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Empower your finance team with resources tailored for CFOs, Financial Controllers, and Finance Directors.
Automated data capture plays a vital role in improving efficiency, accuracy, and scalability across financial management operations. In this blog, we explore the importance of selecting the right data capture solution and why AccountsIQ stands out as the most robust option for businesses ready to scale through automation.
As businesses continue to grow, streamlining operational efficiency becomes critical, requiring multiple processes to change in rapid succession. Manual tasks need to be eliminated to free up time, and it becomes quickly apparent which complex financial tasks can be simplified and sped up using automation and other tools.
Automated data capture plays a vital role in improving efficiency, accuracy, and scalability across financial management operations. In this blog, we explore the importance of selecting the right data capture solution and why AccountsIQ (AIQ) stands out as the most robust option for businesses ready to scale through automation.
Automating data capture can transform how businesses handle information, reducing time spent on tedious manual data entry while dramatically improving accuracy and productivity. For scaling businesses, this can ultimately support long-term growth, freeing up resources to focus on strategy rather than gruelling administrative tasks.
Optimising data capture for growing companies should focus on seamless integration with broader business systems – whether it’s CRM, POS/ePOS, or inventory management systems – ensuring that data flows smoothly between them.
At AIQ, we offer a standout solution by automating data capture across multiple touchpoints, providing a real-time view of financial insights that drive smarter decision-making and operational efficiency.
To put it simply, mid-market and growing businesses must look beyond basic functionality when choosing a sufficient data capture solution. For fast-growing, mid-sized enterprises, selecting the right platform is critical to maintaining scalability while staying efficient.
Here are a few factors to consider:
One of the core features of automated data capture in AIQ is its Optical Character Recognition (OCR) technology. Designed to handle complex business needs, AIQ’s OCR capabilities allow businesses to automate the extraction of information from invoices, reducing errors and the time spent on manual data entry.
This functionality adds substantial value by streamlining and centralising the purchase-to-pay process. AIQ’s intelligent system automatically matches purchase orders (POs) raised within the platform to incoming detailed, multi-line-item purchase invoices (PIs), enhancing operational efficiency and minimising the risk of manual mistakes.
In addition, AIQ’s OCR system automatically assigns General Ledger (GL) accounts and Business Intelligence (BI) codes based on matched PIs, ensuring greater accuracy and speed. By integrating this feature within its broader financial management system, AIQ eliminates the need for multiple automation tools, making it an ideal solution for businesses looking to consolidate their tech stack while optimising financial workflows.
Our native OCR solution is designed to streamline workflows, minimising the need to switch between multiple applications for most day-to-day tasks. However, for more complex or specialised AP-related requirements, advanced tools like Lightyear can offer enhanced capabilities. In such cases, AIQ excels through its seamless integration, effortlessly connecting with external solutions to provide a comprehensive and flexible approach that addresses diverse business needs without sacrificing efficiency.
Integration is a critical factor in enhancing the efficiency of capturing data. AIQ stands out by offering both open API options and custom-built integrations developed by our dedicated team. Utilising our robust, well-established integrations with CRMs, sales platforms, and other cloud tools, we ensure seamless connectivity and real-time data accuracy. Additionally, we can host custom-built integrations if required, to meet specific operational needs.
With AIQ, data captured from various sources is mapped directly into the system without manual intervention. Moreover, the APIs can be tailored to the unique needs of each business, offering bespoke, scalable solutions that evolve as the business grows.
The reliability and scalability of AIQ’s API integrations reduce time spent on manual processes and offer cost-effective solutions to data capture, allowing businesses to focus on growth.
AccountsIQ provides a comprehensive, user-friendly expense module designed to streamline the entire expense capture process for businesses. This module includes an easy-access mobile app that simplifies expense entry, enabling employees to quickly and efficiently capture expenses on the go without needing to log into the full FMS.
The expense module enhances accuracy and efficiency in real-time expense capture, offering capabilities that go beyond basic OCR technology. From receipt capture to approval and payment, the module covers the entire expense management lifecycle, eliminating manual processes and reducing errors.
Automating data capture is a critical element for businesses looking to scale efficiently and without complications. AIQ’s built-in OCR capabilities, advanced API integrations, and seamless expense management solutions make it the ideal choice for companies ready to consolidate their tech stack and adopt a comprehensive, scalable solution.
Schedule a demo today to see how AIQ’s cutting-edge automated data capture can revolutionise your finance operations.
If you’re implementing new accounting software for your company, a bright new future awaits. Cloud-based accounting systems have so many business advantages that you’re bound to reap the benefits when upgrading – as long as you and your staff all understand what the new software can do.
If you’re implementing new accounting software for your company, a bright new future awaits. Cloud-based accounting systems have so many business advantages that you’re bound to reap the benefits when upgrading – as long as you and your staff all understand what the new software can do.
Education is a fundamental part of any software changeover; here we’ll explain why moving to the cloud requires a comprehensive programme of education and staff training.
