An accounting technology company that originated in Dublin, AccountsIQ, has gained €60 million ($65 million) in funding to continue the development of a new type of finance for mid-sized companies.
Background and Growth
AccountsIQ has been in business for almost two decades and has mainly used bootstrapping as a mode of financing. It operates based on €12.7 million of outside funding and is now reporting 1,000 customers, 10,000 “entities” (multiple operations within single businesses), 20,000 users, and a 30% compounded annual growth rate.
Key Features of AccountsIQ
Flexible General Ledger that generates a detailed reporting structure with six dimensions for benchmarking across the group networks in a three-tier structure. Management reporting packs, including access to over 250 reports with Reporting and Dashboards, and Excel Add-In and Power BI connection for further customization.
Automation and Efficiency mean automating data collection and management for efficiency and Real-time business intelligence for better decision-making. Multi-entity support is perfect for companies that have several entities or branches. Integration and Accessibility which Integrates with other services and has an API. It is available through the Internet from any place and any terminal.
Financial Transformation
AccountsIQ is hoping to change the face of accounting by incorporating cloud and artificial intelligence. Their objective is to enable accounting departments to work smarter, and faster work.
Current Offerings
Currently, AccountsIQ offers a variety of digital accounting services such as Accounts receivable and payable, Banking, Business intelligence, Forecasting and budgeting, Digital tax services, and Reporting.
It has features that allow integration with other third-party services and it has an API allowing it to be integrated with other platforms. Pricing begins at approximately $250 per user per month.
CEO’s Perspective and Funding
Tony Connolly, CEO of AccountsIQ, focuses on the tipping point for the firm’s solution. Practical, easy-to-adopt services for users will be designed through AI tools that will reduce the monotony of practical finance roles.
The actual investment of €60 million marks a crucial step, mainly because of the relatively limited access to funding for startups in Ireland. Innovation remains a key driver at AccountsIQ, which places the company in good stead for the future.
Specific AI features to be introduced by AccountsIQ
Automated solutions such as Robotic Process Automation (RPA) can help eliminate repetitive processes in accounting. This also entails the automation of processes such as data entry, reconciliation, and many others that require manual handling. Some possibilities include making user experiences faster, offering recommendations that can lead to improved decision-making, and improving the flexibility and relevance of finance positions.
Image Source: AccountsIQ
Multi-currency transactions Approach by AccountsIQ
AccountsIQ offers reliable tools for managing multiple currency operations and provides highly accurate calculations. It is possible to configure more than one currency in the AccountsIQ account. Both currencies are linked with exchange rates and conversion regulations.
When recording transactions such as invoices, expenses, or payments, users can identify which currency was used. All amounts are converted to the base currency using real-time exchange rates upon entering into the system. Exchange control rates are well-updated in the AccountsIQ database. Rates can either be adjusted by users or automatically updated.
Financial statements can present amounts in the local currency and in the base foreign currency. Consolidated reports take fluctuations in exchange rates into account for analysis at the group level. AccountsIQ matches bank transactions in multiple currencies. Transaction matches can be done based on amounts that have been converted.
Conclusion
AccountsIQ’s investment will help enhance the use of artificial intelligence for mid-sized business organizations with a focus on the financial management aspect. The finance function of tomorrow today is smart, lean, and proactive. Currency control changes are recorded for audit trail and compliance.
Image Source: AccountsIQ
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