StitcherAds use AccountsIQ to support ambitious growth plans
StitcherAds is a Facebook and Instagram marketing partner, building technology to help advertisers scale their marketing campaigns and use data-fuelled automation to drive sales online and in-store. With offices in the U.S., Ireland and the UK, StitcherAds maintains three separate legal entities in each of these locations.
When Fiona McKenna joined the business in July 2019 to lead the finance team, she quickly realised that their accounting system had major shortfalls in terms of accurate reporting, with significant challenges around foreign currencies and consolidation.
Fiona explains “The key requirements were: a simple system navigable by non-accountants, capable of rapid deployment, and Cloud-based with multi-user capabilities, consolidation, and ability to scale as the business grows.”
StitcherAds has ambitious growth plans and we need to be able to slot in new entities. I compared three systems and AccountsIQ proved the best solution to meet our needs now and in the future.”
Quick to implement with responsive reports
Fiona managed the implementation of AccountsIQ within the StitcherAds finance team, with support from AccountsIQ who advised how to setup the accounting system from scratch. The whole process took about four weeks. “I found the AccountsIQ team incredibly flexible in terms of helping us with the implementation. We got great value from the service,” said Fiona.
Excellent consolidation functionality
Consolidation was critical for StitcherAds which previously used spreadsheets to manage the accounts across three legal entities. This was cumbersome to maintain and invariably led to inaccuracies in reporting. AccountsIQ made consolidation simple.
The consolidation functionality in AccountsIQ is excellent,” says Fiona. “It’s a very good solution for our stage of development and our budget.”
Find out how AccountsIQ can help you with your accounting, consolidation and reporting needs, call us on +44 (0)203 598 7350 or Contact us.
Quick to learn with better business insights
AccountsIQ has an easy-to use interface, navigation and smart query tools that are intuitive to use, even for non-accountants.
“You don’t need to be an accountant to use AccountsIQ. It’s quite intuitive, the reports are very good and very reliable,” says Fiona. “It’s nice and simple to use; I don’t have to do lots of tidy ups. This is quite unusual for a platform of this kind. No manual intervention is required.”
Fiona and her team also benefit from better insights and improved visibility into the organisation assisted by AccountsIQ’s Cloud-based business analysis features and pre-configured reports. “I can log in remotely and only have to look in two places to know exactly where we’re at. In terms of business information, it’s been an absolute godsend,” says Fiona.
The move to AccountsIQ radically streamlined and simplified the accounting process across all of StitcherAds’ entities. This not only enabled more accurate reporting, but also saved a significant amount of time.
We have a much faster month-end close, shaving 15 days off typically. We’re now closing on day 10, when we used to close the books around the 25th. Previously this was unheard of in the business. Now that we have a simpler system to use, we now have more time to dedicate to more strategic work.”
A high standard of product for fast-growing startups and medium-sized businesses
StitcherAds demonstrates AccountsIQ’s suitability for smaller businesses with big growth plans. In particular, AccountsIQ is an affordable accounting solution that can grow with the business.
AccountsIQ is a high standard of product at the right budget for a medium-sized company. As a smaller business it’s tempting to go with a simpler solution such as QuickBooks or Xero, but these platforms don’t scale as well as AccountsIQ. With excellent tools for consolidation and custom reporting, AccountsIQ offers a more robust accounting solution that can quickly adapt to the changing needs of a fast growing business like ours, while still remaining very affordable.”
Listen to Fiona talk about digital transformation in this Webinar recording with our COO, Darren Cran – Finance Digital Transformation in the New Normal.
Read our CEO and Founder’s blog on overcoming international accounting challenges.