Getech adopts AccountsIQ and creates efficiencies across the entire group
Getech inherited 4 legacy accounting systems across their group business as a result of growth. Moving onto AccountsIQ has brought a time saving of one week a month in reporting alone, for this global geoscience and consultancy group, not to mention improvements in other core processes.
Simon Brown, Getech's Financial Controller explains why AccountsIQ was the right choice for Getech,
We had previously been using four different packages including two versions of Sage as well as the UK and US version of Quickbooks. Consolidation was a logistical nightmare. Neither provider could meet our core requirements, in the way AccountsIQ could, for multicurrency trading and consolidation across the group. AccountsIQ saves me a week’s worth of work every month end.”
Consolidation pain points solved, and new reporting options available
Before adopting AccountsIQ, Getech’s month end process involved exporting data from four accounting systems into Excel for manipulation. If there were any inconsistencies, it was necessary to go back through four sets of data, which took a huge amount of time.
The biggest benefit that we see with AccountsIQ is that the data is dynamic; it is not just a report. We can drill down into the data, solve the query, and re-run the report accurately. We simply update or overwrite as necessary.”
With regards improved reporting, Simon adds,
We’ve taken the opportunity to redesign and rebuild our reports because of the flexibility within AccountsIQ. We are no longer restricted to what, when and how we report; it is a big step change.”
Currency handling simplified and internal recharging made easy
Getech previously managed multicurrency accounting in Excel (primarily working in sterling and US dollars). With AccountsIQ, the exchange rates are held centrally in the system which ensures all subsidiaries in a group use common exchange rates. AccountsIQ’s currency revaluation feature creates an automatic routine in the system which ensures accuracy in the calculations and reporting.
The other aspect of our internal process which has greatly improved since we have implemented AccountsIQ is the inter-company invoicing. AccountsIQ keeps track of what we are invoicing internally. The invoice is received and it registers automatically in the subsidiary accounts. We will also be looking to build out batch payments and use the mass email feature soon.”
The batch payments feature in AccountsIQ allows the user to create a file which groups all payments. The payments relating to this file are automatically made, making the process of individually processing payments with the bank a thing of the past. Automated approvals can also be set up ensuring the approver sees the payment schedule before it is sent to the bank.
Simon and his team, working closely with Customer Success at AccountsIQ, spent three months designing and building the system for their exact needs. Although longer than most users spend in setting it up, it was time and effort well spent. It meant that the coding and workflows were set up with care and attention to the needs of the growing business and reporting was accurate from the start.
It was an intense three months but it was time well spent as the implementation all went very smoothly and our processes were instantly improved. We were really happy working with the AccountsIQ team – helpful and always available.”
Supporting future growth
“Ours is a fast-growing business model, and the process of moving new entities onto AccountsIQ will be easy”, says Simon. The initial design of the subsidiary system becomes the template for new businesses within the group. The process for expanding AccountsIQ is simple, requiring only additional licences and the roll-out of the core system as it has been modelled for Getech companies.
AccountsIQ has gone in very well. We are happy with how it looks and how it performs. It’s a great success. There is a lot more capability within the system which we have yet to explore including a paperless PO system, more work around automating approvals, and improvements to the way we deal with payments and the bank. AccountsIQ is able to help us continue to develop our processes as well as support our growth strategy.” Simon Brown, Financial Controller, Getech
See the power of AccountsIQ for yourself
We are running a series of webinars throughout July and August on these topics:
- Save a Week a Month Consolidating Accounts
- Implementing a New Finance System
- Demo of AccountsIQ, Powerful Cloud Accounting for Group Companies
We hope you can join us. Reserve your place here.