AccountsIQ, a monetary administration software program (FMS) startup based by a staff of chartered accountants (when accountants need to be entrepreneurs, you already know startups are a factor), has raised €5.8 million in funding.
Backing the Dublin-based firm, which targets mid-sized companies that function multi-entities, is Finch Capital, the fintech focussed VC that recently outed its third fund. AccountsIQ says the injection of capital will likely be used for accelerated development and recruitment throughout gross sales and advertising and marketing, buyer success and engineering to proceed to reinforce the product.
Launched in 2008 in Dublin, AccountsIQ’s cloud-based FMS goals to simplify how multi-entity companies “seize, course of and report” their monetary outcomes. These embrace companies which might be increasing by way of subsidiaries, branches, SPVs or a franchise mannequin — and particularly people who commerce throughout completely different places, currencies and jurisdictions. The concept is to plug a niche available in the market that AccountsIQ says exists between low finish merchandise like Xero, Quickbooks and Sage, and far larger finish and dearer merchandise like Netsuite, Intacct and SAP.
“Managing the funds of multi-entity companies was tough previous to the cloud, requiring every entity to organize accounts and ship them in centrally for evaluation and evaluation,” explains AccountsIQ co-founder Tony Connolly. “Our Cloud answer signifies that all entities can entry concurrently and collaborate with head workplace or their accountants to course of their very own transactions, whereas offering full consolidation of leads to the group base foreign money to permit simple central reporting and benchmarking of group huge outcomes on the contact of a button”.
To allow this “one model of the reality,” AccountsIQ has been designed to have the ability to deal with varied reporting complexities, comparable to sub-groups, a number of currencies revaluations, and inter-company transactions.
The software program additionally claims to make use of “synthetic intelligence” and an open API technique to mechanically synchronise financial institution accounts, generate digital funds, auto-post digital invoices and combine front-end methods with simple approval workflow and expense seize by way of smartphones. Present integrations embrace TransferMate International Funds, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce and ISAMs.
Thus far, the AccountsIQ software program is utilized by 4,000 corporations throughout varied industries, from non-profits to banks, with purchasers comparable to PwC, Linesight International Building Group, Asavie Applied sciences, GP Bullhound and Throgmorton. Broadly talking, Connolly says the startup’s goal buyer is any enterprise the place multi-entities are concerned, and that require every entity to be accounted for individually however managed centrally. With the acceleration of cross-border e-commerce and macro occasions like Brexit, that buyer profile is evidently increasing.