We reveal the key issues facing finance leaders in the UK&I, including 86% feel decisions about financial strategy are made without sufficient data or insight.
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Using the AccountsIQ consolidation engine alongside its fully featured set of accounting applications ensures that the periodic consolidation process is simple, straightforward and accurate. Learn more.
In the absence of more modestly priced accounting software solutions (most are very expensive), the majority of monthly multi entity consolidation is still conducted using Excel spreadsheets, which is time consuming, can be highly error prone, and results inevitably in excessive delay. Many of these spreadsheet consolidation procedures merely ‘amalgamate’ accounts as opposed to conducting ‘true consolidation’ Using Excel also limits the ability to report and analyse the consolidated accounts in a consistent manner with little or no investigative or interrogative facilities, since the spreadsheet results are “external” to the original application.
If you have more than one entity, regardless of your company size, you are likely to need to report on and analyse consolidated accounts.
Consolidation must take into account partial ownership, i.e. an ability to handle not just the minority holding, but also dates of purchase/sale or change of ownership. In addition to minority interests, you may also have a subsidiary entity which is itself a Group Company with its own group of subsidiaries, some of whom, again may be partially owned. This calls for multi-tier consolidations. To complicate matters further, you’ll often need to consolidate at a sub-level i.e. by division, branch, department within each entity and which you want to see these results consolidated up to the Group Company level.
You may also have multi-currency accounting, whereby any single entity may operate in numerous currencies and have multiple bank accounts in different currencies. Some of these subsidiaries may have a base currency that differs from that of the holding company. This creates further complication in revaluing P&L accounts using ‘average period rates’ and Balance Sheet accounts using ‘period end rates’, and further ensuring every subsidiary is using common (centrally imposed) daily exchange rates throughout the period.
By now your spreadsheet is bursting at the seams and becoming an unmanageable nightmare – and even if you can manage the complexity, it’s now very likely that it will be highly error-prone, since the Excel formulae will have very little by way of checks and balances to ensure compliance back to all the original consolidation entities. Never mind the time consumed extracting the relevant information from the completed month end accounts and the consequent inefficiencies involved. If you have managed to complete the month/period end accounts (accurately) then all you need to do is close the month/period and produce the management reports. But what about those last minute postings, adjustments and accruals? All of which require yet another re-run. And then there’s the inevitable structural changes to be made every few months because of the Group’s growth and expansion.
The good news is that a modestly priced solution which incorporates all of the aforementioned features does exist within a comprehensive suite of accountancy applications specifically designed for medium sized enterprises. Using the AccountsIQ consolidation engine alongside its fully featured set of accounting applications ensures that the periodic consolidation process is simple, straightforward and accurate.
AccountsIQ also consolidates Budgets and Revised Budgets up to the Group level (and to any “Parent” Companies in a multi-tiered consolidation). Reports can be easily produced using budgets, revised budgets, actuals and variances rolled up from subsidiary level with drill-down capabilities. There is also the ability to consolidate Sales and Purchasing data and report at group level, again with the ability to drill down to subsidiary level. In addition, you can post inter-company transactions within the group, or adjustments at group level to eliminate inter-company profits. Make life easier for yourself and your finance team, and get the accounts accurate – your accounts are the life blood of your business.
Consolidation of Multiple Subsidiaries (Incl. Sub Groups):
Manage Complex Ownership Arrangements:
Handle Multi Currency Consolidation with ease:
Report on actuals vs Budgets by BI Analysis structure at Group Level:
Simplify the posting of Inter-company Charges:
Month End Currency Revaluations:
Group Sales & Purchase Analysis:
Post Consolidation Adjustments: Make adjustments at group level to eliminate inter-company profits etc. at group level without affecting the subsidiary figures.
AccountsIQ customer, Apera Asset Management’s group consolidation was done in spreadsheets: data was exported from various systems and in different currencies, then brought together in Excel. Rob Shaw, CFO explains,
AccountsIQ’s consolidation software means there is no fiddling around in spreadsheets trying to get things to tie. Working in Excel was not sustainable; before AccountsIQ, we had instances where we were struggling to get these reports right, sometimes until 2 a.m.” Rob Shaw, Apera Asset Management. Read Apera Case Study.
I don’t know of any other system that can do consolidation the way AccountsIQ can. It takes a lot of complexity out of everything and that saves us a lot of time. It used to take two weeks to do our accounts; with AccountsIQ and other improvements, we now get our accounts out in five working days,” Wayne Copeland, Head of Finance, AES International. Read AES International Case Study.
