"By Far the Best Accounting System I've Seen in 20 Years"
Salamanca Group is a merchant banking business comprising approximately 80 businesses. Previously the company used Sage Line 50, and the group’s Finance Director Lee Camp and his team would spend weeks each month producing consolidated accounts and management reporting packs using a complex process run from spreadsheets.
Today, using Cloud accounting and consolidation software AccountsIQ, Lee spends no more than five minutes a month creating reports. Lee Camp, Finance Director at Salamanca, explained:
"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 one 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.”
Referred to AccountsIQ by a friend, Lee realised that complex accounting needn’t come at such a high price. "Not only could AccountsIQ make day-to-day processes more efficient through automation, it could also solve our reporting and consolidation issues better than NetSuite, which was another system we looked at. We were amazed to see that AccountsIQ solved all of our reporting problems and it was a fraction of NetSuite’s cost, with no upfront fee – just a low monthly subscription.”
Consolidating Over 80 Sets of Accounts Instantly
The Salamanca Group’s consolidation needs are complex and management reports need to be precise and timely. AccountsIQ developed a custom reporting pack for the finance team which links to live data and therefore provides continuous consolidation.
“It produces a consolidated balance sheet as well as departmental P&Ls at the touch of a button. We have a bespoke management reporting pack that works in real time in the system”, said Finance Director, Lee Camp.
- Easy to use system
- Complex reporting and consolidation functionality
- Automatic consolidation based on real-time data
- Easy to produce custom management reports
- Improved working processes such as purchase order approval
"I've spent 20 years in finance and AccountsIQ is by far the best solution I've come across. Hands down beats the major players and has more functionality at a cost effective price. Wish I would have found this years ago." Lee Camp, Finance Director, Salamanca Banking Group
AccountsIQ's cloud accounting software is designed to meet the needs of businesses with multiple subsidiaries. Our unique approach to accounting gives you tools to:
- Consolidate multiple subsidiaries and sub-groups
- Access detailed business intelligence to inform future financial decisions
- Benchmark performance and analyse trends across the group
- Analyse budgets, actuals, variance by group, location
- Save significant time with smarter digital processing.
More about AccountsIQ