CUSTOMER STORY

Proteus Power manages multi-entity accounting with Gravity Software

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

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

    Proteus Power's logo

    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 inter-company 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

    Searching for a scalable multi-entity accounting software.

    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 any 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 analysing 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

    Gravity Software reporting icon symbolizing improved productivity, financial reporting, and real-time insights

    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 them to focus on their mission of accelerating the transition to a cleaner, more sustainable energy future.

  • About Proteus Power

    • About Proteus Power

    Proteus Power logo

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

    Industry: Renewable Energy

    Number of Entities: 12

    Previous Accounting Solution: Considered QuickBooks Online

    Key results:

    1

    GAAP Compliancy

    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?

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  • 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 their 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

    Gravity Software's multi-entity capabilities for hospitality accounting.

    Proteus Power's experience searching for an accounting solution shows that a growing business thrives when paired with the correct solution. When it comes to multi-currency accounting, don't settle for anything less than Gravity Software. 

    Check out our renewable energy-specific insights and product features to learn how your organization can benefit from Gravity's cloud-based accounting solution.

    Renewable Energy Accounting
    Check out these top renewable energy accounting challenges and strategies to overcome them.
    Energy Insights
    Dive into these essential business insights that can power growth and performance for your renewable energy company.
    Multi-Entity Guide
    Explore our comprehensive Multi-Entity Accounting Guide to learn how Gravity Software simplifies complex structures, improves efficiency, and gives renewable energy companies real-time insights.
    ERP Features
    Discover Gravity Software's latest enhancements, providing enterprise-level capabilities in a scalable solution.
    Fast-Growing Renewable Energy Companies
    Take a look at these rapidly growing companies in the industry and learn why they could benefit from Gravity.
    Power BI
    Interested in Power BI for your business? Here's how you can find the right solution.
    Investment Management
    Take a look at the key benefits of Gravity Software for investment management.
    Gravity & Microsoft 365
    See how integrating Gravity Software with Microsoft 365 improves visibility, unlocks smarter financial growth, and more.
    7-minute demo highlights
    See how Gravity Software streamlines multi-entity accounting, automates intercompany transactions, and gives renewable energy companies real-time financial visibility.

    Make the leap to a better multi-entity accounting solution with Gravity Software

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

    When your business outgrows basic accounting tools or manual processes, Gravity provides the upgrade you need. Schedule a demo to see how we can transform your financial operations.

     
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