Cloud accounting software for technology companies

PortSwigger uses AccountsIQ’s open API to integrate business systems and support their growth potential

PortSwigger is a global leader in cyber security, creating cutting edge software and research to help individuals and organisations “secure the web”. The company launched in 2003 with its flagship security testing tool Burp Suite. Now in early 2021, with 52,000 customers and 13,000 enterprises using its products, PortSwigger has firmly established itself as a thought leader in web security and has ambitious growth plans.

These plans are what led the finance department to reconsider its existing accounting software, QuickBooks, which was already struggling to cope with the business’s growing volume of transactions as well as payroll for its 80 employees. And with plans to significantly expand its staff in the coming years, PortSwigger clearly needed an accounting system that could scale.

AccountsIQ not only offered the cloud accounting features that they needed at an affordable price, it also offered a compatible ethos and agile approach to software development that PortSwigger’s team could happily work with as they pursue their growth strategy.

Integrating in-house systems with AccountsIQ’s API

PortSwigger has its own in-house tool “Swig Portal” for tracking sales data and software licence sales, built by their own team of engineers. A big challenge with QuickBooks was bringing together the data from these two disconnected systems to produce accurate reports. AccountsIQ has an open accounting API strategy which allows PortSwigger to integrate its own CRM with AccountsIQ, linking the two data sources and bringing their business intelligence onto one cohesive platform. Helen MacDonald, Finance Manager at PortSwigger, explains:

Helen Macdonald, Finance Manager, PortSwigger

The integration and the API are what we’ve really been happy with. We have developers in house who roll their eyes when you talk about the other larger accounting software vendors because they are so cumbersome. Our team found it really easy working with AccountsIQ to get it all up and running. That’s what really sold us.”

Integrated OCR technology for significant time and resource savings

In addition to their own in-house CRM, the finance team is also benefiting from AccountsIQ’s ability to integrate with AutoEntry — an intelligent, automated add-on OCR solution which removes the need for manual data entry of invoices.

We’re the sort of company that looks to streamline and make internal processes more efficient. Previously, we were manually inputting invoices and uploading PDFs – which was slow and prone to inaccuracies,” said Helen.

AutoEntry was really easy to set up. AutoEntry captures and analyses all our invoices and it automatically posts this data to AccountsIQ. It took us about two days to get up and running and now we’re saving about half a day per month alone just on invoice processing. It makes auditing easier because we simply give the auditors a login and they can find everything they need.”

Better reporting tools with scope for expansion

With income from a combination of individuals and enterprises, received via various payment methods and in a range of currencies (including Bitcoin), integration with the CRM is vital for streamlining income, and the three levels of BI codes PortSwigger is using in AccountsIQ allows the team to draw analysis in a combination of ways.

QuickBooks didn’t allow us to segment our reports across the business. So the BI codes within AccountsIQ are great. We now have three BI codes so we can report on each of the different levels,” said Helen.

She adds:

We’re growing quickly and wanted to make sure we had all the functionality in place so that once we’re larger, we could easily change our accounting system to adapt. There are plenty of features in AccountsIQ that we’re not using, but we know they’re there because the implementation team have explained how they will work for us in the future. We didn’t expect this level of engagement from a supplier.”

Proactive support from AccountsIQ

AccountsIQ prides itself in the level of support and attention that the accounting software implementation team provides to new users. Here PortSwigger’s team, meticulous and detail-oriented, found a supplier that took on board their specific challenges and came back with solutions to their nuanced accounting needs.

The implementation process was faultless, we migrated from QuickBooks and had regular meetings and encouragement to keep us on track. The API was the feature that sold AccountsIQ to us and it has been great. The support is superb so any issues we have ever had have been resolved quickly.” – Helen MacDonald

“We haven’t bought software that will never change”

AccountsIQ and PortSwigger have a few crucial things in common. Both are software companies aiming to differentiate through next level agility, pushing the boundaries, a great company culture, and an attitude of going beyond just the software to really solve their customers’ problems. These mutually-shared values have enabled PortSwigger’s finance operation to get up and running quickly with confidence that this solution will carry them into the future.

