AccountsIQ and iSAMS Launch iFinance School Finance Solution
May 8th 2018, London: iFinance – The New Finance Solution Launching at ISBA
We’re pleased to announce the new iFinance solution, developed by iSAMS and powered by AccountsIQ is launching at this week’s ISBA Annual Conference.
We’ve listened to schools’ frustrations around disparate systems and we have developed a solution bringing together AccountsIQ’s cloud accounting software with iSAMS’ academic, pastoral, administrative and fee billing elements, to help schools eliminate unnecessary duplication of work and reduce costly mistakes. A solution developed, in partnership with iSAMS, specifically with the Bursary in mind.
The iFinance solution seamlessly synchronises with existing Fee Billing modules to offer schools, a complete accounting solution. The Fee Billing module handles the complicated billing structures and generates the invoices, whilst iFinance manages the accounts and balances. Making the iFinance solution a secure cloud-hosted accounting and fee billing system in one powerful web based and easy-to-use solution.
Here’s how the solution works:
Comprehensive Flexible Billing
This highly flexible and simple solution meets all of a school’s fee billing requirements, allowing the accounts department to generate bills and add charges to specific applicants, current students and alumni in several different ways. Charges can be allocated by individuals or by batch, such as year, house, or form and using the module’s search tools, schools can also assign single or multiple charges and set up recurring charges.
Including a simple and efficient invoice amendment system to easily make any necessary changes and a standard suite of reports for both pre- and post-invoice, with the additional option to create ad-hoc reports. Schools also have the benefit of being able to look at any bill through the extensive invoice history section.
Student, parent and invoicing data is synchronised at the click of a single button to the Sales and Nominal Ledgers and parental deposits can be posted and managed with a reconciliation to the nominal ledger liability account. The flexible deferred income functionality also removes the need for monthly journals to be calculated and posted.
iFinance is powered by AccountsIQ school accounting software, a unique solution, comprising of accounting, consolidation and Business Intelligence in one powerful, web based and easy-to-use solution. The Business Intelligence dashboards provide an overview of key information, including a budget-holder’s dashboard making it easy to manage spend.
The solution includes several predefined reports and the ability to create custom reports profiled by user. Reporting is fully-interactive and allows you to drill down to transaction level and produce customised analysis, which can be easily exported to Word, PDF or Excel, users are also able to drill down into all ledgers throughout the system.
Including a Bank Reconciliation feature, which allows you to easily allocate funds received against outstanding balances, all updated balances are immediately fed back to the Fee Billing module. Using the workflow approval process, paperless purchase orders and purchase invoices can be automatically sent for approval before they are posted to the accounting system, with customisable layers of approval, saving precious time.
Key Accounting Features
- Multi-currency accounting
- Recurring Invoicing, accruals and prepayment capability
- Parent/child billing allowing multiple fee payers to be assigned to any single child
- Purchase order approval
- Budget and cash flow management
- Departmental analysis and budgeting
- Commitment accounting versus budgets
- Procurement management
- Key performance Indicators
- Advanced reporting and dashboards
- User profiling and enhanced risk control
- Audit control
- Consolidated accounts
- Compliant with SORP requirements for schools registered as charities
Built for the cloud, cloud accounting software from AccountsIQ makes advanced financial analysis affordable for mid-sized organisations worldwide. Its unique way of producing consolidation reports in real time makes AccountsIQ an obvious choice for multi-company businesses. AccountsIQ’s ability to integrate with other applications allows customers to join up processes and information business-wide.
Launched in 2008, AccountsIQ now supports over 25,000 users in over 40 countries. This year, AccountsIQ celebrates ranking 21st in Deloitte’s Technology Fast 50 high growth index and also won a ranking in Deloitte’s Technology Fast 500 EMEA. Headquartered in Dublin, Ireland, AccountsIQ’s main commercial office is in London with a services team spanning Europe, the Americas and Australia.