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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.
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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.”
IFX Payments use AccountsIQ to manage complex multi-entity, multi-currency accounting and support their growth needs.
IFX provides global cross-border payments solutions to SMEs and payments services providers. Their finance team of six people use AccountsIQ to manage the complex accounting needs of their four entities (in Dubai, Australia, UK and Poland). They also operate in three different base currencies (£, AUS$ and PLNzl).
IFX Group Finance Director, Steve Allen.
“We were using Sage 50,” says IFX Group Finance Director, Steve Allen. “But it wasn’t Cloud-based. Even before the pandemic, our finance team was split across three office locations, so we needed a system where we could work together seamlessly.”
Steve also wanted a more flexible finance system.
“With AccountsIQ, if I see something’s wrong in the P&L, I can drill down to the transaction level (even to view an actual invoice) and change it there and then,” he says. “That makes my life so much easier.”
IFX were also keen to ensure they had effective PO workflows in place. The company was growing at a phenomenal rate. Maintaining visibility and keeping control of costs across the business were key priorities for the finance team.
“The year before last we experienced 110% growth,” Steve explains. “We could not have done that without AccountsIQ. If we were still on Sage 50, we would have collapsed or at the very least we would have needed a much bigger finance team.”
The IFX finance team also needs to meet the demand for management reports from across the business, and from their external stakeholders.
“Different users require different information,” explains Steve. “But AccountsIQ has multi-dimensional reporting and analysis capabilities. That enables us to flip the data for different stakeholders using just one set of coding structures.”
That means IFX can produce the compliance data demanded by banks and the FCA quickly and easily. But they can also deliver granular, timely and accurate commercial reports for their own board.
“We can report by department, cost type and even by individual salesperson,” says Steve. “With AccountsIQ we can track the performance and contribution of every IFX salesperson. We treat them like another profit centre for reporting purposes.”
IFX have found that new team members can train themselves to use AccountsIQ simply by using the learning resources in AIQ Academy.
“One of the things I always rave about with AccountsIQ is the user experience,” says Steve. “It’s so easy to use; it’s fantastic.”
“With AccountsIQ, we really feel like we’re on the right platform to support our future growth,” concludes Steve. “We can integrate other tech with it as and when we need to. For example, right now we’ve decided to use AutoEntry; that integrates seamlessly with AccountsIQ.”“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.”
Find out more about our SaaS Accounting Software for high-growth tech companies.
Founded in 2005, IFX Payments has grown to become a leading global foreign exchange, payment and financial technology provider. Headquartered in London, with offices around the world, we’re positioned to be a significant participant in the new banking paradigm delivering advanced payment, treasury and financial management solutions. We replace operational inefficiency with streamlined processes and replace uncertainty with control.
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.”