A challenge with taking on a new supplier, especially in software, is: are they going to be around in five years’ time? It feels like a gamble. But with AccountsIQ we have a well-established accounting package with a track record of excellence. What we appreciate with AccountsIQ is that, like us, they’re developing the software constantly. We’re really happy with the improvements we’ve seen so far – they’ve improved our business processes as a result. We haven’t bought software that will never change and we really appreciate that. We feel like we’re with the right partner.” – Helen MacDonald

AccountsIQ’s personalised service delivery and commitment to innovation seal the deal with fast-growing tech provider, Zarion

Zarion Software is a leading provider of Intelligent work management for the financial services sector. Based in Dublin, Zarion has customers all over the world and partners in the USA, Australia and the UK. As a fast-growing technology company that is centered around providing intelligent data about work and the workforce to Operational managers, Zarion helps its customers increase efficiency by eliminating manual processes and increase visibility and flexibility to enable a hybrid or distributed workforce Digital innovation is not only core to their customer offering, but also to how they approach their own internal processes. When Ken O’Flaherty joined Zarion as CFO and found that their existing accounting system was bogged down with inefficiencies, he knew something had to change.

Ken had to decide whether to resurrect a partially completed implementation or start from scratch with something new. Ken decided to take a fresh perspective and consider other alternatives. Impressed with a flexible accounting framework, an “out-of-the-box” reporting structure, and a commitment to implementing the system in a way which would serve Zarion’s evolving needs, Ken decided to look no further when he came across AccountsIQ.

As a CFO it’s my responsibility to produce the necessary information for decision making. Every business has its nuances and requirements that don’t come with an out-of-the-box solution. Once I started the discussion with AccountsIQ, I immediately felt comfortable with their offering and that they were the right partner for us. I really just wanted to get going with it, which we did, and it’s not a decision I regret.” – Ken O’Flaherty, CFO, Zarion

Fast implementation with pro-active customer support

Once Ken made the decision to go with AccountsIQ, the system went live within six weeks. Built-in templates plus hands-on customer support made the process swift and straightforward.

AccountsIQ offers great support and good processes throughout implementation. It went through ahead of schedule and it was really easy. The upload templates around trial balance, historic data, and banking details were very intuitive. In terms of what we planned and what we budgeted for, we actually came out ahead.” – Ken O’Flaherty

Flexible accounting with built-in customisation as standard

As an SME, Zarion’s accounting needs were fairly straightforward with only a few intricacies requiring special attention. AccountsIQ benefits from an extremely flexible Business Intelligence (BI) coding structure and three tier General Ledger to accommodate these requirements. Larger vendors only seemed willing to provide Zarion with this extra level of customisation at a considerable cost.

Larger vendors don’t offer the same flexibility and level of customisation as AccountsIQ. Their message was: ‘this is not standard, this is going to be a complete workaround, this is going to cost you’… I didn’t get that with AccountsIQ. I wanted an accounting solution that could grow with us in terms of feature functionality and product roadmap. AccountsIQ gave me assurance that this would be the case and it’s proven to be the case.” – Ken O’Flaherty

Cloud-based as standard with key automation features that save time

A key requirement for Ken was that his accounting solution be truly “Cloud-first”, not Cloud as a bolt-on. Built in the Cloud, AccountsIQ enables access at all times from anywhere in the world. This includes workflow features and paperless document management that save time and make it easy to adapt to a remote working environment. Ken found particular benefits with AccountsIQ’s workflow approval processes and auditing.

