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Month-end. These two little words have the power to send a shiver down the spine of the most experienced finance professionals. And we all know why. 

It’s a time-consuming, stress-inducing cycle of hunting down numbers, finding and fixing errors, and compiling reports. All too often, it becomes an intense race against the clock while trying to keep up with the day-to-day.

But what if you could cut the time it takes to close the books by 50%? What if you could do that with fewer errors and better insights? Well, buckle up because automation isn’t just another buzzword. It’s a real solution to the problem of drawn-out month-end closes.

We’re equipping the office of the CFO of the future, and the tools you need to help you save time and ease the pressure on your team are already here. Let’s take a closer look at the how and why behind simplifying your month-end close. 

Saving time on the month-end close

The month-end close isn’t just a compliance task. It’s the heartbeat of financial strategy. When this process is slow or error-prone, it delays everything from performance reviews to critical investment decisions.

A drawn-out close cycle can:

• Drain your team’s time and energy
• Delay strategic planning and budget forecasting
• Lead to costly mistakes or missed compliance deadlines

In an environment where agility is everything, real-time financial close solutions can be a game-changer.

What's slowing finance teams down?

Traditional month-end processes have relied heavily on manual inputs, spreadsheets, and siloed systems. That can only lead to two things: bottlenecks and a burnt-out team. The most common pain points include:

• Disconnected or outdated data across departments or entities
• Time wasted doing manual reconciliations
• Inconsistent or error-prone reporting
• Poor visibility over task progression
  
  

In larger or fast-growing companies, these problems multiply, especially when dealing with multi-entity accounting. Automation becomes less of a luxury and more of a necessity.

The perks of a quicker close

Accelerating the month-end doesn’t just ease operational pressure. It sharpens your competitive edge. When you can access financial insights faster, you’re better positioned to act on them. That could mean adjusting spend, identifying emerging risks, or jumping on opportunities your competitors haven’t seen yet.

A faster, cleaner close also builds trust—both internally and externally. Stakeholders, regulators, and investors expect timely, accurate data. Automation helps you meet those expectations consistently.

Getting the most out of automation

The accounting software you choose is key here. That’s where AccountsIQ’s intuitive month-end close automation software tackles the process end-to-end, with a keen focus on these core areas:

1. Cloud-based collaboration

With a cloud-native platform, your finance team can work anytime, anywhere. That’s a must for hybrid or globally distributed teams. Real-time data processing eliminates version control issues, and scalability ensures your system grows with your business.

2. Smarter workflow management

Know exactly where each task stands with built-in workflow tools. From automated task allocation to deadline alerts, it keeps the month-end close on track. Approval flows and visual dashboards add structure without slowing things down.

3. Integrated data validation

Forget chasing missing data or manually correcting errors. AccountsIQ integrates with your other business systems and validates data as it enters the platform. That means fewer errors, less backtracking, and more trust in your numbers.

4. Automation of key processes

• Journal entries: Set up recurring templates or bulk upload data with full audit trails.
• Reconciliations: Automate bank and intercompany matching.
• Accounts payable/receivable: Speed up invoice processing and cash flow analysis.
• Consolidations: Handle multi-entity and multi-currency reports with ease.

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Efficiency in action: Salamanca Group case study

Salamanca Group manages around 80 entities in total, and used to spend two full staff weeks every month updating spreadsheets and preparing management reports. Their month-end close was manual, slow, and prone to errors.

After making the move to AccountsIQ, consolidation now takes minutes instead of weeks, and management reports are generated instantly from live data. Finance Director Lee Camp sums it up nicely: 

“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.”

Intrigued? You can get the full details of how automation transformed Salamanca Group’s processes over on their case study page.

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Reporting that actually works with you

Let’s say you’ve got those numbers in. Next, AccountsIQ turns them into actionable insights. Here’s what that looks like in a nutshell: 

• Interactive dashboards providing live, up-to-the-minute KPI tracking and visual alerts.
• Drill-down reporting that allows you trace any number all the way back to its source.
• Custom templates to help you tailor reports, highlighting the most relevant data for different stakeholders.
• Management and compliance reports come as standard and audit-ready right out of the box.

