Reporting Quickbooks Expenses in Hive for Accurate Project P&L

The Client

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• Relying on outdated data led to miscommunications and potential project budget overruns.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

• 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)