Award-winning architects complete major finance transformation with AccountsIQ and Rapport3
Formed in London in 1985, David Chipperfield Architects (DCA) are now widely recognised for their award-winning, innovative work across the world. Since Alex Gilbert joined as CFO in June 2021, they’ve completed a major digital transformation of their finance function. This involved implementing two new systems simultaneously: moving from Sage and Deltek (project management software) to an integrated solution of AccountsIQ’s Cloud-based Financial Management Software and Rapport3 (for project costing and reporting).
“Getting AccountsIQ up and running was quick and easy. It’s worked really well from day one; our month end is smooth.” Alex Gilbert, CFO, David Chipperfield Architects
New finance team members at DCA have also found AccountsIQ easy to navigate, even though they’d never used the system before. “When systems cause problems, I tend to know about it as that’s when I’m forced to get involved,” says Alex. “I’ve never had to deal with anything to do with AccountsIQ. The team can handle it all themselves; AccountsIQ just works. Rapport3 is also a fantastic system, with a good online interface.”
The integration between AccountsIQ and Rapport3 was built completely from scratch for DCA. It was an iterative process that was turned on in phases. First, we synched the codes of the two systems and tested that. Then we worked on sales invoices, purchase invoices and purchase orders.
"The main advantage of this fully integrated AccountsIQ/Rapport3 solution is more accurate and timely reporting. To ensure we’re driving the business in the right direction we need to base our decisions on reliable and real-time data. Both systems working together enables us to do that.”
DCA are doing a huge amount of work on data and analytics across the business. They’re extracting project data from Rapport3 and visualising it using Power BI. The result is that each project now has its own dashboard that finance can share with project teams and architects.
"This AccountsIQ/Rapport3 integration is transforming everything. We will be able to ensure everyone has complete visibility on how their projects are going.”
AccountsIQ now has several customers using the integration including Costello Medical, a consulting firm in the medical space.
Another big benefit of software integrations is that there’s no duplication of data entry or day-to-day finance processes. For example, at DCA project expenses now go into Rapport3 and are synched to AccountsIQ. Non-project expenses go direct into AccountsIQ. The systems are seamlessly integrated, so finance has complete visibility – by project and at company level – in AccountsIQ.
“We don’t have to duplicate anything,” says Alex. “Everything just synchs straight across. I’d say this saves us 1-2 days a month and it helps with our cashflow forecasting because we know what expenses are coming down the line.”
The fact that both systems have full multi-currency capabilities is another big win for David Chipperfield. They run projects around the world and the architects want to know how their projects are doing in the local currency. “It’s hugely important to have the ability to look at everything in local currency,” says Alex. “It’s not just that it’s more accurate, it’s that it avoids misunderstandings. Now, FX is easy; we just set the rates in AccountsIQ, and it flows through to Rapport3.”
Find out more about the AccountsIQ/Rapport3 integrated solution for Architects, Engineers and Project Managers, request a callback from Sales.