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How your finance team can get started

You don’t need a full-scale transformation project to start feeling the benefits. Here’s how you can take action without overwhelming your finance function:

• Map your current month-end process. Identify where delays and errors most commonly happen.
• Prioritise automation opportunities. Start with tasks that are repetitive, rule-based, or high-volume.
• Choose tools that scale. Multi-entity accounting automation is crucial if you manage multiple subsidiaries or currencies.
• Set KPIs. Track metrics like close time, number of manual adjustments, and time spent on reconciliations to measure progress.

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Real results, measurable impact

Companies using AccountsIQ regularly report cutting their close cycle by up to 50%. That’s more time for strategic thinking and less time spent wrangling spreadsheets.

And it’s not just about speed; it’s about better, more reliable results. With less room for errors, stronger controls, and richer data insights, your finance function can shift from reactive to proactive.

Time to revamp your month-end? Better begins now. Start by mapping out your manual processes and identifying areas for improvement. Next, look at solutions that actually suit your team, rather than doing things the other way around.

Ready to dig deeper into intelligent reporting?

We’ve also created a handy, bite-sized guide to help you explore how AccountsIQ simplifies multi-entity reporting and delivers insights that go above and beyond the basics. 

Whether you're prepping for your next board meeting or tracking KPIs on the go, our latest guide shows how real-time dashboards, flexible reporting structures, and smart automation give you instant clarity—minus the manual faff.

From one-click consolidation to drill-down reports, this quick read covers the key features finance teams love most.

👉 Download the Next-Level Reporting Guide to see how better reporting begins now.

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Dublin, Ireland; 6th May 2025: Triathlon Ireland, the national governing body for triathlon and multisport in Ireland, has today announced AccountsIQ, a leading provider of advanced financial management software, as its new Finance and Insights Partner.

With AccountsIQ’s finance software, Triathlon Ireland will streamline its financial and operational workflows and improve efficiency, accuracy and scalability. By removing the need for manual data reconciliation, the organisation can benefit from enhanced reporting, better decision-making and empowering the team to focus on higher-value activities.

In addition to the partnership, AccountsIQ will also power Triathlon Ireland’s  My Tri Ranking Ireland pages for 2025 and 2026, further strengthening the collaboration between the two organisations. The My Tri Ranking initiative provides participants with a platform to track their personal achievements and progression in the sport as well as providing the all-important rankings for the Triathlon and Duathlon National Series.

AccountsIQ and Triathlon Ireland’s partnership is founded on a shared belief in the power of data, insights and performance. Both organisations recognise the parallels between financial management and elite sport, where accurate data and actionable insights are crucial to achieving success at both corporate and athlete levels.

This new agreement strengthens an already close relationship: Triathlon Ireland has partnered with ExpenseIn, part of the AccountsIQ Group, since 2018 to manage its expenses and streamline financial processes.

Darren Coombes, CEO at Triathlon Ireland, commented: “We are delighted to welcome AccountsIQ Group on board as our new Finance and Insights Partner. Data is a key element for us as an organisation, as well as for our triathlon community who utilise the numbers to gauge performance at all levels.

“As a long time user of ExpenseIn to track our expenses, there is a natural synergy between our organisations,” Coombes continued. “I'm really excited to see our partnership develop and what we can achieve together over the next two years. AccountsIQ is also going to be powering our My Tri Ranking pages going forward, an increasingly important area for our sport in providing accurate and timely updates for the Triathlon and Duathlon National Series as well as athlete rankings.”

Darren Cran, CEO of AccountsIQ, added: “This partnership is the latest for AccountsIQ with National Governing Bodies (NGBs) in the sports sector, adding to our relationships with Hockey Ireland, Athletics Ireland and more. Data sits at the core of success, whether in business or in sport. Accurate insights enable better decision-making, stronger performance, and more effective strategies. As a committed triathlete myself, this partnership is particularly meaningful to me. It’s fantastic to support an organisation that empowers athletes at every level to achieve their goals, while also equipping its internal teams with the financial tools they need to thrive.”

