InDevCo started to look for a new accounting solution when the number of real estate properties began to exponentially increase. As each new development was completed, it was accompanied by three additional entities, and pretty soon there were dozens of them. As their entities continued to grow, the functionality of QuickBooks Desktop (QBD) couldn’t keep up, leaving InDevCo’s users logging in and out of each database to update information. InDevCo needed help managing these entities, and QuickBooks wasted a lot of their users’ time reconciling key numbers. They turned to Gravity Software™. “I first came across Gravity when our company only had about 20 entities. As our business continued to grow, I was working inefficiently to successfully keep up with each entity in QuickBooks,” states Rette Rankin, Controller, InDevCo. “I was logging in and out of programs, wasting valuable time on the program alone. It came to the point where I almost hired another accountant to help with all of the financials. We needed a Software-as-a-Service (SaaS), web-based system that could handle our growing portfolio, and selecting Gravity Software saved the day.”
Gravity’s team proposed their multi-entity, cloud-based accounting solution that allowed InDevCo’s users to work in each of their companies with one single login. Users could enter one transaction and allocate it across multiple companies, as well as rely on automatic inter-company balancing. Duplicate data entries would be eliminated, and each entity’s data would be reconciled in real time. Users could pull reports whenever they pleased, even consolidating them into one streamlined document to analyze multiple properties at once. This functionality saved InDevCo time and money, essentially replacing the job of an additional accountant.
After implementing Gravity, InDevCo now successfully manages over 75 entities in one database and one login. No additional staff was needed due to Gravity’s advanced report writer functionality, and their overall productivity has improved.
Rankin says, “The implementation was fantastic. I was a bit apprehensive about the number of companies that we have and if they would be input properly, as well as the fact that I would be the sole implementor on our side. John Silvani [Gravity’s founder] was knowledgeable of the system and was great at getting things done. We had the entire system implemented in under two months! I can’t say enough good things about John; if I had any follow-up questions he would immediately respond.”
Gravity’s dashboards and robust reporting capabilities provided InDevCo with a deep dive into their current operations, allowing them to make more informed decisions about their investment properties. InDevCo’s return on their investment in Gravity was realized in less than three months when comparing to hiring an additional accountant. InDevCo is thrilled with the time it took to implement Gravity and their newfound efficiency. InDevCo continues to grow its property portfolio with the help of Gravity.
“Overall, I am thrilled with my experience with Gravity Software and would recommend their accounting software to anyone” states Rankin. “Gravity streamlined our workflow process and consolidated all of our companies into one user-friendly database, and because of this, we did not need to hire another accountant. Gravity has completely simplified our business processes, and other organizations that manage multiple companies surely could benefit from their multi-entity features, reporting capabilities, and customizable dashboards.”
InDevCo, Inc. (InDevCo) is a real estate and tax consulting firm in Atlanta, GA. They provide private equity capital to projects with desirable social outcomes and attractive economic returns. InDevCo’s clients include developers, private investors, commercial banks, and land owners with timber and farm interests.
Industry: Real Estate
Number of Employees: 6
Number of Gravity Users: 2
Number of Entities: 90
Previous Accounting Solution:
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