Discover how StitcherAds have shaved 15 days off month end
StitcherAds, a Facebook and Instagram marketing and development partner, upgraded to AccountsIQ's cloud financial management platform when they realised that their accounting system had major shortfalls in terms of accurate reporting, with significant challenges around foreign currencies and consolidation.
StitcherAds build technology to help advertisers scale their marketing campaigns and use data-fuelled automation to drive sales online and in-store. With offices in the U.S., Ireland and the UK, StitcherAds maintains three separate legal entities in each of these locations.
When Fiona McKenna joined the business in July 2019 as CFO, she quickly realised that their accounting system had major shortfalls in terms of accurate reporting, with significant challenges around foreign currencies and consolidation. Fiona explains:
The key requirements were: a simple system navigable by non-accountants, capable of rapid deployment, and Cloud-based with multi-user capabilities, consolidation, and ability to scale as the business grows.
StitcherAds has ambitious growth plans and we need to be able to slot in new entities. I compared three systems and AccountsIQ proved the best solution to meet our needs now and in the future.”
Implemented in four weeks
Fiona managed the implementation of AccountsIQ within the StitcherAds finance team, with support from AccountsIQ who advised how to setup the accounting system from scratch. The whole process took about four weeks.
I found the AccountsIQ team incredibly flexible in terms of helping us with the implementation. We got great value from the service.”
Consolidation functionality a big USP
Consolidation was critical for StitcherAds which previously used spreadsheets to manage the accounts across three legal entities. This was cumbersome to maintain and invariably led to inaccuracies in reporting. AccountsIQ made consolidation simple.
The consolidation functionality in AccountsIQ is excellent, it’s a very good solution for our stage of development and our budget.”
Quick to learn with better business insights
AccountsIQ has an easy-to use interface, navigation and smart query tools that are intuitive to use, even for non-accountants.
You don’t need to be an accountant to use AccountsIQ. It’s quite intuitive, the reports are very good and very reliable. It’s nice and simple to use; I don’t have to do lots of tidy ups. This is quite unusual for a platform of this kind. No manual intervention is required.”
Fiona and her team also benefit from better insights and improved visibility into the organisation assisted by AccountsIQ’s Cloud-based business analysis features and pre-configured reports.
I can log in remotely and only have to look in two places to know exactly where we’re at. In terms of business information, it’s been an absolute godsend.”
Shaving 15 days off month end
The move to AccountsIQ radically streamlined and simplified the accounting process across all of StitcherAds’ entities. This not only enabled more accurate reporting, but also saved a significant amount of time.
We have a much faster month-end close, shaving 15 days off typically. We’re now closing on day 10, when we used to close the books around the 25th. Previously this was unheard of in the business. Now that we have a simpler system to use, we now have more time to dedicate to more strategic work.”
A high standard of product for fast-growing startups and medium-sized businesses
StitcherAds demonstrates AccountsIQ’s suitability for smaller businesses with big growth plans. In particular, AccountsIQ is an affordable accounting solution that can grow with the business.
It’s a high standard of product at the right budget for a medium-sized company. As a smaller business it’s tempting to go with a simpler solution such as QuickBooks or Xero, but these platforms don’t scale as well as AccountsIQ.
With excellent tools for consolidation and custom reporting, AccountsIQ offers a more robust accounting solution that can quickly adapt to the changing needs of a fast growing business like ours, while still remaining very affordable.”
How to Digitally Transform the Finance Function
Watch the recording of our recent webinar giving you advice from our COO, Darren Cran as to how to digitally transform your finance function along with some hints and tips as to what businesses can do now to help them thrive in the post-Covid-19 landscape. Darren was joined by Fiona McKenna FCCA, CFO and Founder at fourTheorem, a software consultancy focused on cloud architecture and artificial Intelligence.
Get in touch, call us on (0)203 598 7350 for a chat about your needs, or book a 1:1 Demo.
Or if you would like to get a quick overview of our software and the main USPs, book on to one of our Webinars.
Our cloud accounting financial management platform is award-winning, having won UK Mid-Market and Enterprise Accounting Software of the Year in 2019 and 2018.