How Thornton Capital Automated QuickBooks Reports and Saved 7+ on Month-End Close

For many finance professionals, QuickBooks reports and month-end close can be a daunting process, especially when dealing with multiple data sources or QuickBooks files. At Thornton Capital, a single-family office managing a diverse investment portfolio, consolidating QuickBooks data from 16 different files was a major pain point.

Their manual process was not only time-consuming but also prone to errors, which impacted the credibility of their financial reports.

By implementing Coefficient, Thornton Capital was able to transform their financial reporting workflow, reducing their month-end close from 10 days to just 3.

Here’s a step-by-step guide on how Mike did it:

Step-by-step guide: Automating QuickBooks Reports & Month-end Close

Step 1: Build Standardized Templates

The first step was to create a series of standardized templates for their P&L and balance sheet reports. This allowed them to pull in data from their multiple QuickBooks files in a consistent and organized manner.

Step 2: Automate Data Pulls with Coefficient

Using Coefficient, they were able to automate the process of pulling data from their QuickBooks files into their QuickBooks reports template. This eliminated the need for manual data entry and reduced the risk of errors.

Step 3: Create Summarized Data Fields

Coefficient’s flexibility allowed them to build formulas and create summarized data fields that were tailored to their specific QuickBooks reports needs. This gave them a more comprehensive and insightful view of their financial performance.

Step 4: Refresh QuickBooks Reports Data in Real-Time

One of the biggest benefits of using Coefficient is the ability to refresh data in real-time. This means that any corrections or updates made in QuickBooks are instantly reflected in their reports, ensuring that they are always working with the most up-to-date information.

By following this workflow, Thornton Capital has not only saved a significant amount of time but also improved the accuracy and credibility of their financial reports. This has allowed them to make faster, more informed decisions and focus on what matters most: growing their business.

Ready to transform your QuickBooks reports process?

Thornton Capital’s story shows what’s possible when you eliminate manual data entry and embrace automation. They cut their month-end close by 70% – from 10 days to just 3 – while improving accuracy across 16 QuickBooks files.

The payoff? More time for strategic analysis. Greater confidence in their numbers. And a finance team that’s no longer buried in spreadsheets during close.

QuickBooks reporting doesn’t have to be painful. Whether you’re managing multiple entities like Thornton Capital or simply tired of manual data pulls, Coefficient can help you build a smarter, faster workflow.

Get started with Coefficient today and see how much time you can save on the QuickBooks reports you need for next month-end close.