.svg)
Make complex accounting easier with real-time visibility of KPIs, flexible structuring for multiple entities, automated consolidation, multi-jurisdiction compliance and transparent reporting.
Respond to business milestones and events quickly with advanced reporting in real time. Replace error-prone spreadsheets with pre-configured and editable dashboards and a library of over 250 template reports.
Easily create new business entities in the cloud and streamline inter-company accounting to save time and resources. Enjoy an error-free period end with automated consolidation including FX valuation, advanced treasury management and compliance with international regulations.
Create smooth digital workflows by connecting AccountsIQ with other cloud apps including CRMs, expenses apps, practice management and investment systems, payment gateways and more. You can also create bespoke integrations via our open API.
Starter systems like Sage and Xero don’t really meet the needs of a complex business. AccountsIQ is a proper accounting package. It’s Cloud-based, user-friendly and meets all the accounting needs of an international business like IFX.
”
Merchant banking business Salamanca Group comprises approximately 80 businesses. Switching from Sage 50 to AccountsIQ means consolidated management reports can now be produced in just a few minutes.
Privately-held merchant banking business Salamanca Group comprises approximately 80 businesses. Formerly using Sage Line 50, the group’s Finance Director Lee Camp and his team would spend weeks each month producing consolidated accounts and management reporting packs using a complex process run from spreadsheets.
Today, using AccountsIQ, Lee spends no more than five minutes a month creating reports:
Our decision to move away from Sage Line 50 was driven by inefficiencies which Sage couldn’t address; it took two people in my team one week each to update various schedules in Excel and then I would spend many hours compiling a reporting pack. AccountsIQ allows me to produce a custom reporting pack in just minutes.”
Lee Camp, Finance Director, Salamanca Group
The Selection Process: AccountsIQ vs. NetSuite
Knowing they had outgrown Sage, Lee began the search for a replacement Cloud-based application. With quite complex accounting requirements, Lee initially looked at NetSuite, Oracle’s enterprise Cloud solution.
While NetSuite looked like it could answer some of our needs, we really couldn’t justify the cost and it still couldn’t provide the kind of customisable reporting pack we needed. Our two main requirements, consolidation and custom reporting, were both weak in NetSuite.”
Advised to look at AccountsIQ by a friend, Lee realised that complex accounting needn’t come at such a high price. Not only could AccountsIQ make day-to-day processes more efficient through automation, it could also solve their reporting and consolidation issues better than NetSuite.
We were genuinely shocked to see that AccountsIQ solved more of our reporting problems than NetSuite. It also comes at a fraction of NetSuite’s cost.”
Merchant banking group Salamanca manages over 80 sets of accounts. The group’s consolidation needs are complex and management reports need to be precise and timely. AccountsIQ developed a custom reporting pack for the finance team which links to live data and therefore provides continuous consolidation.
AccountsIQ produces a consolidated balance sheet as well as departmental P&Ls at the touch of a button. We have a bespoke management reporting pack that works in real time in the system. As far as we could see, NetSuite couldn’t do that for us.”
Salamanca’s finance team already knew exactly how the monthly management reports should look and what data needed to be included for analysis. This meant that Lee Camp and his team were well-prepared to implement a new system in a very short time, with much of the configuration already documented. All they had to do was find a system which could extract the data that they needed.
Many of the products we looked at had quite sophisticated-looking charts and graphs. Almost all had customisable dashboards of some kind but AccountsIQ was the only Cloud accounting application we saw that could actually extract the data that we wanted to see and present it in a meaningful way. It really is reporting made simple.”
Already enjoying the benefits of automated processes around purchase order approval as well as automated consolidation and reporting, Salamanca intends to explore further opportunities to improve working processes using AccountsIQ. Future projects include implementing an expense module which will automate the process of managing and reporting expenses as well as integrating payroll.
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.
I’ve spent 20 years in finance and AccountsIQ is by far the best solution I’ve come across. Hands down beats the major players and has more functionality at a cost effective price. Wish I found this years ago.”
Fevore group simplifies consolidation and reporting saving them a huge amount of time and giving them confidence in their group financial information.
Fevore needed to replace the group’s accounting software when the motor dealership part of the business was sold, leaving a smaller group of diverse businesses which range from insurance to leasing. Having previously relied on accounting software which was specifically designed for the motor trade, Group Director Felicity Field allowed her search for replacement software to be led this time by the consolidation needs of the new group. Having ruled out Sage X3, she chose Cloud accounting and consolidation software for groups, AccountsIQ.
Felicity explains; “If we had chosen the Sage package, we would have needed to adjust our processes to fit the software. It would have governed how we approve invoices, for example, whereas AccountsIQ can be adjusted to suit our processes, and it also works with alternative less complex accounting packages which are in place in our smaller subsidiary companies.”