AccountsIQ’s award-winning SaaS Cloud-based accounting software is ideal for companies with multi-currency, multi company accounting and enhanced business analytics needs. The scalable solution enables the system to be used by any company, large and small. The platform is currently used by 4,000 customers in 85 countries, with 33 different currencies in use in 25 tax jurisdictions.
Discover the benefits of automation with our financial consolidation software. View Consolidation Software features. Read more about our multi company accounting functionality.
Learn what Finance Directors and CIO’s can expect when changing their accounting system, and what they can do to avoid many of the common pitfalls which, so often, result in poor, inadequate outcomes, and overly-delayed and overly-expensive implementations.
It’s a fact long observed over the years and well known throughout the commercial software industry: “80% of our Clients use only 20% of our Software Product’s capabilities while the other 20% use 80% of it”; Why, what’s the difference? It’s all about Implementation, Implementation, Implementation…..
In this short article Darren Cran, Head of Client Services at AccountsIQ, gives us the benefit of his wisdom and considerable knowledge on what Finance Directors and CIO’s can expect when changing their accounting system, and what they can do to avoid many of the common pitfalls which, so often, result in poor, inadequate outcomes, and overly-delayed and overly-expensive implementations.
Darren has extensive experience in this area and in particular transitioning to a Cloud Accounting platform from legacy “on-premise” based systems. Darren and his team have managed many such projects from small simple implementations to large complex ones involving Multi-Group Structures with over 200 sites with extensive Business Analytics and Reporting. He has an extensive background in accounting and finance systems having trained with KPMG, served as management accountant and later CFO for a group of 20 companies before moving to his present role in AccountsIQ where he has brought our many Clients to that 20%/80% experience and beyond.
Expectations are very different now. The basic month end is no longer enough. You shouldn’t build a house for a growing family on poor foundations and finance functions are the same. As no one is really interested in the foundations they have to be right and hence the importance of a well implemented system which is one that you can build on as the company grows. It should be scalable if your company has growth plans.
CFO’s are being asked to step up and play a more strategic role in business. Reliable Information is critical to facilitate good strategy and the finance function is usually the most trusted source of information to help key decision maker’s move a business forward. As business gets more competitive and diverse in working practices the finance function is becoming increasingly more important. Every transaction eventually visits the finance system and resource and sales systems are now increasingly integrating with finance too (e.g. Salesforce, MS Dynamics, Online ticketing and Reservation systems). This puts finance in a unique position but it doesn’t happen by magic. A good finance function is a combination of the right system and right people capturing data and reporting it to business managers in time.
In short, his message is that you should not underestimate and expect the changeover process to be simple (even though there are now many software aids which will ease the process)! If enough time is spent at the design phase it makes for a much better experience as everyone has a vision of what the end goal is. That’s the hearts and minds piece which is often overlooked. In order to achieve this the implementation team need the support of the wider business leaders and community so that expectations are managed and risks understood.
It can be straightforward though. The more you plan and prepare, the easier the experience will be. Changing your accounting system (and maybe, as a consequence, your internal processes also) is all about developing the pre-formulated goals and achieving the resulting long term benefits: i.e. the increased productivity and efficiencies brought about by the changeover to the new Cloud Accounting system. The initial move will require extra effort from all involved to bring about these results. Some of the points to consider are as follows:
You already know about the inadequacies and limitations of your existing Accounts package and consequently what you now require from your new system: So, it should be fairly straightforward to match your needs to those that your potential Suppliers can offer. Or is it? Are you sure that you know what developments and innovations have taken place since you last looked? There’s a lot more to be had now than just processing the Accounts every month. For example, Business Intelligence, Executive Dash Boards, customised KPIs, Graphs and Charts, and “Drill Down” explorations and inquisitions, to name a few, which used to be the sole prerogative of the most exotic and expensive of database architectured systems, are now quite commonplace from some more advanced but modestly priced accounting software suppliers.
Most especially in the Cloud arena which is relatively unencumbered in terms of storage capacity and processing power versus older in-house based systems. All of which can and will bring better insight into the performance and profitability of your business. Fully transaction based systems will also constantly reflect the up-to-the-minute status of the business, literally. Paperless Offices, On-Line Collaboration and Messaging, Cash Flow Projections, Email Communications, Off-Site working and so on, all have changed and replaced the traditional ways of doing business. So, it’s very important to understand what a replacement system can also bring in terms of additional benefits, not just in the areas of day-to-day accounts production, but also in the areas of much improved and access to vital Management Information. In addition, you need to ensure that the chosen replacement system is also scalable in that it has unlimited capacity and ability to continuously expand in volume terms as your business grows, but also that it can and will facilitate your ability to open up new avenues of business opportunities in terms of expansion.
