Fast-growing engineering group, Thermatic, opens new world of multi-dimensional management reporting with AccountsIQ.
Thermatic Technical provides Mechanical, Electrical, Heating, Drainage, Ventilation, Air-Conditioning, and Refrigeration (HVACR) services to large multi-site commercial customers across the UK. They’ve been enjoying rapid growth but found their Sage 50 accounting system couldn’t cope with the increased transaction volumes.
"We’ve been growing so much, we now have thousands of transactions every month,” explains Finance Director, Natalie Hopkins. “We were using Sage 50, but it was too slow for such high volumes and took an age to run reports. When I looked at Xero, I knew we’d have a similar issue within a year.”
It was a frustration shared by Thermatic’s Management Accountant, Heather Stockton, who discovered AccountsIQ through the Digital Accountancy Forum having researched: ‘What do you do when you’ve outgrown Xero?’ The answer that kept popping up in response was: ‘Take a look at AccountsIQ’.
User-friendly cloud technology with an open API that makes life easier for finance teams
Thermatic Technical had two ‘must-have’ criteria for their new finance software. It had to integrate with their operational software, Joblogic, and it had to be cloud-based. AccountsIQ ticked both boxes.
"AccountsIQ has an open API structure,” says Natalie. “This is a fantastic piece of technology that most other accounting software doesn’t have (unless you’re prepared to spend big money). We’re confident that the processing time-saving we’ll get from AccountsIQ will be enormous.”
Sage 50 also wasn’t cloud-based,” adds Heather. “Logging on to their remote desktop when working from home during the pandemic was slow.” Thermatic are now operating a hybrid work model and having a cloud-based finance system is making everyone’s life easier.
Our team also just love using AccountsIQ,” says Natalie. “It’s so quick and easy and the implementation was fantastic; everyone was up and running straightaway, with no issues. To align with the implementation of Joblogic, we only had two months to go-live. We really put the pressure on, but our AccountsIQ Implementation Consultant, Andrew, delivered on everything we asked for.”
Consolidated group reporting in one click
The Thermatic Group is currently made up of four limited companies, including Thermatic Technical and Thermatic Homes. Thermatic Energy is a new business that the group launched in January 2021.
"When we launched Thermatic Energy, adding it as a new entity on AccountsIQ was really quick and straightforward,” says Heather. “Next, we’ll be adding Thermatic Homes. That’s more complex due to the sub-contractors CIS tax scheme but, once that’s done, we’ll be able to consolidate reporting up to the parent-company level in just one click.”
Reporting opens up a new world of data analytics and management information
The Thermatic Group has a fairly complex group structure, with corresponding management reporting needs. For example, they have multiple account managers looking after several clients. They also operate in multiple sectors, such as retail, healthcare and education, and offer a range of engineering and maintenance services.
"The reporting capability in AccountsIQ is brilliant,” says Natalie. “Running reports in AccountsIQ is quick and we’ve got the capability to do multi-dimensional reporting, which will be really valuable to us. I’d say it takes about one tenth of the time we’re used to in Sage, and you don’t have to worry about the system crashing and corrupting your data!”
AccountsIQ has the product and culture to support growing businesses
Thermatic are already enjoying many of the AccountsIQ product features designed to streamline processes, such as bank reconciliations and search functions. “We’re not using the multi-currency functions yet,” says Natalie. “But we have begun expanding into Europe, so it’s great to have that functionality ready to go when we need it.”
They’re also looking forward to other new features coming soon. These include automated bank feeds and a new paperless invoice capture service, AP Invoice Automation. “Currently, we’re using AutoEntry to help manage overheads, expenses and credit card transactions, but this new service might cut out the need for that,” says Heather.
"More than anything, we value the open communications we have with the AccountsIQ team,” she explains. “We get an immediate response to our questions and they’re always open to feedback about how they can develop their software in ways customers feel are beneficial. I’ve even done some beta testing with them.”
All three of us – Thermatic, Joblogic and AccountsIQ – are growing together and in the same direction,” agrees Natalie. “We know AccountsIQ isn’t just a static product. We think that’s a good thing because we’re not static either. AccountsIQ is growing and evolving alongside us, and that’s fantastic.”