ENDS

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About Triathlon Ireland

Triathlon Ireland is the National Governing Body for one of Ireland’s most dynamic and inclusive sports. Since the first triathlon event was held in north Co. Dublin in the early 1980s, the sport of triathlon has experienced unprecedented growth to the extent that Ireland now ranks fifth in the world for participation rates in triathlon per capita.

From its roots as a sport for the ultra-fit, triathlon has become a mass participation activity for all ages and abilities. Each summer over 10,000 people take part in the Triathlon National Series, making it the largest endurance sport league nationally.

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About AccountsIQ 

AccountsIQ delivers advanced financial management solutions to meet the accounting and business needs of ambitious mid-market companies with a growth mindset. Providing automated processes that increase productivity, group accounting features and next-level business intelligence, AccountsIQ offers finance leaders an easy route to digital transformation, with technology that streamlines their workflows and enriches their lives. With a go-live period 5x faster than competitors, AccountsIQ stands out in the market as an easy-to-use, cloud-native platform that delivers next-level insights and empowers better business decisions and faster results. Headquartered in Dublin with a second office in London, the business has over 100 employees and supports over 35,000 users worldwide. 

https://www.accountsiq.com/ 

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Excel has been the go-to for finance professionals for as long as anyone can remember. It’s flexible, familiar, and seems to be able to handle just about anything you throw at it if you know the right formulas. 

But here’s the catch: while spreadsheets no doubt have their place, they no longer measure up to the demands of modern financial reporting. As the role of the CFO continues to expand, so too does the need for sophisticated, yet easy-to-grasp insights when it comes to reporting. 

There’s also a time element to consider; finance teams pushing for real strategic impact simply can’t afford to spend hours bogged down in manual inputs and hunting for error-prone workarounds.

It’s time to get out of the spreadsheet trap and level up to something smarter, faster, and more future-proof. Something to empower your team to reach their full potential. 

The problem with business-as-usual

1. Excel's hold on finance

Excel has been a lynch pin of finance teams for decades. In fact, research shows that over 70% of companies still lean on spreadsheets quite heavily when it comes to budgeting, forecasting, and consolidation. 

Why? Its accessibility and user familiarity have helped it thrive across finance departments all over the world.

But the software is not without its issues. As organisations scale, so do their data volumes, reporting needs, and compliance requirements; things Excel just isn’t designed to manage at the enterprise level. 

2. The hidden costs of spreadsheet dependency

Every extra minute spent updating formulas, cross-checking figures, or manually consolidating data is time your team could spend on something more impactful. 

Productivity takes a hit. Errors tiptoe their way in. You don’t want your highly skilled finance professionals to be stuck doing tedious, repetitive work; your resources should be focused on mission-critical tasks and strategic initiatives. 

And the cost attached to spreadsheet-related errors is just staggering. Businesses have suffered multimillion-pound losses as a result of simple copy-paste mistakes or overlooked formula issues. Ouch. 

3. Pain points you know all too well

If your team is wrestling with multiple spreadsheet versions, struggling with version control, and constantly having to root out inconsistent data, you’re not alone. Excel-based reporting is rife with a number of annoying issues, such as:

• Disjointed collaboration
• Difficult change tracking and poor audit trails
• Slow, cumbersome processes for handling large or complex datasets

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The bigger picture: Risk and vulnerability

Snowballing errors

Even a tiny formula error can have huge knock-on effects, from distorted forecasts leading to shaky decision-making, to actual compliance failures. 

And we’ve seen in the headlines how spreadsheet errors have led to stock misvaluations, reporting inaccuracies, and major regulatory fines. For example, in 2024, Thyssenkrupp Materials Ltd were hit with an unexpected £8 million tax bill after submitting incompatible "bills of discharge" to HMRC. 

The source of the issue? Excel spreadsheets. An error in manually updating a spreadsheet led to the submission of incorrect data, resulting in significant financial repercussions.