Selecting the right software provider will go a long way to easing your implementation process and ensuring you have the right support you need for the future. After selecting, the number one issue in migrating to the Cloud model is the question of support – which is an absolute essential if the transition is to be the success you look for and deserve. Therefore, during your selection process:
In addition, having an implementation manager and team experienced in the world of accountancy is also crucial as they will fully understand your requirements and how to apply the new software to achieve the required outcomes. You need to select a Supplier whose staff are completely proficient in both software and accountancy.
Speak to your potential software provider and ask them to talk you through a typical implementation process – and then speak to previous clients to ensure what they are promising is what they deliver.
Finally, make sure that the solution you select is one that can grow with your business. It would be a great shame (and waste of effort) to select a solution that you then outgrow only to find that your chosen system is limited in terms of capacity or that you have to “migrate or upgrade to a higher/later version” in terms of functionality, and you then have to repeat this process (when your business is larger, more complex and more demanding)! When thinking about the future you need to consider new business opportunities; possibly additional sites or locations; new reports and new integrations with other systems that you don’t currently use. Make sure that the chosen software solution is adaptable to such changing conditions and that your chosen solution is completely expandable in terms of transactions and data volumes and includes automatic access to enhanced and extended functionality.
You are about to change an integral and long established part of your company’s processes and practices. Many existing users of the current system will have developed their own ways of doing things and quite often change is not welcome as it means they will have to adapt and alter their way of working. It might even mean that some people will have to change or alter their roles. For example, implementing a Cloud based system will mean the end of the in-house system management in terms of Daily and Weekly backups and their rotation, no more Software and Security patches, no more transferring files to and from your accountant, and so on, since all of this is now fully taken care of and included as part of the Cloud service.
This means that the persons formerly responsible for these activities will now no longer need to carry out these tasks. Others will be less dramatically effected, but will still have to adapt to changed and much newer and easier ways of carrying out, for example, electronic Bank Reconciliations, Vat Submissions, Invoice and Order Approval, and many other new processes and features. The new Cloud based system will bring many benefits and you will want to encourage your staff to fully embrace these changes and recognise the long term benefits both for the company and their own personal future. In summary;
Engagement is about getting as many people as possible to “buy-in” to the future benefits of changing your accounting system. New systems and procedures take time to get used to and this can lead to resistance to change. Engaging people as early in the project as possible will engender acceptance and enthusiasm and will make the training and implementation steps much smoother.
Implementing a new system also presents the opportunity to revise some old, possibly outdated, coding and analysis systems in the light of the new system’s capabilities in order to gain maximum benefit from it. To do this, however, you must get to know the new systems facilities and functionality in detail. So, work with your supplier’s appointed Implementation manager to get a thorough understanding of how it works and what benefits it can bring in terms of Business Information and Intelligence in the form of new Reports, Drill-Downs, fast Enquiries, Dashboards and Charts and so on.
The day-to-day operational stuff will flow as a matter of course with the introduction of the new system – but this area of management information is where you will get maximum benefit from the right design and set up of the company’s organisation and structure. Now is a good time to re-examine existing structures (and possible future additions being contemplated), begin to write down Company and/or Group structures, Departmental structures within a Company, Charts of Accounts, Sales Analyses criteria and design initial sketches and thoughts on Reporting. Some points to consider:
At this point it really is about ‘brainstorming’ and understanding the project between the project leader of the business and the implementation manager. The more the two parties understand about each-others requirements, the better the implementation (and future use) of the system.
Setting up the user profiling can be quite important. If you have a large number of low profile users that only require minimal access to the system then removing un-necessary access to un-required functionality will make the system more appealing to these users. An accounts system can be overwhelming for minimal users if presented with the systems entire Menu structure and if the user only sees what they are required to see then they will be a lot more comfortable with the system.
Finally, if integration is required then this must be discussed and planned at this stage. Many Cloud systems are very accessible in the transfer and integration of data. One of the key points here is to agree which technology partner will be handling the integration (i.e. who does the data request and push) and where the integration sits in the overall technological hardware system.
