Solving reporting problems without overly-complex and costly accounting systems
14th Jan 2020
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Businesses today are most likely to succeed if they can make faster and better informed decisions than their competitors. To do this, they need quick, easy and accurate insights from their financial data.
Group finance reporting: Finding a single version of the truth
In businesses where different departments use different systems for managing performance, it can be a challenge for Finance Directors to obtain accurate and reliable data for group finance reporting. In this practical guide AccountsIQ will help you avoid surprises and set-backs, collect accurate data and streamline your processes.
Which topics are covered:
Why inconsistencies occur and how to overcome them
AccountsIQ’s award-winning Cloud accounting solution provides advanced accounting, reporting and consolidation for forward-thinking businesses.
Within AccountsIQ each transaction is given a unique general ledger code. These analysis codes allow data to be grouped by item. You can also cross reference your data in up to six different analysis groups which enables reporting on these items by location, cost centre, department or whichever paramter is required.
Analysis codes and analysis groups can be labelled using customers' own unique naming conventions.
Customers' financial data can then be used to produce Key Performance Indicators (KPIs) and KPIs can be benchmarked across a multi-entity business as the data can be easily consolidated to provide one clear view across the group.
Known for our unique approach to consolidation, AccountsIQ makes time-consuming and complicated consolidations for multi-company and multi-location groups fast and easy. Whilst eliminating expensive and error-prone practices, you can also consolidate data in real time and as often as desired to obtain the latest insight on your business.
AccountsIQ also accommodates complex ownership structures and groups within groups. Overseas entities can operate in their local currency and then consolidate to the base currency at rates relevant to each reporting period.
Group decision-making is improved by having real-time visibility of holding companies and subsidiaries’ performance with both standard general ledger reports (Group Trial Balance, Profit & Loss and Balance Sheet) as well as sales and purchase and cashflow analysis.
Dashboard reports can be created in a few clicks. With an intuitive ‘drag and drop’ feature you can choose which segments of the data you need to visualise and how you would like to present it. A clean and organised user interface provides a clear view of actuals versus a range of comparisons such as budget or previous periods.
AccountsIQ comes with over 250 pre-built reports and when you want to utilise the power of Excel, our Excel Add-In facility allows you to create your own report by manipulating real-time financial data.
What our customers say about AccountsIQ
We help thousands of customers by simplifying capture, process and reporting of their financial data, saving them considerable pain and time at month end.
The way we operate isn’t particularly complex. Our accounting needs are simple but our consolidation process isn’t. We didn’t want a clunky accounting system just because it could consolidate multicurrency. AccountsIQ solves our reporting problems without the need for an overly-complex and costly accounting system and saves us half a day alone by being able to produce reports at the push of a button.” Marcus Karia, Group Finance Director, Arix Bioscience