OATS Chooses accountsIQ For International Outsourcing
OATS (Offshore Accounting and Taxation Services) is an Indian-based provider of outsourced accounting and finance services to clients in Britain, India and the USA.
With clients all over the world, operating in multiple locations and transacting in multiple currencies, the challenge was to provide the service from India but make the client feel like their finance function was next door.
"Harnessing the power of the Internet allowed us to do this. That way, both practice staff and their clients can collaborate with our staff on the same data and work together in real-time, with on-demand access to accounts, reports and analysis."
Selection procedure
OATS evaluated a number of systems before trialling accountsIQ with one client and found it easy and intuitive to use. accountsIQ had all the functionality the company needed to offer a fully outsourced finance function.
"accountsIQ is very cost effective. We were considering a network system and server set up which would have cost in excess of €45,000. With accountsIQ there was no upfront investment for us or our clients – so everybody saves.”
They then moved other clients over on a phased basis. "We didn’t need much support, but when it was required we found it very responsive."
Some clients were sceptical of the new system at first, as they couldn’t visualise the likely benefit, but when they experienced it at first hand they found it "pretty compelling".
Business benefits
"Our clients are most impressed with having access to their accounting information and extensive reporting and analysis from any internet connection. The system saves a lot of time on both client and practice sides of the business.
Apart from being available to any time and anywhere, accountsIQ has given OATS the following benefits:
- It increases the client’s visibility of the quality of service they are getting. They can see daily progress on their accounts not just end of month.
- It has extensive reporting and analysis capabilities allowing OATS to produce powerful management information (including graphs and Key Performance Indicators)
- accountsIQ was the flexible multicurrency system OATS needed to be able to offer a fully outsourced finance function to international clients from a base in India.