One of the most frustrating situations for everyone concerned is the Client who says he knows “how these things work, we’ve done it before” (I’m reminded of one particularly insistent Client in the USA) and as a consequence “doesn’t need or want to undergo all that wasted time and expense in training”. The outcome, inevitably, was a situation where our Support Staff were continually being interrogated as to “how to do this?”, “how do I do that?” etc. to the frustration of both parties. That situation went on for several months until the Client’s staff eventually convinced the CFO that they needed proper training on the operation of the system – after which all was peace, quiet and contentment.
While this circumstance doesn’t occur that frequently (and most usually happens in the event of a Client moving on to a new system having previous experience of an existing system), it is however symptomatic of quite a number of Accounting Software suppliers adopting a “Super Support Service” (and, of course a higher level of fees) in order to continue to service these types of clients who believe they understand the systems capabilities and, inevitability and sadly, fall into the 80%/20% category.
Training comes in many forms and different users will require varying levels of training. Once again you need to plan different training methods and events for differing users. Some light level users may simply require simple training cards on how to perform a specific task, whilst other users will require substantial training (such as “super users”). The first task here is to split the users by training level and define what is required for each level. You then need to decide what training tools are required for each user level and set dates for completion of such training. Differing training methods may include:
Cloud technology roll-outs are very simple to conduct since there is no software to install or deploy – it’s already there and ready to use. All that needs to be done is to parameterise your use of it. Every user can very easily access the system once they have been given the appropriate permissions.
Some functional areas can be quite complex, such as Bank Reconciliation, Multi-Company Consolidation, VAT Preparation and Submission, Multi-Currency Revaluation, and so on. But, with the right information to hand they can be, and are, very straightforward. Comprehensive “How to Guides”, with their step by step instructions and lots of background information as to how the system behaves and operates in these areas can be very useful.
Following the “Go Live” date there will be a period of Hand Holding. This is where the software supplier works alongside you in ensuring everything is running smoothly, like a special support period. At this stage, it is essential that you and your staff test out every aspect of the system to ensure its completeness and that all users fully understand their interaction with the system and are happy with it. It’s important that the Training is fully complete in order to eliminate the necessity of further stages.
The Hand Holding period is also a great time to get feedback from users and to pass this feedback onto the software providers. Remember that Cloud software is a product that continuously evolves and develops and your feedback is very useful market intelligence for the software developer. Additionally, you may find certain process and/or reports, whilst a great idea in theory, may not be ideal in practice and therefore need adjusting. This is the period to iron out small issues and ensure the system is moulded to your exact requirements for now and the future.
The SaaS model is a new way of working with Software suppliers, albeit some traditional software suppliers are struggling to alter their business models to this new way of working. In the SaaS model you are continuously paying for the use of a Software application and the support provided in a partnership model Therefore ensure your supplier has reliable, efficient support on hand when you need it. As Cloud software product are continuously being developed there will only ever be one version of the software released to all clients. Therefore, ensure that you give feedback to your dedicated account manager to enable your desired upgrades, functionality requests and general feedback to be included in future upgrades.
In this final document in our series exploring Cloud Accounting, we discuss the benefits the Cloud can bring and show how this is already reshaping businesses.
Some decision makers and business owners, including many in the Accounting and Audit profession, still have reservations about the usefulness of the Cloud in improving their efficiency and operations or those of their clients’ businesses. It could be just another passing ‘fad’ invented by the IT profession to liven up their revenue prospects in the face of reluctance to change existing systems. Others are certain that it will have as great an impact on the organisation and competitiveness of medium-sized enterprises as did the introduction of PC based systems to small businesses, which effectively put paid permanently to the many “Bureau” services that preceded them.
In this final document in our series exploring Cloud Accounting, we discuss the benefits the Cloud can bring and show how this is already reshaping businesses. Regardless of the arguments for and against Cloud Computing in general, there is now very strong evidence of a fast and increasing take-up of this technology by businesses and now, most especially, as a platform for accounting services, which has significant implications for the Accountancy and Audit professions.
Part 1 – An Introduction to the Cloud
Part 2 – A look at Cloud Security
Part 3 – Analysing the Cost Savings of Cloud Computing
Part 4 – Cloud Accounting: Radically Changing the way we work
There’s absolutely no doubt that Cloud Computing has already had a big impact on many businesses. The evidence is there for all to see. The traditional local Travel Agency business is all but wiped out as a result of Customers now having direct access to research and an ability to book relevant products on-line. Bookstores are decimated through the advent of Amazon and E-Readers. More and more music is being downloaded from iTunes to the detriment of high street retailers. Most trade publications have now moved on-line. AirBnB is disrupting the lower cost Hotel and Bed & Breakfast businesses and Netflix, et al, is likely to severely disrupt the traditional TV channels delivery model. And what about Uber and Halo! Banking has been transformed (most banks use a private Cloud, but it’s still Cloud Computing).
