AES International uses AccountsIQ to help manage growth
AES International is a UK-registered financial advisory company with a branch in Dubai which pioneered the use of emerging evidence-based technologies to provide better advice to clients. AES has seen rapid growth over the last decade and in 2012, they were the 4th fastest growing financial services firm in the UK.
Having built success on their ground-breaking use of technology, AES was aware that such an approach would also benefit their internal processes. When Wayne Copeland joined AES as Head of Finance in 2017, he knew immediately that there were big efficiencies to be made in the company’s accounting practices. At the time, the company had been using Quickbooks, a starter accounting package that couldn’t handle AES’s rapid growth and multi-national accounting requirements. It was clear that the company had outgrown this system and required an alternative solution that could handle their reporting and consolidation requirements more easily.
AES selected AccountsIQ as it could easily consolidate their multiple entities, multiple bank accounts and myriad of currency transactions, and because it is easy to produce bespoke management reporting packs.
Nothing else like AccountsIQ for consolidation
Consolidation was crucial for AES International, which has multiple entities and currencies to manage. Quickbooks only allowed consolidation in sterling, requiring the cumbersome use of spreadsheets and manual effort to consolidate the accounts. AccountsIQ does this automatically. Wayne’s team can easily run a consolidation of six companies and convert the data to any currency they need.
I don’t know of any other system that can do consolidation the way AccountsIQ can. It takes a lot of complexity out of everything and that saves us a lot of time. It used to take two weeks to do our accounts; with AccountsIQ and other improvements, we now get our accounts out in five working days,” says Wayne.
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Quantifiable Management Information (MI) for more efficient decision-making
While AccountsIQ’s consolidation features take away the legwork, its bespoke reporting tools make it easier for AES’s management team to interpret and action the results. AES has built on AccountsIQ’s standard reports by using API connectors to create custom reports to suit their specific needs.
With AccountsIQ we get good, accurate data coming out of a well trusted system. We are confident we have chosen the right system for our current and future growth needs.”
A digital approach that saves time and money
The move to AccountsIQ marks a change to a totally digital approach to accounting that ultimately saves AES both time and money.
When I joined AES, I took the opportunity to make accounting cloud-based. Quickbooks was server-based – we once lost a week’s worth of work when the system went down. I knew that the new system had to be cloud-based, backed up, everything stored online.”
With AccountsIQ, AES now has a cloud-based solution that makes data loss a non-issue.
In addition to its consolidation capabilities, AccountsIQ has other features that offer substantial time savings for AES. For example, the Fixed Asset Register’s auto-depreciation feature helps automate processes that would otherwise be done manually. “The fixed asset register is a great addition,” says Wayne.
“For SMEs, it’s a perfect bit of software.”
Cloud-based, with financial consolidation software a key feature, AccountsIQ provides exceptional value for AES, saving valuable time for this growing business. “For SME’s, AccountsIQ is a perfect bit of software,” says Wayne.
AccountsIQ is ideal for our complex accounting requirements. We were delighted to find a solution that is intuitive to use and enables us to report on our group structure easily, all at an affordable price.”
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