Make complex accounting easier with real-time visibility of KPIs, flexible structuring for multiple entities, automated consolidation, multi-jurisdiction compliance and transparent reporting.
Respond to business milestones and events quickly with advanced reporting in real time. Replace error-prone spreadsheets with pre-configured and editable dashboards and a library of over 250 template reports.
Easily create new business entities in the cloud and streamline inter-company accounting to save time and resources. Enjoy an error-free period end with automated consolidation including FX valuation, advanced treasury management and compliance with international regulations.
Create smooth digital workflows by connecting AccountsIQ with other cloud apps including CRMs, expenses apps, practice management and investment systems, payment gateways and more. You can also create bespoke integrations via our open API.
Starter systems like Sage and Xero don’t really meet the needs of a complex business. AccountsIQ is a proper accounting package. It’s Cloud-based, user-friendly and meets all the accounting needs of an international business like IFX.
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AccountsIQ meets the complex global accounting needs of leading global brokerage, Freight Investor Services (FIS). As an innovator in the commodity derivatives markets, FIS has built an international network of offices and has 10 entities. AccountsIQ provides them with detailed analysis across multi locations, departments, brokers and customers.
Freight Investor Services (FIS) is a leading global brokerage specialising in freight and commodities. As an innovator in the commodity derivatives markets, FIS has built an international network of offices and has 10 entities across the US, UK, UAE, India, Singapore and China. As a rapidly growing, international financial services business, they have some complex accounting requirements.
In 2019 the Group was using different accounting software in different locations including Sun Systems in the UK and UAE. Freight Investor’s Head of Finance, Man Li explains “we needed to standardise our accounting software to make it easier to do group level reporting.”
Man Li compared many different software packages and concluded that AccountsIQ ticked all the boxes.
“Our accounting needs are quite complex and we particularly liked AccountsIQ’s multi-dimension and extensive BI coding structure”.
As a broker, FIS is extremely customer focused and it’s essential they can monitor and track commission, costs and profits by each individual broker and customer. They currently use a five-dimension accounting structure to get detailed analysis by: employee, broker, office, department and customer (the AccountsIQ platform offers up to six dimensions).
“We can quickly and easily compare the cost of running our back office in each of our locations or how much we spend on each customer,” explains Man Li. “This gives us valuable insight across the business.”
AccountsIQ has been integrated with FIS’ in-house sales system.
“We have lots of trading data and inter-company transactions, so this took some time,” says Man Li, “but it’s working perfectly now, and our sales information is brought straight into AccountsIQ. We’re also in the process of integrating AccountsIQ with the Zoho expenses module, so we can capture and split our customer gifting and entertainment costs very precisely to comply with regulatory requirements.”
The complex nature of their business means FIS currently has over 4,000 BI codes in AccountsIQ.
“The great thing about AccountsIQ is that we have the flexibility to re-think the way we structure the dimension and BI coding over time,” says Man Li. “We can start one way and flex as we go. Right now, we’re working with AccountsIQ’s support team to consolidate and standardise some of the BI codes; it’s a work in progress as we get more familiar with the system.”
The FIS finance team is spread across multiple locations around the world but they’re all enjoying using AccountsIQ and finding it easy to collaborate.
“I particularly like the prepayment and accrual functions; you can simply click repeat or auto reverse for recurring journal entries, it’s a great feature.”
FIS have yet to fully use some of the functions available in AccountsIQ such as the new AP Inbox Invoice Automation feature which Man Li is looking forward to using to save lots of processing time.
“We currently have 10 entities on the system and we’re always learning,” she says. “We’re using AIQ Academy with new starters and we get excellent support from our Account Manager, Victoria. I’ve already recommended AccountsIQ to several people.”
Find out more about AccountsIQ’s multi company accounting software, and our Business Intelligence capability: accounting, consolidation and management reporting all in one platform.
Apera Asset Management chose to move from Xero to AccountsIQ when consolidation became too cumbersome.
Solving the accounting needs of a multi-entity, international business, Rob Shaw, CFO of Apera Asset Management chose to move from Xero to AccountsIQ when consolidation became too cumbersome and international jurisdiction requirements became too complex. Rob explains, “I was looking for a Xero equivalent but more turbo-charged in its ability to do consolidation, meet the requirements of multiple jurisdictions, and handle foreign exchange. AccountsIQ seems to tick more boxes than other systems designed for businesses like ours.”
The fast-growing financial services firm has seven legal entities located across Europe including businesses in London, Paris, Munich and Luxembourg. Although the accounting processes are simple – the firm has a considerably low volume of accounting entries – the accounting processes have a greater level of complexity due to the structure of the business and its international locations. Transactions accounted for in Munich must comply with German regulations, likewise for France, the UK and Luxembourg. Rob adds,
Xero worked really well for us for two years when we needed simple, single entity accounting, but it made international accounting difficult. We didn’t have a need for an Oracle-like system but we had to address the multi-jurisdictional needs.”
