Multi-currency consolidations are essential for group companies with subsidiaries, franchises, holding entities, or other structures in more than one country. As a growing business, it’s likely you already need to transact, account and report in multiple currencies, which can be quite complex. Find out why this can be a challenge and how AccountsIQ can help.
As your business expands, chances are you already need to transact, account and report in multiple currencies. And at some point, establishing overseas entities may be a natural next step—whether for operational, compliance, or customer proximity reasons.
Setting up local entities can bring many advantages, but it also introduces new accounting challenges—particularly around multi-currency consolidation.
In simple terms, multi-currency consolidation means combining the financials of different entities—each potentially using different base currencies—into a single, unified set of group accounts with one reporting currency.
On paper, it sounds straightforward. In practice, things can get complicated. You may have:
If you’re using spreadsheets to manage it all, you’re likely stretching them to breaking point. Excel wasn’t built for this kind of complexity. It lacks the controls, checks and automation needed to ensure accuracy and compliance—and even a small error can compromise your entire consolidation process.
Read our case study to see how AES International uses AccountsIQ to automate multi-currency consolidation.
AES International, a UK-based financial advisory firm with a branch in Dubai, moved from QuickBooks to AccountsIQ to simplify their consolidation process.
“Multi-currency consolidation is crucial for AES International,” says Wayne Copeland, Head of Finance.
“We used to manage everything manually in spreadsheets—QuickBooks could only consolidate in sterling. Now, with AccountsIQ, we consolidate six companies in minutes and convert into any currency we need. It’s taken the complexity out of everything.”
“What used to take two weeks now takes five working days.”
Once a business starts to expand internationally, growth often accelerates. That might mean entering new markets, acquiring other entities, or spinning up additional legal structures.
Each move adds complexity to your group structure—and multiplies the consolidation challenge.
The short answer: stop using spreadsheets.
An advanced finance management solution like AccountsIQ is purpose-built to handle multi-entity, multi-currency group structures. It helps you:
Getech, a global geoscience consultancy, switched from Excel to AccountsIQ for their multi-currency needs.
“Consolidation in Excel was a logistical nightmare,” says Simon Brown, Financial Controller.
“Now, with AccountsIQ, exchange rates are held centrally, and our currency revaluations run automatically. We’ve saved a week of work every month-end.”
AccountsIQ makes the consolidation process simple, whether your subsidiaries are on our platform or using another accounting system.
From reporting complexity to intercompany accounting and compliance, the challenges of global expansion require finance systems that scale with your ambitions.
Explore more international finance challenges in this article by Tony Connolly, Chairman of the AIQ Group.
AccountsIQ is here to help you simplify group accounting, streamline consolidation and give you real-time visibility across your entities—wherever they’re based.
Want to learn more?
Book a demo to see how AccountsIQ can transform your multi-entity, multi-currency consolidation.