Stott and May
%20(500%20x%20500%20px).png)
Meet Ryan Tyndall from Stott and May. Before switching to AccountsIQ, Stott and May faced significant challenges due to its fragmented financial management system. This case study examines the firm’s journey toward a streamlined solution with AccountsIQ, highlighting the pivotal changes and outcomes that transformed its operations.
The Challenge
The decision to implement a new accounting system for the agency was driven by the need to replace its existing fragmented setup, which relied on three separate accounting packages: QuickBooks Online, QuickBooks Enterprise and Sage 50. This setup created multiple issues for the seven-member finance team in the following areas:
- Consolidation: Consolidating financial data from three different systems was time-consuming and prone to errors, creating inefficiencies and delays.
- Intercompany reconciliation: Managing intercompany invoicing and reconciliation across different platforms often led to discrepancies and increased workloads.
- Multi-currency challenges: Managing multiple currencies (USD and EUR) was cumbersome, with differing capabilities across platforms adding to the complexity.
- Onboarding and training: New finance team members had to familiarise themselves with three distinct systems, each with its own interface and complexities.
- Reporting: Working across disparate systems made it difficult to provide consistent, insightful reporting to the board for strategic decision-making.
This disjointed approach prevented the finance team from operating efficiently and prevented operations from scaling effectively as the company expanded.
The Solution
Stott and May implemented AccountsIQ in June 2022, guided by an external project manager and involving the finance team at every stage. The transition to a single, unified system was smooth due to AccountsIQ’s intuitive interface and the structured implementation plan, as well as the expert customer support and training resources provided.
"The AccountsIQ expense app transformed how we manage consultant expenses. Moving from manual Excel sheets to an automated app has streamlined the process - receipts go directly into the system, saving us a lot of time and reducing errors.”
Ryan TyndallManagement Accountant, Stott and May
The Results
The adoption of AccountsIQ has led to several tangible benefits for Stott and May:
- Enhanced consolidation and reporting Consolidation is now quicker and less prone to errors, allowing for faster month-end closing. Advanced reporting capabilities provide comprehensive insights, helping the board make informed, strategic decisions.
- Improved multi-currency and tax management AccountsIQ’s robust support for multi-currency operations and compliance with complex US state tax requirements has significantly streamlined international financial management.
- Boosted team efficiency and strategic focus, the transition to a single cloud-based platform has freed the finance team from manual, repetitive tasks, enabling them to focus on more strategic initiatives.
With AccountsIQ, Stott and May are now well-positioned for continued growth and expansion. The platform’s comprehensive reporting and multi-entity management capabilities provide a solid foundation for scaling operations across new markets. The finance team continues to explore additional functionalities within the system, further optimising their processes. The flexibility and adaptability of AccountsIQ ensure that Stott and May can remain agile in a dynamic recruitment industry, enabling them to respond quickly to changing market conditions and seize new opportunities.
Features
Compare
Support
Company