Prior to using AccountsIQ, consolidation was done using spreadsheets. Felicity describes the manual process as, “time-consuming”. She adds, “If a mistake occurs somewhere in the consolidation spreadsheets, you need to scrutinise the entire process and often redo your workings.” With AccountsIQ, consolidation is simplified and draws consistent information from across the group. She continues, “It saves me a huge amount of reporting time and I am confident the information is accurate.”
Despite the diversity in the group, AccountsIQ allows the leadership team to benchmark performance across the various businesses and measure performance against a similar set of KPIs. Felicity adds, “One of our KPIs measures whether or not the business has been able to meet budgets.” This is tracked at Group level using AccountsIQ.
In addition to group consolidation, AccountsIQ is installed in one of Fevore’s entities which processes thousands of purchase and recharge transactions a month. Felicity remarks,
AccountsIQ automates these transactions and reduces all of the manual inputs. Since implementing AccountsIQ, the day-to-day tasks for the team are much more interesting and less repetitive. We spend much more time problem-solving and carrying out pre-emptive checks.”
AccountsIQ’s integrated Fixed Assets module allows Felicity’s team to further replace spreadsheet-based tracking processes.
Another benefit Fevore enjoys is AccountsIQ’s ability to integrate with other business applications, streamlining processes. The group uses iCompleat’s automated invoice approval system which fully integrates with AccountsIQ. Felicity adds, “You can even see the original document in AccountsIQ which removes the need to flip from one system to another. We save so much time in re-keying information and retrieving documents.”
Regarding the implementation process, Felicity notes, “The process was extremely smooth and the support was personal and tailored to our needs. The guidance before we implemented the software was clear, allowing us to prepare accordingly, and the implementation consultants were not prescriptive, they listened to our needs and worked with us in a very supportive way.”
To conclude, she says, “When you implement a new system, there is often a moment when you stand back and say, ‘What have I done?’, but that hasn’t happened with AccountsIQ.
Describing future plans for AccountsIQ in Fevore Group, Felicity says,
I look forward to what AccountsIQ will deliver next; there is always something interesting and useful on the product roadmap. In the short time that we have been using the software, we have already seen improvements in journal entries as well as the release of additional features such as integrated Fixed Assets.”
Insurance loss adjusters, Integra, switched to AccountsIQ so they could consolidate their 10 global entities on one user-friendly Cloud accounting platform. They’ve also found the inter-company accounting and FX features are saving them valuable time.
Integra Technical Services is an insurance loss adjuster, resolving complex claims in sectors as diverse as mining, marine, energy and cyber security. They’re global players with local offices across the UK, US, Middle East, and Asia Pacific.
Before switching to AccountsIQ, Integra’s UK business was using two different accounting systems in EMEA and North America. Finding one platform that would work well across the whole group was a big driver for change.
“We have 10 active entities on our AccountsIQ platform,” explains Integra’s CFO, Mark Hunter. “That includes our risk management business, which we’ve added recently. We’ll be adding another entity soon.”
Integra also had other key criteria they felt could only be met by AccountsIQ, as Mark explains:
“The new finance system had to be Cloud-based. We also felt we needed more functionality than our existing systems were offering.”
“With AccountsIQ, we have the ability to consolidate on one platform. We’d been using Excel for consolidation, and we wanted something quicker and more reliable.”
As one of the main finance system users, Financial Controller, Sue Evans, was keen to ensure useability was included in the software evaluation process. In fact, the whole team was impressed by AccountsIQ’s easy, logical layout.
Sue finds that the inter-company accounting features in AccountsIQ make her life much easier.
“We have a lot of inter-company trading and resource transfer,” she says. “The process of re-charging costs and invoices across different entities is really smooth with AccountsIQ. It’s a big improvement from what we were using previously because I no longer have to log in and out to look at different entities.” Sue Evans, Financial Controller, Integra.
Another important time-saver for Sue is AccountsIQ’s foreign exchange functionality.
“It’s easy to map through and check you’re using the right FX,” she says. “Previously, it was complicated, and we spent a lot of time working out variances.
“With AccountsIQ, you just know it aligns. In fact, we only need to do our FX updates monthly rather than daily. It’s so much better.”
One year on from implementing AccountsIQ, Mark and Sue have big plans for making the system work even harder for them.
“We’re a relatively small finance team,” says Mark. “The plan with this project was always to get the system bedded down and make sure everyone is comfortable with it and using it efficiently. Now, we’re looking at what more it can do.”
One of Integra’s projects for the year ahead, is to look at how they can work with AccountsIQ, and our software integration partners, to improve their budgeting, reporting and forecasting capabilities.
“The reporting available in the system is good,” says Mark. “Our consolidated management reports now take around 25% less time than they did in Excel, for example.”
These time savings are so encouraging, Integra is now thinking how they can further refine their reports and make best use of the multi-dimensional financial Business Intelligence coding structure to really delve into the data.
“There’s a lot more we can do with the system,” concludes Mark. “What I really like about AccountsIQ is they have a good understanding of the needs of SMEs. We get great technical support from AccountsIQ. This collaborative approach is very different to some of the larger providers.”
