Brought to you by
AccountsIQ logo

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

Save content
Have you found this content useful? Use the button above to save it to your profile.

How to improve group accounting & reporting

7th Jun 2022
Brought to you by
AccountsIQ logo

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

Save content
Have you found this content useful? Use the button above to save it to your profile.

Group accounting can be challenging and technically complex for finance teams, with multiple subsidiaries operating in different currencies, using different accounting software and processes. Manual group consolidation may be relatively straightforward (although still time-consuming) for 2 or 3 companies – but if you’re growing fast, adding lots of branches, outlets or adding subsidiaries, it’s often a logistical and error-prone nightmare. 

The main challenges faced by group accountants

 1.      Old-fashioned, manual processes  

 2.      Risk of errors and loss of control

 3.      Inaccurate data

 4.      Inter-company accounting is cumbersome  

 5.      Lack of clarity  - difficult to get visibility across the whole group

How to overcome these group accounting challenges

Modern accounting software, such as AccountsIQ, is designed to help group accountants overcome many of the time, risk and stress issues associated with managing group accounts. Collating financial data on one platform enables finance managers to consolidate the accounts of any number of companies in real-time. In addition, your group accounts data will be held securely while also being accessible.

The benefits of using group accounting software

Here’s a brief overview of the main benefits of modern Cloud accounting software for group companies.

Taking the complexity out of group accounting

Frees-up finance team time by streamlining the capture, processing and reporting of high volume or complex group accounting transactions

  • Automated consolidation – even for complex group companies – speeds up month-end and eliminates errors from manual processes
  • It’s easy to manage complex ownership arrangements. For example, minority interests are recognised and transactions posted automatically
  • No foreign currency headaches. Subsidiaries operate in their own base currency with results translated into the base currency of the consolidation entity, based on stored exchange rates for each reporting period
  • Simplified inter-company charging
  • Post consolidation adjustments can be made at group level without affecting subsidiary figures.
  • Giving group companies better financial data
  • Clear, real-time data to analyse and evaluate group and subsidiary performance – slice and dice the data any way you want
  • Innovative, insightful management reports that engage non-finance teams
  • Timely business intelligence so your business leaders can make evidence-based decisions
  • Integrate your accounting software with your other business systems, such as Salesforce, Concur, BrightPay and AutoEntry, for more coordinated and efficient financial management.
  • Group accounting software is easy (and safe) to use even for non-finance or other light/reporting users
  • Safe, secure Cloud infrastructure available 24/7 so your team can work from anywhere
  • Improved job satisfaction and less stress as you ditch the frustrating spreadsheets and workarounds.

AccountsIQ reduces the complexity associated with group accounting. Our modern Cloud platform provides all the group financial data you need, in real-time. In addition, you can quickly and easily drill-down to subsidiary level to monitor, analyse and benchmark performance across your group.

Join us for a Coffee Break Online Demo of AccountsIQ on Thursday 16th June at 11am. 

Reserve your place

Find out more about AccountsIQ's financial management software, or get in touch for a free consultation and demo on +44 (0)203 598 7350 or email [email protected]

See AccountsIQ features