Futureproof growth with a mid-tier accounting system

13th Apr 2021
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When it comes to accounting software, there are countless benefits of upgrading from a basic system to a more grown up or mid-market Cloud accounting platform. Today’s reasonably priced mid-market accounting systems can offer the sophisticated insights you require for business growth and can connect with other systems to help you gain efficiencies throughout the business. 

Scalable growth

With software that adapts to your needs, instead of working around the quirks of your current system, you’ll save huge amounts of time each month with accounting software that’s built to support your business.

By installing a future-proof, cloud-based accounting application you can be confident that your new-found efficiency stays with you in the years to come. Powerful features like easy integration with other software will help you to streamline your business processes, while automated consolidation will improve efficiency if, and when, you expand overseas or acquire subsidiaries.

Global cyber security firm PortSwigger uses AccountsIQ’s open API to integrate business systems and support their growth potential. PortSwigger has its own in-house tool “Swig Portal” for tracking sales data and software licence sales, built by their own team of engineers. A big challenge tey had previously when using QuickBooks was bringing together the data from these two disconnected systems to produce accurate reports. AccountsIQ has an open API strategy which allows PortSwigger to integrate its own CRM with AccountsIQ, linking the two data sources and bringing their business intelligence onto one cohesive platform. Helen MacDonald, Finance Manager at PortSwigger, explains:

"The integration and the API are what we’ve really been happy with. We have developers in house who roll their eyes when you talk about the other larger accounting software vendors because they are so cumbersome. Our team found it really easy working with AccountsIQ to get it all up and running. That’s what really sold us on AccountsIQ.” For more info, see the PortSwigger Case Study.

The right mid-market accounting software will support you as you grow, catering to your changing needs with easy-to-implement additional modules, such as a Fixed Asset Register, Workflow Approval and Expenses App, as well as OCR technology, which can all be added to your system as and when you need them.

Confidence in your data

Do you have one version of the truth as far as your financial data is concerned? In small and medium-sized enterprises, data collation is often a haphazard process, with discrepancies in reporting from one department to another. The value of this data is limited if stakeholders and decision makers cannot be confident in its accuracy.

This was illustrated all too well in the case of Getech, whose finance reports were unreliable. Before implementing AccountsIQ, Getech’s month end process involved exporting data from four accounting systems into Excel for manipulation. However, if there was an inconsistency, it was necessary to go back through four sets of data. Getech now benefit from dynamic data and are able to drill down into the data, solve the query, and re-run the report accurately. 

If data inaccuracy problems sound familiar, implementing a unified finance system, together with clearly defined working processes, will give you accurate and sophisticated reporting that you can trust. With confidence in your business intelligence, you can plan your growth strategy based on solid and reliable data.

Better business intelligence in real time

The advanced reporting functionality that comes as standard with finance systems like AccountsIQ offers detailed, real-time business intelligence at the touch of a button. With the ability to drill down and segment your data into customised reports, you can easily visualise your business performance at any given time. You can compare the latest performance data with that of previous months, to monitor progress.

With a deeper insight into every aspect of your performance, your analytics will equip you to make informed and strategic decisions about the future of your business.

AccountsIQ goes beyond the standard general ledger coding by allowing for customisation of up to six business dimensions and an infinite number of codes for each dimension. One of our recently onboarded customers, Chopstix restaurant group finds this particularly useful for drilling down on various aspects of the business and gaining insights into performance for key areas. 

AccountsIQ’s BI coding allows us to assign different traits to different areas of the business which is very useful for a business like ours. For example, we have sites at travel hubs, in shopping centres, and on high streets, so we made that one of our BI categorisations because they all act in a very different way. So now we can pull out performance for these three different types of sites. Similarly, we can slice and dice reports by area manager, or like-for-like sites. Having access to all of these different dimensions is really useful.” Joanna McGovern, Finance Director, Chopstix restaurant group.

Are you ready to take the next step in growing your business? Find out more about the advanced functionality of our powerful, Cloud-based accounting software.

Making the switch easier 

Joanna McGovern, Finance Director at Chopstix Group, summed up her experience in switching from Sage 50 to AccountsIQ recently:

Implementing a new accounting package can be a big undertaking; you have to change your mindset when you switch to a cloud-based system from a legacy platform as there is so much more possibility. You should avoid trying to replicate your old processes. Instead, take advantage of the new reporting and analysis capability that you now have.”  

Joanna continues, “AccountsIQ’s support team was fantastic at explaining the implementation process and we had some great training to facilitate this. With a company like Sage you have 3rd party support which tends to be slow and expensive. We like that AccountsIQ provided support and that it was in house. The whole process with AccountsIQ was very efficient, clearly done, and well structured.”

Get in touch

Contact us for a chat about how we can help your business on +44 (0) 203 598 7350, email [email protected] or simply Request a Quote.

See an overview of AccountsIQ in an online Webinar

In 30 minutes, you'll be able to get a good feel for how easy it is to manage your multi-company accounting, consolidation and reporting needs on our easy-to-use, flexible and award-winning financial management platform.

When: Thursday 29th April at 11am

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Implementing a New Finance System

If you're considering changing accounting software, this webinar is for you. We share our advice, regardless of the system you are switching to, to ensure the transition is a big success, having helped thousands of customers make the switch from older technology and legacy systems.

When: Thursday 6th May, 11am

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