Today’s technology is so powerful that we don’t always use it to its full potential. Software vendors often observe the 80/20 rule: commonly, 80% of clients will only make use of 20% of their system’s capabilities. That’s a lot of processing power that’s going to waste. There’s no point in going through the effort and disruption of a software changeover if employees revert to habit and continue to use the complex workarounds that they were used to with the old system – so training is vital if you’re going to get the best out of your upgrade.
AccountsIQ not only provide a revolutionary cloud-based accounting system, but also the training, implementation and customer support to go with it.
In general, people don’t take kindly to change. The longer we’ve been accustomed to our own way of doing things – even if it’s slow, frustrating and inefficient – the more resistant we are to anything that disrupts us from our comfort zone.
So, the importance of education during the changeover can’t be overstated; people need insight into the personal advantages and benefits that a change in their role or habits will bring.
Staff education is an ongoing process that can begin as soon as you decide to upgrade your system. Accounting software training is a more hands-on activity that involves learning how to carry out specific tasks.
Here are some tips on educating your employees about moving to the cloud:
Everyone in the company needs to understand the importance of training and make time for it in their schedules. Software changeovers involve significant changes in everyone’s working day, and employees need to feel confident and happy with the adjustments to their role.
If you’re needing advice on accounting system changeover, contact one of our experts for more information on 0203 598 7350 or to get an overview of the sophisticated functionality within AccountsIQ, Request a Demo.
Point of rental, AccountsIQ announce Syrinx integration. Partnership gives Syrinx users a cloud-based accounting solution
Partnership Gives Syrinx Users A Cloud-Based Accounting Solution
Point of Rental announced a new integration between Syrinx and AccountsIQ, providing hire businesses with a powerful, cloud-based financial management solution. Designed for companies outgrowing their entry-level systems, AccountsIQ offers advanced financial capabilities without the complexity or cost of a full ERP.
“This integration with AccountsIQ gives hire companies a modern accounting solution that supports their evolving needs,” said Wayne Harris, Point of Rental’s CEO. “We’re excited to keep adding new, innovative solutions for hire businesses.”
This seamless integration allows Syrinx users to transfer essential financial data—such as purchase orders and sales invoices—into AccountsIQ with ease, ensuring data integrity and efficiency.
Nick Longden, CRO of AccountsIQ, added: “The seamless integration between Syrinx and AccountsIQ takes away the inefficiencies and inaccuracies associated with manually re-keying financial data. It also ensures the integrity of the source data is retained and gives quicker access to financial insights to make informed business decisions.”
Pairing AccountsIQ with the newly-released Syrinx 365 Cloud delivers ultimate flexibility and control over a hire business’s financial operations by automating processes, eliminating manual tasks and simplifying multi-entity consolidation.
You can learn more about the integration at the upcoming Syrinx Conference, where AccountsIQ will host a dedicated session to showcase the benefits of cloud-based financial management to Syrinx users.
To learn more about the integration between Syrinx and AccountsIQ, contact Point of Rental’s U.K. sales team at uksales@pointofrental.com.
You can delete all those ‘New Year, New You!’ messages crowding your in-box. It’s too much pressure. No-one needs that. One area that is worth reviewing is your accounting software. As your business grows and evolves, your starter accounting software can struggle to cope.
You can delete all those ‘New Year, New You!’ messages crowding your in-box. It’s too much pressure. No-one needs that.
One area that is worth reviewing in 2023 is your accounting software. As your business grows and evolves, your starter accounting software can struggle to cope.
If your company grows fast, you can quickly find yourself processing hundreds of thousands of transactions every month. You’ll need to make sure your finance system can cope.
You can free your time and keep on top of your finances. Smarter, automated workflows and authorisation processes will boost efficiency and eliminate the risk of inaccurate data entries on multiple spreadsheets.
Your management team needs to make crucial business decisions, fast. You can drive that process by delivering real-time, accurate management reports direct from your finance system.
Consolidating the accounts for a group of companies can be one of the most challenging tasks for a finance team. But it doesn’t have to be. Combined accounting and group consolidation software makes consolidating a breeze, with no more complicated workarounds.
You’re probably using multiple systems across your business. Just think how much more efficient it would be if your finance system seamlessly integrated with your CRM, booking system or payroll, or even your on-premise systems.
AccountsIQ is an ideal next step up from starter Cloud and older on-premise accounting systems. You’ll be able to automate manual accounting tasks and quickly deal with more complex finance processes, such as multi-currency consolidation and inter-company transactions. You’ll also be able to deliver accurate and actionable business intelligence to your management team.
“The year before last we experienced 110% growth. We could not have done that without AccountsIQ. We would have collapsed or, at the very least, we would have needed a much bigger finance team.”
Steve Allen, Group Finance Director, IFX Payments
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Empower your finance team with resources tailored for CFOs, Financial Controllers, and Finance Directors. Our 100% cloud-based software integrates seamlessly with your existing systems, combining essential accounting tools with advanced automation and intelligence. Whether you're in tech, financial services, charity, renewables, or any other industry requiring sophisticated financial management, AccountsIQ delivers the insights you need to streamline processes, achieve real-time visibility and simplify consolidation and reporting. Equip your team with the knowledge to elevate your finance function and drive strategic growth.
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