Many products and companies come to be out of necessity. The founder figures out an easier way of accomplishing a tedious yet essential task pertinent to the industry and the rest is history. Case in point, Qvinci. At the time of conception, CIO and founder Charles Nagel was working in turnaround consulting. He would continuously see the same problems over and over again in both small businesses and nonprofits, especially those with more than one location.For instance, a diocese would have multiple parishes but when the time came to do taxes it became a colossal headache as they tried to collect data from all of their parishes. One of the main problems was that each parish collected their data differently. The act of sorting through this data so it was accurate and cohesive took time and money the diocese just didn’t have. With Qvinci, they were able to collect the needed data in mere seconds.
In Use:
So in essence, Qvinci collects and consolidates QuickBooks Data to make running a business or nonprofit simple. The diocese for instance, no longer has to hassle each parish for their financial data, as it’s automatically updated onto the cloud for the diocese to see. The information they get can easily be translated into tables, charts, and graphs so both the diocese and individual parishes can access the data. Reports can be emailed, updates given, and different languages and currencies used.
The remote locations also have access to this data and can compare how they’re doing to other remote locations across the country and globe. They can figure out what is working within their location and see what works for other locations and figure out how to include it in theirs.
Another perk of Qvinci is that companies are able to pinpoint small problems before they become huge disruptions. During our phone conversation Nagel stressed that it’s important to look at reports and charts at least once a month. A company must be proactive when it comes to comparing themselves to other chapters because they may in fact find an issue. A lot can change in a fiscal year, by running reports monthly; a company can see any issues that may not look right or opportunities to improve their location.
It’s also worth noting that all the data from Qvinci is up to date. A digital scheduler keeps data accurate by consolidating all the files at 2 am every morning. Hence, when employers get into work in the morning all their information is up to date.
Technology Used:
Qvinci is a cloud-based service. In order to use Qvinci,, companies must have access to QuickBooks, Excel, or any number of accounting solutions. If you does not have a common accounting software, it’s recommended you check with Qvinci before purchasing the software.
Ease of Use:
Like any new software, it takes time to familiarize yourself with it. And this is no different with Qvinci. Thankfully, the user interface is simple enough that it won’t take you too long before you’re navigating the software like a pro. If technology-savvy is not a word you’d use to describe yourself, Qvinci’s staff will be more than happy to walk you through it.
Recap:
Qvinci is easy-to-use to consolidate a company’s financial records whether they have one location or several hundred. It can save the company money and time by consolidating the data once a day to ensure that all the reports are accurate. Companies can compare each location and each location can compare themselves to other chapters. Some of the more significant reports and charts a nonprofit can gain access to is P&K, expense by vendor report and an AR/AP Aging report.
Although Qvinci isn’t just for nonprofits, nonprofits can stand to save a significant amount of money. The subscription is month to month and there is no annual contract. Of course if you do decide to purchase the annual contract nonprofits can save 25%. For the limited package, a nonprofit organization pays $4.95 per file per month or $49.95 per file per year. They have access to unlimited users, email reports, early warning indicators, and profit and loss statement. For the Professional package, users pay $14.95 per file per month or $149.95 per file annually. They get the same benefits of a limited user but also gets access to bench mark reports, ranking reports, and statements of cash flows.
Advantages:
The theory behind Qvinci is so simple yet it has the ability to be life changing for both nonprofits and businesses alike. I feel like I can be a broken record sometimes always saying how this software is going to save nonprofit organizations time and money, but as a nonprofit the goal is to spend more time and money helping the cause and less time paying people to run the nonprofit. I think on these fronts Qvinci can really help.
I just don’t know how feasible it is that a nonprofit organization is going to be able to afford Qvinci. It’s pretty pricey when you have to pay $4.95 or $14.95 per file. A small business or nonprofit may not have a problem paying $20-$50 a month on this software, but a medium to large nonprofit could see themselves spending thousands of dollars each year on this program.
Do I think it’s useful- absolutely. But I think each nonprofit or charity needs to decide how much money they’re willing to pay for convenience.
