Cloud Accounting Technology

Technology Stack:

AccountsIQ was architected from the outset to be a true, cloud accounting technology platform running on a hosted platform serving multiple entity organisations. It is a zero footprint application requiring a standard Internet browser (e.g: Internet Explorer, Chrome) to access with no desktop installation, plug-ins, or installs required. Our Product is built from the ground up with Microsoft technology and runs on a scalable multi-tier architecture with independent layers for database, application, presentation and reporting services.

The system has a transaction level architecture designed to handle high transaction volume and deliver fast response times to the user with concurrent user access. Each client company has its own independent SQL Server Database ensuring that there is no ‘co-mingling’ of data between different companies. Each client database also has its own data warehouse used for storage of summary report data to deliver superior report performance and drill down capability. Our API uses Webservices (SOAP & REST) technology and standards and we support open connectivity to other existing systems (e.g. Payroll or EPOS systems) to look up or synchronise account details or post transactions via unique tokens for authentication. Our hardware infrastructure is scalable using load balanced VMs for application layer and an active/passive node SQL database cluster.

Greater control of user access:

cloud accounting technologyNot only can you set-up users to access the system, but you can also select what they can and can’t see within the system. This is true for functionality, reports and dashboards and any part of the system that is switched off for a user will simply not be visible for them (meaning they would not know it exists). This can be done on an entity by entity basis, meaning that users of the system can be granted certain privileges in one entity and completely different privileges in another entity. There is complete control on user access.

An ability to personalise the system to a greater extent: Renaming functions. The unique database for each entity means that the database for any single entity can be personalised solely for that entity. This means that all the function names (for example “Batch Invoice Entry”), Report Names (for example “Management Report Pack”) and Dashboard Names (for example “CFO Dashboard”) can be renamed to anything you may wish. This means that you can personalise the system and the function headings to suit your business function by renaming items in terminology that suits your industry and business culture. In the example’s above the function “Batch Invoice Entry” could be renamed to “Enter Multiple Invoices”. Similarly, if you have a foreign entity within a group you could rename the functions in the language native to that entity without having any effect on any other subsidiary within the group.

Scalability:

The fact that each Company has their own database means that the database can be scaled up automatically and handle increasingly larger volumes of transactions without any effect on performance or the necessity for database reconfiguration. The system grows easily and comfortably without restrictions as your business expands.

Modularity of the system:

The individual database per entity means that functionality can be released per entity. This means that a group of companies can have certain functionality switched on for one entity and different functionality switched on for other entities. This ensures that as a group company you only pay for what each entity requires. Indeed, as any single entity experiences growth, they may wish to switch on new functionality that was previously not required and this can easily be done.

Ability to release reports and dashboards to specific databases:

New reports and dashboards that are created to meet your exact requirements can be published/released solely to one unique database meaning it is solely for the use of that entity.

Custom Fields:

You can create an unlimited number of custom fields for customers. Each custom field is then searchable with the database and allows you to filter and create reports on that custom field.
This offers a great deal of flexibility on what you store against a client. Some users may wish to store “Client Contract Renewal Date” or “Insurance Documents” or anything that you feel is suitable to your business.

Extended Business Analysis:

accountsIQ app on mobileMany older and indeed many contemporary General Ledger Systems combine Analysis Group Coding (sometimes called Cost Centre or Profit Centre coding) with the GL Coding (Revenue, Expenses, Assets, etc.) together into one single combination code such as BranchDepartment-Expense Code for example. This is an overhang from, and was a consequence of, pre-database file architecture “Record Management Systems” (RMS). However, this combined code approach places significant limitations on the subsequent analysis which can be achieved – and on the extraction of data for reporting purposes. It can also be the cause of excessive General Ledger Master records being created – since every GL Code must now be combined with every Branch and every Department within every Branch as part of the setup of the GL Accounts Code Table.

This System, exploiting modern Relational Database architecture to the fullest possible extent, separates the construction of the Business Analysis coding structure away from the General Ledger Expense coding and only combines the two as required when Transaction Entry takes place and requires these codes to be entered. Thus, the GL Revenue & Expense Codes exist in only one instance while the Analysis Group Code structure and its hierarchy can be maintained separately (and indeed changed subsequently or extended later on) without reference to the GL Codes.

GL Structure and Charts of Accounts:

AccountsIQ uses a 3 tier GL structure made up of Category, Sub-category and GL Code. As every entity has a unique database they can have a personalised Chart of Accounts within that database which can then be mapped to the Sub-Category and Category level. As long as any group company has the same Category and Sub-Category codes, the individual GL codes can be unique to any single entity. This means that every subsidiary can have their own personalised Chart of Accounts whilst Group Consolidated Accounts can easily be created.

Request a Demo and learn more about our Platform & Technology.