount of time pulling financial reports from QuickBooks and manually updating them in Hive.
- Relying on outdated data led to miscommunications and potential project budget overruns.
- The manual process of syncing data was tedious and prone to errors, adding unnecessary workload on the project managers.
The Solution
We developed an automation solution using Hive Automate, integrating QuickBooks with Hive. This solution provided both a manual trigger and an automatic trigger:
- Automatic Weekly Sync: An automated trigger runs weekly for all projects, updating financial data in Hive.
- Manual Real-Time Sync: A manual trigger can be initiated per project, allowing project managers to update financial data in real-time by changing a field in Hive.
The Results
- Project managers now have immediate access to key financial KPIs, such as expenses versus budget and invoices to date, directly within Hive.
- The automation saved the company significant time, reducing the need for manual report generation and data syncing.
- With up-to-date financial data, project managers can make better-informed decisions, preventing budget overruns and addressing issues proactively.
- The ability to update financial data in real-time gives project managers more control and confidence in managing their projects.
Tech Used
- Quickbooks Online
- Hive and Hive Automate (Workato)
