How ICS Gained Reliable Financial Visibility Across Four Operating Companies

Background

Industrial Control Solutions (ICS) is a multi-entity manufacturing platform headquartered in Bristol, Connecticut, serving industrial and instrumentation markets through several operating companies, including Whitman Controls, Thomas Products, Load Controls, and later Duro-Sense.

Each operating company maintained separate books, supported by part-time or legacy accounting resources. Financial data lived across a mix of systems, including QuickBooks Online, QuickBooks Desktop, Fishbowl, multiple payment processors, and manual bank workflows.

While leadership had access to financial data, consolidated reporting was slow, cash visibility was limited, and month-end close required significant manual effort.

Opportunity

As ICS expanded its platform, existing financial processes struggled to scale.

• Consolidated reporting across multiple subsidiaries was time-consuming and error-prone. 
• Receivables visibility was limited, delaying cash management decisions. 
• Payables were processed through paper checks, increasing friction and risk. 
• Inconsistent chart-of-accounts structures made comparisons and roll-ups difficult. 

ICS needed to:

• Produce accurate consolidated financial statements more quickly. 
• Improve visibility into receivables and cash position. 
• Standardize accounting workflows across entities. 

Solution

Quadrant Advisory partnered with ICS to implement a system-led accounting and consolidation approach designed to improve accuracy, speed, and visibility.

Quadrant overhauled the chart of accounts and account mapping across entities, implemented an automated consolidation engine using Amalgam, and replaced manual payables with BILL.com. In parallel, Quadrant worked closely with the internal accounting team to standardize revenue and receivables workflows.

The objective was to move ICS from spreadsheet-driven consolidation to a repeatable, system-based reporting model.

Safeguarding Financial Visibility Value

Consolidating multiple operating companies introduces risk if underlying data is inconsistent or poorly mapped. Errors at the entity level compound during consolidation.

To safeguard reporting accuracy, Quadrant followed a structured rollout.

Phase 1: Financial Analysis

Quadrant reviewed each entity’s chart of accounts, revenue flows, receivables processes, and system integrations. This phase focused on identifying inconsistencies, mapping gaps, and sources of delay before introducing automation.

Phase 2: Implementation of System-Led Consolidation

Following analysis, Quadrant standardized account structures, implemented Amalgam for automated consolidation, and aligned reporting logic across all entities. Payables workflows were transitioned from paper checks to BILL.com to reduce errors and improve control.

Weekly receivables reporting with commentary was introduced to support proactive cash management.

Results

Quadrant’s system-led approach delivered measurable operational improvements.

• Faster Consolidated Reporting
  Leadership received accurate consolidated financial statements in significantly less time. 
• Improved Receivables Visibility
  Weekly AR reporting enabled proactive follow-up and improved cash control. 
• Reduced Operational Friction
  Automated payables replaced manual check processing, reducing errors and delays. 

Consolidated Reporting Accuracy Lift

(Illustrative comparison: Pre-automation vs System-led consolidation model)

Unlocking more operational efficiency

With consolidation stabilized, Quadrant focused on improving day-to-day execution.

Receivables processes were standardized across entities, intercompany activity was clarified, and internal teams were supported through documentation and ongoing collaboration. These changes reduced rework and improved consistency across month-end close cycles.

This ensured:

• Cleaner data feeding consolidation. 
• Fewer manual adjustments. 
• Better alignment between operating companies and leadership reporting.
  

Impact

By modernizing consolidation and core accounting workflows, Quadrant enabled ICS leadership to focus on insight rather than reconciliation.

Quadrant Advantage

Instant Financial Visibility

Automated consolidation and standardized reporting delivered clearer insight across the platform.

Risk-Free Process Transformation

Core workflows modernized without disrupting ongoing operations.

Dedicated Expert Support

Hands-on partnership across accounting, consolidation, and cash management.