Developments in technology are rapidly changing the way we work. Integrating your accounting system with useful technology, such as optical character recognition (OCR), CRM software, expense management tools and management information systems can significantly streamline business processes and bring efficiencies that will improve life for everyone. By bringing together the best of breed software and uniting them in one centralised system, you can automate more processes, and become more joined-up in your approach to business. AccountsIQ’s Cloud-based accounting software is naturally suited to integrate with other software. Born in the cloud, it has an open API that makes partnerships easy to forge, and has numerous integration partners with leading software companies such as Salesforce CRM, TransferMate Global Payments and Kefron AP, amongst others. With all your systems integrated together, you can experience a truly efficient and streamlined business that can fully focus its resources on making great decisions to move forward and grow.
AccountsIQ transforms Irish Times Group’s accounting
One such business is AccountsIQ customer, The Irish Times Group. Following their acquisition of The Examiner Group in 2018, Group Chief Financial Officer, Mikie Sheehan, wanted to move away from multi-location, on-premise systems and create a more modern workplace. He selected cloud financial management software, AccountsIQ, to help his Group save time and resources by simplifying their processes and reporting.
Reporting and Compliance
“AccountsIQ is intuitive, so it’s easy for me to run a report or get a quick snapshot on performance at any stage throughout the month,” explains Sheehan. “Personally, I have more visibility, I can ask more questions and I can drill down into the detail; it’s simple to do all this in AccountsIQ. It has made a real change to our reporting processes.”
Enhanced Financial Control and Efficiency
With an estimated 12,000 invoices being processed a year, automating this process was an obvious first step to achieve real, measurable efficiency in a short space of time. “The automation within AccountsIQ when it comes to things like Bank Reconciliation is really slick,” said Sheehan. “Its ability to integrate document scanning and storage gives us end-to-end automation and a paperless Accounts Payable process. It has dramatically improved the way we work.”
Remote, and now hybrid, working has been another key shift of the last 18 months. “AccountsIQ is cloud-based and that has ensured we had a smooth transition to more flexible working patterns for our finance team. Work/life balance is now foremost in everyone’s minds; cloud technology has made it easy and we’re also experiencing an increase in focus and productivity as a result.”
A Scalable Solution for Consolidation
The Irish Times Group now comprises a significant number of distinct businesses. For many organisations, such a complex multi-entity structure would mean lots of accounting headaches. “AccountsIQ’s consolidation functionality is a huge asset,” said Sheehan. “It’s built into the system and this significantly reduces our month-end close and allows us to get that Group view immediately.”
Synching with Other Systems for Further Efficiency
Due to AccountsIQ’s existing integration with advanced document scanning software Kefron AP, the Accounts Payable element was created quickly, and means the Group now has paperless approval of invoices. “During the pandemic, when the whole team was working remotely, the ability to capture, analyse, distribute for approval, review and pay suppliers with all the information gathered in the one place was a significant capacity driver for our finance team.”
The business relies heavily on sales data gathered in the advertising booking system. This is provided by another vendor and is intertwined with the finance and reporting mechanisms. “Back-office integration with both systems gives us an up-to-the-minute credit status of every account visible to the sales team and automates a rules-based process for issuing dunning letters. With different letters designed to be released at different times, it removes the admin-heavy and error-prone end of the process, vitally supporting cash flow.”
Much of the success of this digital transformation project was due to the partnership approach the Irish Times and AccountsIQ took to designing and implementing the system and building a feasible roadmap together with the other software suppliers involved. In total there were four main systems and six others that needed to be integrated with AccountsIQ. AccountsIQ’s open API makes this task significantly easier.
* Streamlined processes
* Huge timesavings
* Integration with back office and Kefron AP systems
* Customised dashboards to provide actionable insight
* Easy consolidation and detailed reporting of individual assets Contact us to find out how your business can benefit from AccountsIQ’s cloud accounting software call 01 707 44 90 or book your place on our Online Demo Webinar at 11am on 28th October 2021, where our experts will walk you through the key features of AccountsIQ and show how Cloud accounting software can help you:
* Save hours by automating key transaction processing activities
* Get super insights with deep multi-dimensional analysis and business intelligence
* Consolidate in one click on your multi-entity organisation
* Collaborate better with the wider business
* Integrate business applications to speed up monthly close and analysis.
Book your free place here.