AccountsIQ, a financial management software (FMS) startup founded by a team of chartered accountants (when accountants want to be entrepreneurs, you know startups are one thing), has raised $ 5.8 million in funding.
Finch Capital, the fintech-focused venture capital firm, which recently released its third fund, is backing the Dublin-based company, which targets mid-sized companies that operate multiple entities. AccountsIQ says the capital injection will be used to accelerate growth and recruitment in the areas of sales and marketing, customer success and engineering to continue to improve the product.
Launched in 2008 in Dublin, AccountsIQ’s cloud-based FMS aims to simplify the way multi-entity businesses “capture, process and report” their financial results. These include companies that grow through subsidiaries, branches, SPVs, or a franchise model – and especially those that trade in different locations, currencies and jurisdictions. The idea is to fill a gap in the market that AccountsIQ says exists between low-end products like Xero, Quickbooks, and Sage, and much higher-end, more expensive products like Netsuite, Intacct, and SAP.
“Managing the finances of multi-entity businesses was difficult before the cloud, forcing each entity to prepare accounts and send them centrally for review and analysis,” says Tony Connolly, co-founder of AccountsIQ. “Our cloud solution means that all entities can simultaneously access and collaborate with head office or their accountants to process their own transactions, while providing full consolidation of results in the group’s base currency to enable centralized reporting and analysis. benchmarking group-wide results at the touch of a button ”.
To enable this “one version of the truth,” AccountsIQ was designed to be able to handle various reporting complexities, such as subgroups, multiple currency revaluations, and inter-company transactions.
The software also claims to use “artificial intelligence” and an open API strategy to automatically synchronize bank accounts, generate electronic payments, automatically publish electronic invoices, and integrate front-end systems with easy approval workflow and capture of expenses via smartphones. Existing integrations include TransferMate Global Payments, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce, and ISAM.
To date, AccountsIQ software is used by 4,000 companies in various industries, from nonprofits to banks, with clients such as PwC, Linesight Global Construction Group, Asavie Technologies, GP Bullhound and Throgmorton. Generally speaking, Connolly says the startup’s target customer is any business that involves multiple entities and requires each entity to be accounted for separately but managed centrally. With the acceleration of cross-border e-commerce and macroeconomic events like Brexit, this customer profile is obviously widening.