Typically priced for larger businesses, great consolidation accounting software is a Group Accountant’s dream. Unfortunately, these complex applications are out of reach for many growing companies, who typically consolidate using spreadsheets. Consequently, month end reporting is time-consuming and error-prone, particularly if you’re working with different systems and many currencies.
AccountsIQ’s smart, yet affordable Cloud accounting platform comprises Accounting, Consolidation and Business Intelligence in one powerful solution. Finance teams can save a week a month with automated consolidation across multiple currencies, streamlined month end close processes, accurate real time reporting and gain better financial control. Our software is Making Tax Digital compliant and will enable customers to consolidate their group VAT return and file digitally to HMRC.
AccountIQ’s main success for us has been the efficiency it has brought to the business. The product is a good fit for our pretty complex accounting requirements and AccountsIQ give us real value for money. We can consolidate and report on our 80 entities in a few minutes.”
Lee Camp, Finance Director, Salamanca Group
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Many accountants manage their consolidation by way of simply amalgamating accounts, rather than having a system which can automate more complex protocols and provide real-time reports.
AccountsIQ’s consolidation accounting software removes these frustrations by providing true and timely, complex financial consolidation at an affordable price. AccountsIQ gives you a clear view through your Group accounts in real time, in just one click, and in any currency you choose.
We’ve tackled the problem in a unique way. By linking the range of branch-level ledger codes to a common set of group codes, AccountsIQ financial consolidation software allows your subsidiaries to enjoy individual coding structures while you retrieve and drill down the data that you need, in just one click, at any time.
Complex ownership including partial ownership, minority interests and Groups within Groups
Automated inter-company transactions and elimination
Post-consolidation adjustments at Group level
Multi-currency trading to ensure every subsidiary is using common (centrally-controlled), daily exchange rates
Consolidated budgets and revised budgets, actuals and variances, rolled up from subsidiary holdings and with the ability to drill back down
AccountsIQ’s consolidation accounting software can be installed as a stand-alone reporting module where trial balances are imported before consolidation, or it can be used by each subsidiary as its primary accounting system then linked into the overall Group structure for consolidation.
Read our article for the Institute of Chartered Accountants England and Wales (ICAEW) on overcoming international accounting challenges; managing multiple currencies, intercompany recharging and the FX functionality your accounting software should ideally have.
Learn more about AccountsIQ’s award-winning software, ideal for group companies.
We evaluated a number of accounting software packages but AccountsIQ was the one we ran hardest at. The accounting can be as simple or as complex as you need, new entities are easy to add as the business grows, yet it tackles some heavyweight processes like consolidation and multicurrency reporting with ease.
Marcus Karia - Group Financial Controller, Arix Bioscience