If you’re looking for a new accounting system, AccountsIQ has a number of big advantages over Exchequer in terms of integration capability, reporting, functionality and more …
The developers at Exchequer can build bespoke integration into your different IT systems so that they talk to each other, but it’s a complex and expensive process that requires regular maintenance.
With AccountsIQ’s open API and existing partners, it’s possible to easily integrate your cloud-based financial system with the rest of your IT functions, and you’ll save time and resources. You’ll also have instant access to up-to-date business information, with no lag in the system.
Accurate, timely and segmented business data can make a big difference to your company’s success.
However, many customers experience pain points with Exchequer’s reporting:
- It’s tricky to drill down to see the finer details.
- The presentation of the Debtor and Creditor report is poor.
If you’re a multi-entity business, you’ll need features that enable consolidation of accounts and handle multiple currencies with ease – all of which AccountsIQ offers.
Customers of Exchequer have noted issues with parts of its functionality, however:
- Consolidation is clunky and time-consuming.
- Multi-currency extraction, revaluation and exchange rates are all complicated processes.
- There is no Fixed Asset Register in Exchequer.
- Unlike AccountsIQ, Exchequer does not feature a full project ledger that can deal with recurring revenue and deferred income, making it simple to apportion an invoice over an extended period.
- Actual, Budget and Forecasting functionality is poor.
- Workflow and Purchase approval are difficult to use.
Case Study: Moving from Exchequer to AccountsIQ
Kefron is an information management company offering document management storage, scanning and accounts payable invoice automation to clients in the UK and Ireland.
Having used Exchequer for ten years, the company decided it was time to move to a cloud-based financial system that could better support the needs of a multinational company.
Here are some of the reasons why Kefron opted to move from Exchequer to AccountsIQ:
- Although the company’s Exchequer software had been customised to suit the needs of the business in its earlier incarnation, it wasn’t flexible enough to adapt easily to the changing needs of the company, especially when Kefron expanded into the UK in 2013. The company found that its accounting processes were unnecessarily complicated because their financial system wasn’t supporting their working practices.
- Kefron found that Exchequer had ‘stood still’ over the course of their working relationship, with no new features introduced to help the company adapt to the changing technological landscape. In contrast, AccountsIQ is constantly developing new and additional modules, revising its technology to help businesses stay ahead.
- With Exchequer, this was a complicated business, which required extra development work every time a piece of software was updated. With AccountsIQ and our open API, cloud-based integration with the company’s billing system and automated invoicing solution is simple.
- This used to use up significant time and resources and was fraught with error. With AccountsIQ, the complex task of end-of-year consolidation is simple.
Read the full case study to find out how AccountsIQ helped Kefron to grow their business using cloud accounting.
Request a demo
We believe AccountsIQ is the clear winner over Exchequer, especially for multi-entity clients, but don’t just take our word for it. If you’d like to try it for yourself, contact us to request a demo.