It’s all around us with more and more businesses adopting Cloud strategies, and many more in the pipeline. There is a revolution going on in the way business is now being conducted, with significant disruption to the traditional model of many businesses and equally significant opportunities opening up for new businesses, or indeed, for new ways of conducting business for existing companies. And all of this has happened before credible Cloud Accounting solutions, a relative recent innovation, became available. This too is presenting great opportunities, and also threats, to established practices in the way that business is transacted, transactions processed and management information presented, and savvy business operators and their accountants are adopting it to achieve competitive advantage.
Collaborative Accounting
In addition to the many benefits described in the earlier Articles in this series, one of the most overlooked benefits of Cloud Accounting is its ability to facilitate Collaboration, both between systems using Webservices for easy integration and between system’s users via anytime, anywhere access. Let’s look at a few examples:
Accountants providing outsourced services to their Clients using traditional Desktop based packages have a problem in this area. If the client is looking after the prime books, the accountant cannot do any end-of-month Journal Postings, reconciliations, allocations, budget comparisons etcetera until there is a hand over of the account system files from the Client. This usually takes the form of an electronic file transfer, usually unencrypted backups sent via email, or even exchange of physical media like CDs – both potential security risks. Once the accountant has control, it creates difficulties for the Client who has to suspend normal posting of new transactions until the Practice has finished its work and returns the adjusted system files. If they continue posting they risk overwriting any new postings since the last transfer when the returned transferred file is restored. Of course, there are elaborately conceived procedures to avoid these shortcomings, but using a Cloud based system both parties can Collaborate simultaneously without interfering with each other or suffering any interruption to the progress of the business into the new month.
Collaboration via a cloud application also extends to customers being given online access to a portal to view their statements, download any missing invoices etcetera; PO and invoice approval directly online from a smartphone, without even accessing the accounting system. It also extends to automating postings between companies in a group or between any collaborating businesses, like franchisors-franchisees. Online, anytime, anywhere access means collaboration from all the people who need to be involved, without them needing to be in the office or even in the organisation.
Remote Access
Another area of collaboration facilitated by Cloud Accounting is access by remote locations and mobile field operatives. The advent of the Internet together with Cell-Phone technology (Broadband) provides Mobile Computing capability on Laptops, Tablets and Smartphones. A Cloud based system enables Maintenance Engineers on location to directly access the Inventory System from their laptop to determine the availability of spares, or raise Orders for such items not in stock, which can go directly to an approver if necessary to approve online. Sales people can look up customer account details, create new Customer accounts, carry out up-to-the-minute Credit Checks and create new Sales Orders directly in the system instead of having to phone or email the office at the end of the day. Similarly, delivery people can confirm their customer deliveries, scan in proof of deliveries and enter expense claims etcetera directly into the system. In addition, remote locations or remote business units located in different towns or cities or other off-site facilities, can also collaborate by being directly connected to the Cloud based system over the Internet.
Remote Working
Cloud Accounting also facilitates increased productivity through homeworking, which allows valued and experienced staff to work around family commitments or indeed weather disruption involving long travel delays, or flexi-time working covering for example outside hours cover for different time zones, to maximise the productivity for the business. You can also gain access to lower cost workers in other countries if your business lends itself to that sort of offshoring, allowing offshore and direct employees to collaborate via a system available anytime anywhere via a browser.
Experienced part-time, retired or flexi-time employees might also help to overcome peak workloads and cover for maternity leave, prolonged illness etcetera posting transactions directly into your system rather than preparing them off-line and sending back files to you for subsequent update – all as a result of the unequalled collaboration that Cloud systems like AccountsIQ brings to your business model.
For Accountants the transition to Cloud Accounting presents opportunities for both efficiencies within the practice and the opportunity to add new client services to existing and new clients. There are also some challenges, particularly concern about possible reduced fee income – i.e. if the clients are doing more themselves then surely they will pay less. Not necessarily so – it has to do with providing more high value service and less low value data entry. Replace the drudgery of keying in shoe boxes full of invoices with analysis of how the business is performing and how it can improve profitability. Prepare payment runs but collaborate with your clients by allowing them to review and approve the payment runs online.
