Quickbooks DD access?

searcher profile

May 15, 2024

by a searcher from University of Maryland at College Park in Annapolis, MD, USA

We are mid-DD and finding it challenging to get access to Quickbooks data (Seller is super cooperative) because their accountant upgraded the company to Quickbooks Enterprise, which we don't have and is expensive to get.

Has anyone found a good workaround or solution? Our Q of E provider has full access and has done a great job so far but we're finding it difficult to sign off on DD without having full access to books.

Thanks!

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commentor profile
Reply by a professional
in Los Angeles, CA, USA
Thanks ^redacted‌ - typically my discussions around QB have been centered on migrating off of it in these situations, if feasible. Every time there are exports into Excel and work is being done manually outside of QB, it introduces opportunities for human error, another report that has to be reconciled, etc. QB is a great system, but it can also be very easy to override and modify accounting records, which can lead to audit and compliance risks and can impact growth and valuations during DD if the financials aren't correct. Many investors are unaware that there are partners that work exclusively with PE/VC/Search-backed companies, with playbooks to migrate off QB onto a mid-level GL like Sage Intacct, along with GAAP/diligence/audit-ready financials in as little as 30 days. Which would be the route I'd suggest vs. rolling the dice with messy financials or overpaying to get a CPA firm or ERP VAR involved.
commentor profile
Reply by a professional
from Harvard University in Boston, MA, USA
Contact Intuit and ask for a 30-day trial version of QB desktop (Intuit doesn't advertise this option). Then ask the target to create you as a user and then export their enterprise instance into a backup file. You'll then be able to upload that backup into your trial version and login and do what you need to do. Good luck!
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