QuickBooks multi-currency accounting case study | Gravity Software

The challenge: Multi-currency accounting wasn't GAAP compliant

The challenge: Multi-currency accounting wasn't GAAP compliant

When Sofia Lambros started as Head of Accounting for Proteus Power, she assumed she would be using QuickBooks accounting software. After all, she had used it for many years in previous management roles. Yet she soon discovered that although Proteus Power is an early-stage company, its business model requires many intercompany transactions and accounting in multiple currencies.

The company manages 12 different renewable energy projects, each of which requires its own balance sheet to account for the costs involved, including environmental surveys, lease payments and legal fees. Recent projects include a 153 MWdc solar and 60 MW battery storage system in Alberta, Canada, two solar projects in Texas and numerous others in the pipeline. Lambros could not maintain separate balance sheets or run separate financial reports for each project without making each one a separate entity, which would have required a dozen different QuickBooks accounts. She also wasn’t able to manage consolidated financial reporting or report on financials for her Canadian entities in their home currency.

The search for a powerful alternative to QuickBooks

The search for a powerful alternative to QuickBooks

After evaluating other accounting solutions, Proteus Power is in a better position to grow with Gravity Software. They have significantly reduced manual data entry for multi-entity transactions and are confident they are following GAAP standards in their processes for multi-currency accounting.

They’ve also simplified their approach to reporting, making it easier to summarize the status of a project for investors.

With less manual data entry consuming hours each week, Lambros has more time to focus on other responsibilities essential to the success of a fast-growing company, including marketing and investor relations. As they seek additional funding, she can also sleep easier knowing she has confidence in their books.

“We are going to have several parties, including several large investors and banks, thoroughly analyzing our financials, so it is very important that the books are 100% accurate and easy to follow,” she said.

The result: Less time on accounting, more time setting new goals

The result: Less time on accounting, more time setting new goals

Proteus Power’s transition to Gravity Software demonstrates the importance of choosing the right accounting solution for businesses dealing with multi-entity and multi-currency operations. Gravity Software emerged as an ideal QuickBooks alternative, enabling the company to efficiently manage multiple projects and treat them as individual entities with their own balance sheets and investor reports.

This frees Proteus Power to focus on its mission of accelerating the transition to a cleaner, more sustainable energy future.

About Proteus Power

About Proteus Power

Proteus Power specializes in renewable energy development across North America, including solar and battery storage projects, with a growing portfolio in wind energy. With multi-year projects in the United States and Canada, the company needed a solution for multi-currency accounting.

Industry: Renewable Energy

Number of Entities: 12

Previous Accounting Solution: Considered QuickBooks Online

Key results.

1

GAAP-compliant multi-currency accounting

The team can rest assured knowing they've achieved GAAP-compliant multi-currency accounting.

2

Streamlined multi-entity accounting

Eliminated tedious tasks across multiple entities to save hours of work each week.

3

More accurate reporting

The team gained greater confidence in its financial reporting for investors.

4

Ready to simplify multi-entity accounting?

See how Gravity Software helps growing organizations manage multiple entities and currencies, streamline intercompany accounting and gain greater visibility across their financial operations.

Watch the 7-minute demo video.

The head of accounting's perspective: Accuracy is key

The head of accounting's perspective: Accuracy is key

Sofia Lambros, Head of Accounting, Proteus Power

Upon starting her new role as Head of Accounting, Sofia Lambros expected to use QuickBooks as the organization's accounting solution of choice. However, she was pleased to find Gravity Software as a higher caliber alternative for the company's multi-currency operations.

“We are going to have several parties, including several large investors and banks, thoroughly analyzing our financials, so it is very important that the books are 100% accurate and easy to follow.”

Sofia Lambros, Head of Accounting, Proteus Power

Download the case study

Explore more resources

Explore more resources

Proteus Power's experience demonstrates how multi-currency and multi-entity accounting can become more complex as organizations grow. Explore these resources to learn more about managing multiple currencies and entities, simplifying intercompany transactions, improving financial consolidation and gaining greater visibility across your organization.

Multi-currency accounting

Learn best practices for managing multi-currency accounting as organizations expand across entities and currencies. Explore ways to improve accuracy, reporting and financial visibility as complexity grows.

Intercompany transactions

Learn how to simplify intercompany transactions across multiple entities while reducing manual work and improving accuracy. Explore strategies for managing growing transaction volume and keeping financial data aligned.

Multi-entity best practices

Explore five best practices for simplifying multi-entity accounting as your organization grows. Learn how the right processes and financial structure can improve efficiency, consistency and visibility across entities.

Multi-entity consolidation

Learn why multi-entity consolidation becomes difficult without the right financial structure. Explore how growing organizations can reduce complexity and improve consolidated financial reporting across entities.

Centralized financial data

Discover why centralized financial data matters for organizations managing multiple entities. Learn how a connected financial structure can improve consistency, visibility and decision-making across the organization.

Financial reporting

Learn why financial reporting becomes more complex as businesses add entities and operational complexity. Explore how the right financial structure can simplify consolidation and provide greater visibility as your organization grows.

Explore AI in accounting

See how AI can help finance teams find information faster, analyze financial data and work more efficiently. Explore how Gravity Software combines modern accounting capabilities with AI built on the Microsoft ecosystem.

See Gravity in action

See how Gravity Software streamlines multi-entity accounting, automates intercompany transactions and provides real-time financial visibility. Watch the 7-minute demo highlights to see how Gravity can simplify complex financial operations.

Move beyond basic accounting with Gravity Software

By moving to Gravity Software, Proteus Power unlocked a faster, more affordable way to manage multi-currency accounting.

For growing organizations managing multiple entities, currencies and increasingly complex financial operations, Gravity Software provides sophisticated financial management on the Microsoft Power Platform. With capabilities including multi-entity accounting, financial reporting, workflow automation and Microsoft 365 Copilot, Gravity gives finance teams modern tools to work more efficiently and gain greater visibility into their financial data.

Schedule a demo to see how Gravity Software can simplify your financial operations.