All your consolidation problems sorted!
For companies with subsidiaries, consolidating group accounts is a monthly challenge, but AccountsIQ Cloud Accounting Software can simplify the process greatly.
Many companies still copy and paste information from the accounting system into a spreadsheet to consolidate group accounts. Although this process is time consuming and unproductive and often leads to errors, companies don’t know there are better options available.
AccountsIQ provides a solution to generate complex consolidated accounts easily thanks to the latest SQL database technology.
Here are three of the most common problems with consolidating accounts and how AccountsIQ helps you avoid them:
1. Reporting structure is inflexible
The format of the reports vary depending on the accounting system. Quite often, this format doesn’t meet the needs of the company, which has to resort to using the provided format or spend time formatting the data on a spreadsheet.
Solution: AccountsIQ comes with a suite of 250 pre-built reports and also enables companies to personalise their reports and to choose how they want to export the data. This flexibility makes it easier for companies to see the exact information that they need, allowing them to analyse their performance and take the right strategic decisions.
AccountsIQ System Architecture and Coding Structure enables flexible reporting - this means that everything and anything can be reported on - see diagram below:
2. Accounts aren’t accessible in real-time
Working in Excel means that you might soon be working with outdated data, for instance if exchange rates vary.
In addition, others cannot make changes to the information or modify the file at the same time as you are working on it, because the files are located on computers instead of online.
Solution: AccountsIQ generates customised reports on the system that you don’t need to export to Excel. This brings a number of advantages, from accessing real-time information to modifying your files on various devices and different locations.
Example report from AccountsIQ:
3. Errors and inaccuracies from excel spreadsheets
Human error is one of the biggest problems of using Excel. Even worse, mistakes can easily go unnoticed for a long period of time and correcting them can be quite time consuming.
Solution: AccountsIQ generates your custom reports automatically, thus eliminating human error and saving you valuable time that you can dedicate to more important work.
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,” Wayne Copeland, Head of Finance, AES International.
Find out why Salamanca Merchant Banking Group chose AccountsIQ for easy consolidation of their 80 entities and join one of our AccountsIQ’s webinars to find out how we can help you.
Webinar - Consolidation, Multicurrency, Intercompany Recharging, Thurs 25th March, 11am GMT
Is it time to review how you consolidate your group accounts? Is the process laborious, prone to errors and involve lots of spreadsheet work? Join our Live Webinar and see how you can save as much as a week a month like customers, Salamanca Group, AES International and Apera Asset Management.
- The consolidation software marketplace
- Discover how AccountsIQ makes multi-company accounting so easy:
- Automated Consolidation
- Intercompany recharges
- Minority interests
- Multicurrency consolidation
- Consolidated reporting
AccountsIQ's Cloud-based accounting software features.
How our Multi Company Accounting Software helps group companies
See Pricing Plans or request a quote based on your specific requirements.
Download our Consolidation Guide to see how you can save a week every month.
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