One of the challenges Group companies face is multi company accounting and consolidating monthly accounts. Due to inconsistencies in the way subsidiaries might need to apply GL codes, consolidation in Excel is not an uncommon practice for Group finance teams every month. This comes with risk of error, the headache of out of date information and the frustrations of not being able to investigate the data at subsidiary level from the consolidated report.
AccountsIQ is known for the unique way in which it handles multi-company and multi-currency consolidation which means Group Finance Directors can consolidate group accounts each month in just one click with our multi company accounting software. The information is in real time, it is accurate and you can take a look under the hood to explore the data further. The financial consolidation module in AccountsIQ solves the problem of consolidating non-standard GL Codes. Group FDs can structure one single set of GL categories and sub-categories which convert the different coding structures across the group. This gives the Group FD one clear, consistent view the whole way through the Group accounts – right down to the lowest level subsidiary transaction. Once set up, you can consolidate monthly reports in just one click.
We needed to easily consolidate multiple entities, multiple bank accounts and a myriad of currency transactions, and easily produce bespoke management reporting packs. I don’t know of any other system that can do consolidation the way AccountsIQ can. It takes a lot of complexity out of everything and that saves us a lot of time. It used to take two weeks to do our accounts; with AccountsIQ and other improvements, we now get our accounts out in five working days,”