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Award-winning cloud accounting software for multi-company businesses.

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Automated consolidation and reporting will save you a week’s work – every month

8th Apr 2022
Brought to you by
AccountsIQ logo

Award-winning cloud accounting software for multi-company businesses.

Share this content

CFOs of multi-entity companies and Financial Controllers, who need to report on and analyse consolidated accounts, frequently describe their #1 pain point like this: 

“Completing my consolidated month-end accounting in Excel is frustrating, time consuming and error prone. It doesn’t even generate all the reports my business needs in a user-friendly way.” 

Does that sound familiar?

The other issues and complexities they describe when creating consolidated accounts, depend on the size and ownership structure of the group. However, they often include:

  • Partial ownership. The ability to handle not just the minority holding, but also dates of purchase/sale or change of ownership.  
  • Multi-tier consolidations. For example, when a subsidiary entity that is itself a Group Company with its own group of subsidiaries (again some of these may be partially owned). 
  • Consolidation at the company sub-structure level. For example, where there are divisions, branches or departments within each company, and you need these results consolidated at the Group Company level.
  • Multi-currency trading. Where entities operate in numerous currencies and have multiple bank accounts in those currencies; or subsidiaries have a base currency that differs from that of the holding company. 

Are your spreadsheets bursting at the seams?

Managing this level of accounting complexity in Excel is a nightmare. It’s time-consuming extracting the relevant information from multiple month end accounts. It’s also highly error prone, because the Excel formulae have few checks and balances to ensure compliance back to all the original consolidation entities. 

The frustrations don’t stop once you’ve produced the management reports. First, there’s all the last-minute postings, adjustments and accruals to deal with; that probably requires another re-run. Then there’s the inevitable structural changes to be made every time the Group acquires a new entity.  

AccountsIQ makes consolidated accounting and reporting breeze 

Watch a recording of our recent Multi-Company Accounting & Consolidation Webinar

We designed our cloud accounting software as an affordable solution to all these consolidation challenges. We enable Group finance teams and investment companies managing multiple SPVs, to simply and accurately:

  • Consolidate Budgets and Revised Budgets up to the Group level (and to any “Parent” Companies in a multi-tiered consolidation) 
  • Capture costs and produce P&L analysis by SPV
  • Produce reports using budgets, revised budgets, actuals and variances rolled up from subsidiary level with drill down capabilities
  • Consolidate Sales and Purchasing data and report at group level, again with the ability to drill down to subsidiary level
  • Post inter-company transactions within the group, or make adjustments at group level to eliminate inter-company profits. 

AccountsIQ only charges for the number of entities on the system 

With AccountsIQ, each entity has its own SQL database on the system. This is something that’s unique to the Cloud Accounting software universe. As we only charge for the number of entities on the system, the cost is likely to be a lot less than other systems. 

Our SQL database architecture also means we can create a huge range of personalisations to each database. In partnership with our customers, we build a system that suits their individual business structure and workflows. It also offers more sophisticated reporting capabilities. 

Here are 3 AccountsIQ customers who already save a week a month with their automated consolidation and reporting

Salamanca Group

Merchant Bank, Salamanca Group, switched from Sage 50 to AccountsIQ. They now spend around five minutes a month consolidating their 80 entities and producing monthly management report packs. 

Read the Salamanca Group case study.

Integra

Integra, switched to AccountsIQ to consolidate their 10 entities on one user-friendly Cloud accounting platform. 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. “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. The inter-company accounting and FX features are major time-savers."

The inter-company accounting features in AccountsIQ make life much easier. "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.”

Read the Integra case study.

Apera Asset Management Group

Financial Services Group, Apera Asset Management, has seven legal entities across Europe. Before switching to AccountsIQ, they used a combination of Xero and Excel; exporting data from various systems and in different currencies, then bringing it together in Excel. Find out how AccountsIQ saved them from accounting nightmares at 2am! 

Read the Apera Asset Management case study.

Find out how AccountsIQ could save you a week a month

Watch a recording of our recent Multi-Company Accounting & Consolidation Webinar

We cover:

- Problems with consolidating group accounts
- The software marketplace plus,
- How AccountsIQ makes multi-company accounting so easy (demo)
- Automated consolidation
- Intercompany recharges
- Minority interests
- Multicurrency consolidation
- Consolidated reporting

Find out how AccountsIQ's finance software solves the problems many companies have with multi-company accounting.