Deloitte US have conducted a recent poll with a number of surprising findings. Close to 4, 000 accountancy and finance professionals participated in the poll entitled “Cleaning up intercompany accounting”.
Intercompany accounting poses challenges
When asked which issue posed the greatest challenge to their organisations' implementation of intercompany accounting, the stand-out response was that of software systems. This is because the selection of a suitable system can often be a difficult task to resolve.
The integrity of financial reporting is also a pressing issue for those organisations that have yet to adopt a holistic approach to group company accounting. Less than ten percent of participants believed that efficient systems are in place to handle their company’s inter-company accounting framework.
Intercompany accounting software in the cloud
At AccountsIQ we are happy to advise organisations in similar positions, as many of these issues can be solved through cloud accounting. Used by Deloitte in Australia, AccountsIQ offers Multi group consolidation (and can handle any type of group structure including partial ownership), multi-currency accounting (currently there are 43 currencies in live use on the system) and enhanced business analytics for extended reporting and complex/personalised KPI’s.
We have recently worked with Salamanca Bank to help them overcome reporting and consolidation issues with their 80 entities. Salamanca’s Finance Director, Lee Camp has found AccountsIQ to be just the solution they required:
AccountsIQ’s main success for us has been the efficiency it has brought to the business. The product is a good fit for our pretty complex accounting requirements and AccountsIQ gives us real value for money. We are looking forward to finding even more ways to use the system to improve the way in which we work.”
For more information, take a look at the Salamanca Group case study.
Learn more about our intercompany accounting software
To get a flavour of AccountsIQ’s capability, watch back our recent Consolidation, Multicurrency and Intercompany Recharging Webinar, or book a 1:1 demo.