Getech moves from Legacy Accounting Systems onto AccountsIQ creating efficiencies across the entire group
Getech’s Financial Controller, Simon Brown, inherited four legacy accounting systems across the group business as a result of growth. Moving onto Cloud accounting and consolidation platform AccountsIQ brought a time saving of one week per month to the global geoscience and consultancy group in reporting alone, not to mention improvements in other core processes.
Simon explains why AccountsIQ was the right choice for Getech, “We had previously been using four different packages including two versions of Sage as well as the UK and US version of Quickbooks. Consolidation was a logistical nightmare. Neither provider could meet our core requirements, in the way AccountsIQ could, for multicurrency trading and consolidation across the group”, says Financial Controller Simon Brown. He adds, “AccountsIQ saves me a week’s worth of work every month end.”
Consolidation problems solved, and new reporting options available
Before implementing AccountsIQ, Getech’s month end process involved exporting data from four accounting systems into Excel for manipulation. However, if there was an inconsistency, it was necessary to go back through four sets of data. Explaining the difference the new accounting platform makes, Simon says,
The biggest benefit that we see with AccountsIQ is that the data is dynamic; it is not just a report. We can drill down into the data, solve the query, and re-run the report accurately. We simply update or overwrite as necessary.”
On the subject of improved reporting, Simon adds, “We’ve taken the opportunity to redesign and rebuild our reports because of the flexibility within AccountsIQ. We are no longer restricted to what, when and how we report; it is a big step change.”
Currency handling simplified, internal recharging made easy, and batch payments underway.
Primarily working in sterling and US dollars, Getech previously managed multicurrency accounting in Excel. With AccountsIQ, the exchange rates are held centrally in the system which ensures all subsidiaries in a group use common exchange rates. AccountsIQ’s currency revaluation feature creates an automatic routine in the system which ensures accuracy in the calculations and reporting. Simon also adds,
The other aspect of our internal process which has greatly improved since we have implemented AccountsIQ is the inter-company invoicing. AccountsIQ keeps track of what we are invoicing internally. The invoice is received and it registers automatically in the subsidiary accounts. We will also be looking to build out batch payments and use the mass email feature soon.”
The batch payments feature in AccountsIQ allows the user to create a file which groups all payments. The payments relating to this file are automatically made, making the process of individually processing payments with the bank a thing of the past. Automated approvals can also be set up ensuring the approver sees the payment schedule before it is sent to the bank.
“Helpful and always available” implementation team
Simon and his team, working closely with the Customer Success team at AccountsIQ, spent three months designing and building the system. Although this is longer than most users of the system spend in setting it up, it was time and effort well spent. It meant that the coding and workflows were set up with care and attention to the needs of the growing business and reporting was accurate from Day One. Simon comments, “It was an intense three months but it was time well spent as the implementation all went very smoothly and our processes were instantly improved. We were really happy working with the AccountsIQ team – helpful and always available.”
Supporting future growth
“Ours is a fast-growing business model, and the process of moving new entities onto AccountsIQ will be easy”, says Simon. The initial design of the subsidiary system becomes the template for new businesses within the group. The process for expanding AccountsIQ is simple, requiring only additional licences and the roll-out of the core system as it has been modelled for Getech companies.
Summing up, Simon Brown, Getech’s Financial Controller says, “AccountsIQ has gone in very well. We are happy with how it looks and how it performs. It’s a great success.” Talking of future plans, he adds,
There is a lot more capability within the system which we have yet to explore including a paperless PO system, more work around automating approvals, and improvements to the way we deal with payments and the bank. AccountsIQ is able to help us continue to develop our processes as well as support our growth strategy.”
- Move from 4 legacy systems onto one platform
- Simplified group consolidation and reporting
- Multi-currency capability
- Automated group consolidation and reporting
- Time-saving of one week per month
- Efficiencies gained from:
- Inter-company invoicing
- Batch payments
- Multi-currency accounting
- Automated approvals
- Group reporting