Typically priced for larger businesses, automated consolidation software systems are a Group Accountant’s dream. Unfortunately, these complex applications are out of reach for many growing enterprises, who are still trying to consolidate using spreadsheets. Consequently, month end reporting is time-consuming and error-prone, particularly if working with different systems and multiple currencies.
AccountsIQ is a smart, yet affordable Cloud accounting software platform with 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.
AccountsIQ’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 gives us real value for money. We can consolidate 80 entities in a few minutes.
Lee Camp, Finance Director, Salamanca Group
Many accountants manage their group 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 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 drill-down ability
AccountsIQ’s consolidation 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 ICAEW on overcoming international accounting challenges; managing multiple currencies, intercompany recharging and the FX functionality your accounting software should have.
Learn more about how our award-winning software is the perfect fit for multi company accounting.
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