By adopting a Cloud strategy your practice will become much more efficient in dealing with its client base, due to the Collaborative approach it brings to the client/accountant relationship. And it’s no longer just month end activity: it is continuous interaction throughout the whole month and year. In addition, by adopting one or at most two of the best Cloud accounting solutions, your staff no longer have to familiarise themselves with the operation of many desk-top systems, with a myriad of different versions, which are likely to have propagated your entire Client base. You may have to keep copies of many different Accounting Packages across multiple versions in terms of their age and functionality to be able to service your clients who are on those systems/versions. So much time is wasted ensuring you restore to correct versions and making sure you don’t accidentally overwrite the live data with a previous backup and fixing it when it does accidentally happen. You also need to be sure your staff know how to use the multiple versions you are dealing with. No doubt you have worked out how to streamline this but it took a lot of effort to get there and a lot more to maintain it. Cloud Accounting gets rid of all version issues or needs for backups/restorations and allows you and your team concentrate on the accounting service, not managing the technology, meaning improved efficiency and profitability.
Also, in addressing the concerns about reduced Fee Income, what most commentators forget to mention is that if your staff have to do less data entry work, you can take on more clients and/or do more value added work that clients will be much happier to pay for! If you have more clients, you have more of a base for other services and can do more valuable work for them. Your staff will also be happy to do more interesting work – if they are ambitious they want to have more interesting challenging work that is valued by their clients.
The increased productivity offered by Cloud products (managing multiple clients on one system, paperless offices, invoicing and statements OCR scanning facilities and collaborative continuous access to each client) will greatly increase productivity per capita. Cloud accounting systems like AccountsIQ are also completely scalable in that it can easily be configured to match and satisfy the complete range of business needs, from those with just basic straightforward requirements, through the middle ground and right up to Clients who have complex Departmental structures within Multiple Company, multi-currency group structures. It can be linked with EPOS and many other systems that it can collaborate with to provide a total solution to the unique requirements of your clients’ businesses, be they Charities, fintech companies, Financial Services companies, and many more. To put the scalability and collaboration in perspective, AccountsIQ has 4,000 customers in 85 Countries, who between them have 40+ different base currencies, many that need to collaborate as part of a group consolidation across multiple countries.
However, the greatest benefit for Accountancy practices from adopting Cloud Accounting systems is that of being able to develop and offer higher end services to your clients to the benefit of both. This is about providing Business Intelligence, KPI’s and Metrics, Cash Flow Forecasting, Real-Time Dashboards and better, more informative and focused, Reports – across all aspects of the business and especially in the area of Departmental Performance Analysis. With a financial management system like AccountsIQ these capabilities are part of the package – not just accounting. Most of your Clients don’t have the skills or time to build this kind of sophisticated Executive Reporting. This is where you can deliver high quality Management Information services to your Client base resulting in, and assuring, your continued, even enhanced relationship with your Clients.
In this context, one would think that accountancy practices would embrace the Cloud and actively seek to move existing clients to the Cloud so that they can improve productivity and build their fees by offering higher value services. The reality is somewhat different; other than some early adopters the accounting profession seems to be largely sitting on the fence waiting to see what will happen. Many practices say to us “Sure, if one of our Clients asks to move to the Cloud, we’ll contact you”. The problem for such practices is that, in reality, any forward thinking “go-ahead” client will be fully aware that their Accountancy partners are not equipped to provide these advanced services and most likely will be already looked at competitive offerings that can and will provide these extended services, and deliver a seamless solution in the cloud where they don’t have to worry about systems. This is happening and clients will not wait around! We have seen this.
In summary, for both Businesses and Accountancy Practices, the Cloud Accounting model represents a step change in the way that business is now managed, with much higher levels of teamwork and collaboration across the business together with the opportunity, not just to produce the monthly management accounts, but also to have real time up-to-the-minute knowledge on the progress of the business, together with the most sophisticated Management Information and Business Intelligence capabilities, without the need to worry about software and servers, which is now a utility you use and let others worry about running.
This is the final article in our four part series. If you would like to see how AccountsIQ can help you accelerate and transform your finance function. AccountsIQ also work with charities to transform their finance function. Register for one of our cloud accounting webinars, or request a Demo.
AccountsIQ cloud award winning accounting software can help you change the way you work, get in touch today for more information.
If you're interested in setting up a cloud accounting system, get in touch today.
AccountsIQ's cloud accounting systems can benefit businesses of all sizes, get in touch today to find out more.
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