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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.
IFX Payments use AccountsIQ to manage complex multi-entity, multi-currency accounting and support their growth needs.
IFX provides global cross-border payments solutions to SMEs and payments services providers. Their finance team of six people use AccountsIQ to manage the complex accounting needs of their four entities (in Dubai, Australia, UK and Poland). They also operate in three different base currencies (£, AUS$ and PLNzl).
IFX Group Finance Director, Steve Allen.
“We were using Sage 50,” says IFX Group Finance Director, Steve Allen. “But it wasn’t Cloud-based. Even before the pandemic, our finance team was split across three office locations, so we needed a system where we could work together seamlessly.”
Steve also wanted a more flexible finance system.
“With AccountsIQ, if I see something’s wrong in the P&L, I can drill down to the transaction level (even to view an actual invoice) and change it there and then,” he says. “That makes my life so much easier.”
IFX were also keen to ensure they had effective PO workflows in place. The company was growing at a phenomenal rate. Maintaining visibility and keeping control of costs across the business were key priorities for the finance team.
“The year before last we experienced 110% growth,” Steve explains. “We could not have done that without AccountsIQ. If we were still on Sage 50, we would have collapsed or at the very least we would have needed a much bigger finance team.”
The IFX finance team also needs to meet the demand for management reports from across the business, and from their external stakeholders.
“Different users require different information,” explains Steve. “But AccountsIQ has multi-dimensional reporting and analysis capabilities. That enables us to flip the data for different stakeholders using just one set of coding structures.”
That means IFX can produce the compliance data demanded by banks and the FCA quickly and easily. But they can also deliver granular, timely and accurate commercial reports for their own board.
“We can report by department, cost type and even by individual salesperson,” says Steve. “With AccountsIQ we can track the performance and contribution of every IFX salesperson. We treat them like another profit centre for reporting purposes.”
IFX have found that new team members can train themselves to use AccountsIQ simply by using the learning resources in AIQ Academy.
“One of the things I always rave about with AccountsIQ is the user experience,” says Steve. “It’s so easy to use; it’s fantastic.”
“With AccountsIQ, we really feel like we’re on the right platform to support our future growth,” concludes Steve. “We can integrate other tech with it as and when we need to. For example, right now we’ve decided to use AutoEntry; that integrates seamlessly with AccountsIQ.”“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.”
Find out more about our SaaS Accounting Software for high-growth tech companies.
Founded in 2005, IFX Payments has grown to become a leading global foreign exchange, payment and financial technology provider. Headquartered in London, with offices around the world, we’re positioned to be a significant participant in the new banking paradigm delivering advanced payment, treasury and financial management solutions. We replace operational inefficiency with streamlined processes and replace uncertainty with control.
Insurance loss adjusters, Integra, switched to AccountsIQ so they could consolidate their 10 global entities on one user-friendly Cloud accounting platform. They’ve also found the inter-company accounting and FX features are saving them valuable time.
Integra Technical Services is an insurance loss adjuster, resolving complex claims in sectors as diverse as mining, marine, energy and cyber security. They’re global players with local offices across the UK, US, Middle East, and Asia Pacific.
Before switching to AccountsIQ, Integra’s UK business was using two different accounting systems in EMEA and North America. Finding one platform that would work well across the whole group was a big driver for change.
“We have 10 active entities on our AccountsIQ platform,” explains Integra’s CFO, Mark Hunter. “That includes our risk management business, which we’ve added recently. We’ll be adding another entity soon.”
Integra also had other key criteria they felt could only be met by AccountsIQ, as Mark explains:
“The new finance system had to be Cloud-based. We also felt we needed more functionality than our existing systems were offering.”
“With AccountsIQ, we have the ability to consolidate on one platform. We’d been using Excel for consolidation, and we wanted something quicker and more reliable.”
As one of the main finance system users, Financial Controller, Sue Evans, was keen to ensure useability was included in the software evaluation process. In fact, the whole team was impressed by AccountsIQ’s easy, logical layout.
Sue finds that the inter-company accounting features in AccountsIQ make her life much easier.
“We have a lot of inter-company trading and resource transfer,” she says. “The process of re-charging costs and invoices across different entities is really smooth with AccountsIQ. It’s a big improvement from what we were using previously because I no longer have to log in and out to look at different entities.” Sue Evans, Financial Controller, Integra.
Another important time-saver for Sue is AccountsIQ’s foreign exchange functionality.
“It’s easy to map through and check you’re using the right FX,” she says. “Previously, it was complicated, and we spent a lot of time working out variances.
“With AccountsIQ, you just know it aligns. In fact, we only need to do our FX updates monthly rather than daily. It’s so much better.”
One year on from implementing AccountsIQ, Mark and Sue have big plans for making the system work even harder for them.
“We’re a relatively small finance team,” says Mark. “The plan with this project was always to get the system bedded down and make sure everyone is comfortable with it and using it efficiently. Now, we’re looking at what more it can do.”
One of Integra’s projects for the year ahead, is to look at how they can work with AccountsIQ, and our software integration partners, to improve their budgeting, reporting and forecasting capabilities.
“The reporting available in the system is good,” says Mark. “Our consolidated management reports now take around 25% less time than they did in Excel, for example.”
These time savings are so encouraging, Integra is now thinking how they can further refine their reports and make best use of the multi-dimensional financial Business Intelligence coding structure to really delve into the data.
“There’s a lot more we can do with the system,” concludes Mark. “What I really like about AccountsIQ is they have a good understanding of the needs of SMEs. We get great technical support from AccountsIQ. This collaborative approach is very different to some of the larger providers.”
