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Why businesses can’t ignore the payback from cloud-based accounting any longer

Moving to the cloud becomes mission-critical for mid-size enterprises and their finance functions

By 2024, 70 per cent of all mid-size core financial management application projects and 35 per cent of large and global ones will be public cloud implementations, according to technology research company, Gartner*. Accelerating this, the Covid-19 pandemic is shaping new workplace trends, with more companies embracing the benefits of automation, collaboration and agility that Cloud computing brings.

“Having greater digital dexterity is no longer a pipe-dream. Businesses that don’t embrace the cloud soon may fall woefully behind. The time you can give back to your organisation by adopting more productive, automated tools and the work-life balance staff get from being able to work from home and use much more enjoyable tools can’t be understated, “explains Darren Cran, chief operating officer at Dublin-based accounting software provider AccountsIQ.

At the forefront of cloud accounting, AccountsIQ helps SMEs reap transformational rewards. Darren Cran explains; "With an intelligent finance function, teams can get ahead. When leaders are informed and ready to make good decisions, they can respond quickly to whatever the world throws at them.”

AccountsIQ sets out how businesses can use Cloud accounting to their advantage, regardless of their size:

  1. Increase efficiency across the enterprise by automating every process possible.
  2. Be ready to pivot, innovate and evolve using flexible and scalable accounting structures.
  3. Boost productivity by giving employees greater control over where and when they work.
  4. Focus on the financials. Use intelligent reporting and real time data to make performance analytics your daily job.

The biggest remote-working challenge in history

When the pandemic forced remote working on businesses with no warning, the cloud proved it can be done at scale and sustainably. Flexible working is no longer a perk for the privileged few. The cloud allows everyone to access information and processes from anywhere, anytime, on any device.

“AccountsIQ was built from the ground up for the cloud. Before anyone had heard of Covid-19, we were ready for it,” adds Cran.

Automation becomes mission-critical

Of course, remote accessibility is just part of the package. When unforeseen challenges become the norm, productivity improvement is critical. Finance teams must now rely on technology to find smarter ways of working. This is why Gartner cites hyperautomation as one of the biggest technology trends of 2021:

"Hyperautomation is the idea that anything that can be automated in an organization should be automated. Hyperautomation is driven by organizations having legacy business processes that are not streamlined, creating immensely expensive and extensive issues for organizations." — Gartner*

AccountsIQ’s built-in automations include bank feeds and Accounts Payable (AP) capture, expense capture, consolidation, workflow approval, and BI. Using the latest technology to extract data from invoices straight into the product and capitalising on Open Banking means 70% of an organisation’s transactions can now be automated.  With the addition of machine learning, where transactions can be auto-posted, technology is creating a value shift in the way finance teams spend their time. No longer is the finance team required to spend the bulk of their time processing data, but they can now spend more time on value-add work like analysis and reporting.

With an API to connect to other Cloud-based systems, you can effectively bring together all your business intelligence into one place.

AccountsIQ’s Cloud financial management software simplifies how finance functions capture, process and report the results of multiple location businesses.

Data-led performance management

A real game-changer for CFOs is the real-time nature of the data — performance analysis becomes an integral part of the daily job. There is no more waiting until the end of month to get the big picture; business leaders can keep on top of the company’s finances and performance with a simple click.

“[Prior to AccountsIQ] bookkeeping was done in different ways, at different times and to varying degrees of complexity across the businesses. All of this was risky in terms of version control. The reporting was inevitably inaccurate and late. Now, AccountsIQ allows us to report monthly management accounts within two weeks”, says Alastair Manson of Tindle Newspaper Group.

Be agile, act fast and maintain control

While Covid-19 has forced us to deal with complex operations, Brexit amplifies the benefits of creating local entities in overseas markets and local supply chains. Cloud systems can give businesses speed in adapting and scaling operations.

AccountsIQ is a good solution for fast-growing businesses, particularly as they expand internationally. This includes Cork-based Everseen, voted Ireland’s fastest-growing tech company in Deloitte’s Technology Fast 50 2020, and an AccountsIQ customer since 2018.

"We’re designed to help enterprises navigate dynamic situations whether that is through strategic choice or in response to external factors. If you’re expanding overseas, we’ve got multi-currency accounting and we also comply with the tax reporting requirements in many jurisdictions,” Darren Cran explains.

Nicholas Treanor, financial controller at Hibernia REIT adds; “The structure of the coding framework in AccountsIQ is extremely flexible and saves us so much time when preparing our external financial reports. We have added seven or eight entities since implementing AccountsIQ and we simply replicate the original model for each new subsidiary. It is a very uncomplicated approach and a time-saving solution for group companies.”

Responding to other key drivers for change, AccountsIQ is already set up for Making Tax Digital and the new International Financial Reporting Standards (IFRS).

Businesses of all sizes can benefit from the cloud

Like Nicholas’s team at Hibernia, many fast-emerging companies have multiple entities. This can involve complicated and error-prone workarounds in spreadsheets for group reporting. AccountsIQ enables all entities to co-exist on the same accounting platform and roll up their data into a group consolidation. This means business leaders get a consistent, hierarchical view of the operation.

Darren Cran adds; “We’re seeing growth in demand from SMEs moving all their group onto the cloud. Fast-growing businesses need an accounting system that can scale quickly. Many systems are either too low in functionality or too complex and costly to maintain. Our solution gives SMEs what they need to support growth at a fraction of the cost of other providers.”

Roadmap to digital excellence

AccountsIQ has developed particular expertise in providing businesses with a springboard for innovation. Irish-based connectivity provider, Asavie moved to AccountsIQ when it developed further revenue streams and began working in multiple currencies. With AccountsIQ in place, Asavie has streamlined processes, integrated other systems, and benefits from advanced business intelligence and consolidation.

“AccountsIQ solves so many problems for businesses like ours; it can be configured to tackle quite complex accounting issues but without the overheads and ongoing costs associated with some of the vendors at the higher end of the market,” says Emma Whelan, financial controller at Asavie.

Discover AccountsIQ's Cloud Accounting Software Features or get in touch on + 353 (1) 707 44 90.

Read how StitcherAds use AccountsIQ to support their ambitious growth plans.

*Source: Top Strategic Technology Trends for 2021. Gartner.