AccountsIQ helped us accelerate our journey to a paperless system. Invoice and PO approvals are now paperless as standard. Where we’ve really seen a massive benefit is with remote auditing. The extraction of information is so much easier. This year we were able to close our audit in a week. AccountsIQ was fundamental in being able to do that. It’s a testament to the system.” – Ken O’Flaherty

Robust suite of reports

AccountsIQ comes with over 250 pre-built reports to make it easier for financial departments to get going with the software, minimising the need for external data handling. These reports added further efficiencies to Ken’s workflow with the added benefit of mitigating errors.

AccountsIQ’s reporting is really good. With other systems you have to export data and manipulate it in Excel the way you want. Here I found the out-of-the-box reports in the Management Accounts pack reflects the typical needs of CFOs or FDs. Even data around analysis of cash and customers and FX, it does a lot of things very, very well and that saves a lot of headache and potential mistakes.” – Ken O’Flaherty

Ongoing Product Innovation

Cloud-based reporting features, paperless accounting, and time-saving benefits were all key in Ken’s decision to choose AccountsIQ. However, it was AccountsIQ’s focus on development, commitment to innovation, and personal attention that confirmed his decision.

When we went through the detailed needs assessment with AccountsIQ we got a lot of comfort that the system could do what we needed it to do. I also found that, where I had concerns, AccountsIQ was very clear and proactive in pursuing a solution. I wanted an accounting platform that could grow with us in terms of feature functionality and product roadmap. AccountsIQ gave me assurance that this would be the case and it’s proven to be the case.” – Ken O’Flaherty

Asavie Adopts AccountsIQ to Support Growth

As the Internet of Things (IoT) booms, the requirement for Irish-based connectivity provider Asavie gained demand. The Internet of Things is the next wave of internet evolution; IoT systems facilitate the remote control of electronic devices across a secure exchange. Asavie provides highly-secure middleware which enables the growing numbers of IoD devices in use to connect with the Cloud. At this time, the opportunity in the telecoms sector alone fuelled a year-on-year growth rate which, at its peak, consistently topped 100%. As the business developed further revenue streams and began working in multiple currencies, its accounting needs became more complex.

Outgrown Sage

Having outgrown an early iteration of Sage, Asavie’s accounts team led the way in finding a new business system which would tick boxes on consolidation; currency handling; Fixed Assets and workflow. Financial Controller Emma Whelan began the search which included more recent versions of Sage and FinancialForce. Describing her reaction to proposals from both vendors Emma said,

Neither product was comparable to AccountsIQ from a performance or price perspective.  We didn’t need the likes of SAP or Oracle but we have some fairly complex accounting needs.  AccountsIQ fits us perfectly.”

A “Successful and Collaborative” Relationship

In 2016, Emma began to work with the support team at AccountsIQ to plan the implementation which addressed needs in the short, medium and longer term. This plan still evolves today and is proactively evaluated by AccountsIQ’s Customer Success team on a two-weekly basis as the software is continuously tuned to meet changing needs. She says,

The best thing about AccountsIQ is the successful and collaborative relationship we have with the support team; we have completed a number of projects with them and they never seem to tire of listening to us and working with us to adapt the software for our own and for every other user’s benefit.  It almost feels like we are all part of the same development team.”

She adds, “Having qualified accountants at the end of AccountsIQ’s support line is priceless; they instantly understand the accounting problems we are trying to solve and this allows us to arrive at a technical solution quickly.”

Improving functionality across the business

Other projects on which Emma has worked closely with the support team have included an integration with Concur’s automated expense management and processing system; and the introduction of AccountsIQ’s Purchase Order Approval which uses workflow technology to enable more efficient processes, engaging budget holders across the business. Future plans include integrating AccountsIQ with the business’s preferred BI reporting app which will create a seamless data exchange between the accounts and the management reporting pack in a format which is already familiar to the business. Summing up, Emma says,

AccountsIQ solves so many problems for businesses like ours; it can be configured to tackle quite complex accounting issues but without the overheads and ongoing costs associated with some of the vendors at the higher end of the market.”