“Even though we are a small business, consolidating accounts across quite a few businesses was difficult and time-consuming and I could only see the problem getting worse,” says Rob.
Previously, Apera’s group consolidation was done in spreadsheets: data was exported from various systems and in different currencies, then brought together in Excel. Rob explains, “AccountsIQ’s consolidation software means there is no fiddling around in spreadsheets trying to get things to tie. Working in Excel was not sustainable; before AccountsIQ, we had instances where we were struggling to get these reports right, sometimes until 2 a.m.”
AccountsIQ has been integrated with automated expense capture software Expensify which reduces paper, saves time, improves accuracy and ensures the VAT allocations are correct. Also integrating with American Express, Expensify allows expenses to be digitally reallocated, and it automates VAT calculations.
Rob explains, “Everyone can photograph, upload and record their own expenses which feeds directly into the accounting system, everything is electronic and it is zero paper. It is much easier for me to review from anywhere and, although I still want to manually review line-by-line, the admin-heavy part of the process is automated, making it easier for everyone.” Rob concludes,
Although it costs a bit more than Xero, it makes sense in the amount of time it saves us and I have a much more powerful system than Xero. AccountsIQ meets all our expectations so far and there is still much more in the system for us to use.”
Apera also uses AccountsIQ’s Workflow Approval which automates and speeds up the approval process, also removing the need for paper filing as all documents are stored electronically in the system. The firm also plans to explore the dashboard reporting and customisable reports further as the system continues to evolve and add further value to the team.
Merchant banking business Salamanca Group comprises approximately 80 businesses. Switching from Sage 50 to AccountsIQ means consolidated management reports can now be produced in just a few minutes.
Privately held merchant banking business Salamanca Group comprises approximately 80 companies. Formerly using Sage Line 50, the group’s finance director, Lee Camp, and his team would spend weeks each month producing consolidated accounts and management reporting packs through a complex process based on spreadsheets.
Today, using AccountsIQ, Lee spends no more than five minutes a month creating reports.
“Our decision to move away from Sage Line 50 was driven by inefficiencies which Sage couldn’t address. It took two people in my team a week each to update various schedules in Excel, and then I would spend many hours compiling a reporting pack. AccountsIQ allows me to produce a custom reporting pack in just minutes,” says Lee Camp, Finance Director, Salamanca Group.
Knowing they had outgrown Sage, Lee began searching for a replacement cloud-based application. With quite complex accounting requirements, he initially looked at NetSuite, Oracle’s enterprise cloud solution. At first, it seemed promising - but the reality did not quite measure up.
“While NetSuite looked like it could meet some of our needs, we really couldn’t justify the cost. It still couldn’t provide the kind of customisable reporting pack we required. Our two main priorities, consolidation and custom reporting, were both weak in NetSuite,” Lee explains.
After being advised to consider AccountsIQ by a friend, Lee realised that complex accounting did not have to come with a high price tag.
“Not only did AccountsIQ streamline our day-to-day processes through automation, but it also handled our reporting and consolidation needs better than NetSuite - and at a fraction of the cost,” he adds.
Salamanca manages over 80 sets of accounts. The group’s consolidation needs are complex, and management reports must be precise and timely. AccountsIQ developed a custom reporting pack for the finance team that links to live data, providing continuous consolidation.
“AccountsIQ produces a consolidated balance sheet as well as departmental profit and loss statements at the touch of a button. We have a bespoke management reporting pack that works in real time within the system. As far as we could see, NetSuite couldn’t offer this level of functionality,” Lee comments.
Salamanca’s finance team knew exactly how their monthly management reports should look and what data needed to be included for analysis. This meant Lee and his team were well prepared to implement a new system quickly, with much of the configuration already documented. All they needed was a system capable of extracting the required data.
“Many of the products we reviewed had sophisticated charts and graphs, and almost all offered some form of customisable dashboards. However, AccountsIQ was the only cloud accounting application we saw that could actually extract the data we wanted and present it meaningfully. It really is reporting made simple,” says Lee.
Already benefiting from automated purchase order approvals, consolidation and reporting, Salamanca plans to explore further opportunities to improve working processes using AccountsIQ. Upcoming projects include implementing an expense module to automate expense management and reporting, as well as integrating payroll.
“AccountsIQ’s greatest success for us has been the efficiency it has brought to the business. The product suits our fairly complex accounting requirements and delivers real value for money. We look forward to discovering even more ways to use the system to improve how we work,” Lee concludes.
“I’ve spent 20 years in finance and AccountsIQ is by far the best solution I’ve come across. It hands down beats the major players and offers more functionality at a cost-effective price. I only wish I had found it years ago.”
