- AccountsIQ raised 5.8 million Euros in Series A funding.
- The startup offers financial management software (FMS).
- The cloud-based FMS firm was founded in 2008 in Dublin.
AccountsIQ is a start-up in financial management software (FMS). A team of chartered accountants founded it. Only if accountants want to be entrepreneurs, you know that start-ups are something. It has raised funding of EUR 5.8 million. Finch Capital is the fintech-focused VC that recently expelled its third fund. The Dublin-based firm targets mid-sized companies that run multi-entities. It will continue to develop the product through sales and marketing, customer success, and engineering.
AccountsIQ’s cloud-based FMS was introduced in 2008 in Dublin. It aims to simplify how multi-entity organizations record, process and publish their financial performance. These include companies that are expanding. Particularly those that trade across various locations, currencies, and jurisdictions, through subsidiaries, branches, SPVs, or a franchise model. The aim is to fill a void between low-end products such as Xero, QuickBooks, and Sage. Other much higher-end and more costly products such as NetSuite, Intacct and SAP in the market that AccountsIQ says exist.
“Prior to the cloud, it was difficult to manage the finances of multi-entity companies, requiring each entity to prepare accounts and send them centrally for review and analysis,” explains Tony Connolly, co-founder of AccountsIQ. “Our cloud solution means that all entities can access and collaborate simultaneously with headquarters or their accountants to process their own transactions while providing full consolidation of results in the base currency of the group to enable easy central reporting and, at the touch of a button, benchmarking of group-wide results.”
AccountsIQ has been structured to deal with numerous reporting complexities, such as subgroups, multiple currency revaluations, and inter-company transactions, in order to allow this one version of the facts.
The software also claims to use “artificial intelligence” and an open API strategy to synchronize bank accounts automatically, create electronic payments, auto-post electronic invoices, and integrate front-end systems from smartphones with simple approval workflow and expense capture. TransferMate Global Payments, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce, and ISAMs are current integrations.
To date, with customers such as PwC, Linesight Global Construction Group, Asavie Technology, GP Bullhound, and Throgmorton, the AccountsIQ platform is used by 4,000 businesses across different sectors, from non-profits to banks. Broadly speaking, Connolly notes that the target client of the startup is any enterprise where multi-entities are involved, requiring that each entity be accounted for separately but centrally controlled. The consumer profile is obviously expanding with the acceleration of cross-border e-commerce and macro events such as Brexit.