From fragmented to streamlined: Stott and May’s transformation with AccountsIQ

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.

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Background

Stott and May is a global technology recruitment agency with approximately 100 employees across four companies and offices in the UK, US and Ireland. It serves a diverse range of clients, from large software service companies to small startups. It focuses on placing candidates in positions across core areas including cybersecurity, data, privacy and AI.

Given its international reach and the competitive nature of the tech recruitment sector, the agency’s finance team faced a challenging task in managing accounts across multiple entities and currencies.

After a comprehensive review led by the head of finance and the CEO, assisted by an external project manager, Stott and May selected AccountsIQ as the platform to streamline its financial operations and support its continued growth.

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The challenge: overcoming fragmented financial management

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:

1. Consolidation: Consolidating financial data from three different systems was time-consuming and prone to errors, creating inefficiencies and delays.
2. Intercompany reconciliation: Managing intercompany invoicing and reconciliation across different platforms often led to discrepancies and increased workloads.
3. Multi-currency challenges :Managing multiple currencies (USD and EUR) was cumbersome, with differing capabilities across platforms adding to the complexity.
4. Onboarding and training: New finance team members had to familiarise themselves with three distinct systems, each with its own interface and complexities.
5. 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.

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The solution: why AccountsIQ?

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 Tyndall

Management Accountant, Stott and May

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Key features implemented:

• Multi-entity and multi-currency management: AccountsIQ’s capabilities allowed Stott and May to manage its international operations seamlessly, reducing manual adjustments and streamlining intercompany transactions.
• Dimensional reporting via BI code structure: This feature enabled the finance team to analyse financial data across multiple dimensions, providing deeper insights for more informed decision-making.
• Streamlined consolidation: What was once a month-end headache became a quick and reliable process, allowing the finance team to close the books faster and focus on higher-value activities.
• Cloud-based architecture: The cloud-based nature of AccountsIQ enabled real-time data access and improved collaboration across the finance team, especially useful for remote working.
• Expense management app: Implemented six months post-deployment, this app replaced manual Excel-based processes with an automated, user-friendly solution, improving efficiency and accuracy.

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The results: efficiency, accuracy, and strategic agility

The adoption of AccountsIQ has led to several tangible benefits for Stott and May:

1. 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.

2. 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.

3. 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

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Long-term impact: setting the stage for future growth

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.

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Ready to transform your recruitment finance operations?

If your recruitment firm is struggling with fragmented financial systems, AccountsIQ’s powerful multi-entity and reporting capabilities can help you streamline your operations and drive strategic growth. Book a demo today to see how AccountsIQ can support your business.

“Before AccountsIQ, using QuickBooks Online for our Irish entity was a headache. Switching to AccountsIQ’s single system, supported by the Academy learning hub, made the transition seamless and our team now runs the entity with ease and confidence .”

Ryan Tyndall

Management Accountant, Stott and May