Security and compliance concerns

Shared spreadsheets aren’t just inefficient—they’re not secure. Without the right access controls, audit trails, or encryption, sensitive financial data is very much at risk. With cyberthreats coming thick and fast, and AI-powered attackers looking for that kind of vulnerability, companies need their data locked down. 

And it’s not just about keeping your data safe; there’s GDPR, SOX, and other compliance frameworks to consider, too.

Risk management issues

Need to stress test your financial models? Plan for multiple scenarios? Excel just doesn’t cut it. It’s not built for systematic risk analysis, and attempting to force it into that role creates unreliable outputs and painful bottlenecks.

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Better begins now: What modern reporting looks like

Modern finance teams are making the move to cloud-based financial consolidation tools and cloud-native financial planning and analysis (FP&A) software to overcome spreadsheet limitations. These tools don’t just replace Excel—they reimagine how finance works:

• Real-time data syncing
• Automated consolidation
• Rich visual dashboards
• Seamless collaboration across teams

This isn’t a ‘nice-to-have’ anymore, but a strategic upgrade that you need if you want to keep pace with the competition.

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Features that pack a punch

Today’s advanced reporting tools offer:

• Automated data aggregation from multiple sources
• Real-time cloud reporting for finance teams, so decisions are based on the latest numbers
• Predictive forecasting and scenario modelling
• Interactive dashboards that make insights easy to share

With centralised data management, data governance frameworks, and built-in quality controls, these platforms provide the clarity and control that spreadsheets simply can’t.

Integrated finance ecosystems

The best solutions don’t exist in isolation. They integrate with your ERP, accounting software, payroll systems, and BI tools—creating an ecosystem where data flows freely, workflows are automated, and reporting is no longer a reactive scramble.

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4 business benefits of smarter accounting software

1. Win your time back

Automating manual processes and ditching the repetitive spreadsheet tasks makes for faster period closes, less stress at month-end, and more time for high-impact work. It’s a no-brainer. 

2. Faster, better decisions

With real-time insights, improved accuracy, and more granular analytics, finance becomes your strategic partner. You’re empowered to drive smarter business decisions, more accurate forecasts, and responsive planning.

3. Smoother collaboration

Cloud platforms allow multiple team members to collaborate in real-time. No more version conflicts. No more email chains with conflicting data. Just clean, up-to-date, accessible information—shared across finance, operations, and leadership.

4. Built to grow with you

Need to handle growing data volumes? Pivot to a changing business model? Modern platforms are designed to adapt. Whether you’re moving into new markets or restructuring, they can flex with you without breaking a sweat.

How to go beyond Excel: Step-by-step guide

Step 1: Assess your current state

Start by mapping your spreadsheet usage. Identify critical reporting processes and areas most prone to error or inefficiency. That’s where the business case builds itself.

Step 2: Find the right fit

Measure twice and cut once, as the saying goes, so do your due diligence before making the move. Remember, not all tools are created equal. Look for:

• Cloud-native architecture
• Real-time capabilities
• Integration readiness
• Strong support and training

And check out the total cost of ownership, not just license fees. Think about time saved, errors avoided, and agility gained.

Step 3: Transition strategically

Roll out your new platform in phases, starting with pilot reports. Run your systems in parallel, and upskill your team so they’re empowered to use that software and make the most of it. Oh, and embed change management best practices to ensure buy-in and adoption.

Step 4: Measure the impact

Set clear KPIs to measure success; be sure to include things like time savings, error reduction, report turnaround speed, and decision-making accuracy. Then, let the results do the talking.

The bottom line

Like a favourite pair of walking boots, Excel has served us well. But it’s no longer enough. For finance leaders looking to lead, not lag, now is the time to make the move. 

With cloud-based financial consolidation tools and real-time cloud reporting, you don’t just escape the spreadsheet trap, but unlock a whole new level of performance.

Start your transformation today. We’re here to help you move from manual to modern seamlessly, securely, and strategically.

Find out more about how better begins now with AccountsIQ’s cloud solutions.

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