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Managing multiple currencies can be trickier than you think. AccountsIQ simplifies multi-currency accounting with powerful features that can handle even the most complex situations.
MULTI CURRENCY ACCOUNTING IN AN INCREASINGLY COMPLICATED FX WORLD
With AccountsIQ, you choose your company’s base currency, then all of your supplier and customer accounts can be set up in any global currency. You can then settle those accounts receivable or accounts payable invoices against any of your global currency bank accounts that are registered in AccountsIQ. Even if you’re a Sterling company, with a Euro customer, settling a value in U.S. Dollars, our multi currency accounting software has automated, time-saving features that can handle it.
ACCURATE MULTI CURRENCY REPORTING AND CONSOLIDATION
AccountsIQ includes powerful reporting routines that accurately reflect the impact of multi-currency trading and selling. Our built-in, month-end report revaluates your working capital in foreign currency and reports back on your realised and unrealised gains. AccountsIQ also handles multi currency consolidation with ease. P&L accounts are correctly translated using average period rates and Balance Sheet accounts at period end rates.
AUTOMATED FOREIGN CURRENCY ACCOUNTING
AccountsIQ integrates with TransferMate Global Payments to streamline FX payments. Benefit from preferential exchange rates and lower fees plus huge time savings for your finance team. You can manage multi-currency payments in a single batch; AccountsIQ processes and updates the payments using the actual the FX settlement rate automatically via the API.
MANAGE INTERCOMPANY TRANSACTIONS WITH MINIMAL FX RISK
If you are a business with multiple entities in different base currencies, AccountsIQ can help you manage intercompany transactions by ensuring accurate reporting at the group level. Powerful tools enable revaluation of foreign currencies without the risk of a misbalance at the end of the month. You can also use the automated FX settlement for intercompany transactions.
Our customers like these functions:
- Manage customer and supplier accounts in multiple currencies.
- Automated month-end, multi-currency reporting that revaluates your working capital and reports on your realised and unrealised gains in FX.
- Integration with TransferMate to provide up-to-date spot rates in real time.
- Manage multi-currency consolidation, using an average rate for your P&L and a month-end rate for your balance sheet.
AccountsIQ is designed for multi-company accounting, consolidation and reporting. Join our Live Webinar and see how you can save a huge amount of time managing your multi-company accounting like Apera Asset Management.
When: Thur 25th Feb, 11am (GMT)
AccountsIQ announces integration with Chaser - streamline your accounts receivable process and your accounting system Feb 8, 2021
AccountsIQ has partnered with Chaser, a leading accounts receivable automation software, so that users of the cloud accounting platform can automate invoice chasing and streamline their accounts receivable process, allowing them to save time, reduce errors and create cost efficiencies.
The integration uses credit control automation for payment collection and reconciliation. The partnership has already been successful in improving cash flow and reducing business administration for many of its users.
Late payments are a growing source of stress for business owners, with a 209% increase in late payments recorded since the global pandemic (CPA, 2020). AccountsIQ’s integration with Chaser helps businesses put an end to late payments, whilst maintaining strong customer relationships, by allowing them to chase payments in a friendly, non-robotic manner. Not only do business owners improve their chances of being paid, but there is the added bonus of avoiding those uncomfortable conversations chasing overdue invoices.
The set-up is simple, and once customers have signed up with Chaser, they can quickly set up personalised payment reminders and sending schedules. Due to the two-way integration, payments collected are consequently reconciled in both systems. This helps ensure accurate accounting data and saves admin time.
Sonia Dorais, CEO of Chaser, has said,
"SMEs drive economies of the world, yet late payments are a big issue and impact how they make day-to-day decisions. By working with leading accounting systems like AccountsIQ, we’re helping to remove the hassle of late payments so that these businesses can save more time and focus on doing what they love so their business can thrive long-term.”
Darren Cran, Chief Operating Officer of AccountsIQ adds,
"Our customers have a huge opportunity to optimise their payment chasing processes. Through our partnership with Chaser we can offer businesses a better, more integrated way to chase payments so they can get paid sooner and reduce the strain that late payments put on their cashflow.”
BENEFITS OF THIS INTEGRATION:
Schedule payment reminders at the best time
- Create unlimited custom schedules that suit your different groups of customers, such as good payers, bad payers, or long-term clients
- Schedule as many payment reminders as you require, at intervals you choose
- Select the best days and times to send reminders and automatically avoid sending reminders outside working hours
- Escalate the sender of payment reminders to a more senior figure automatically, when customers haven’t paid after a specified period
- Build great customer relationships, with automated ‘thank you’ messages on receipt of payments
- Avoid bombarding customers, by automatically grouping multiple invoices into a single reminder
- Identify areas for improvement with real-time reports on your AR performance
- Gain a better understanding of customer payment behaviours with your customer insights report
- Make informed decisions on which customers to continue granting credit to, with your risk report
- Escalate problem invoices easily to Chaser’s friendly and experienced in-house collections team
- Ensure customers never know you’re using an automated system, with chasers sent from your usual email address, with your regular email signature and branding
- Match your business’ communication style with fully customisable templates
- Personalise every reminder automatically, by pulling in desired data
With this integration, Chaser connects and syncs with the data in AccountsIQ in just 2-minutes. Chaser securely imports the following data from AccountsIQ automatically: company information, customers, invoices, credit notes, payments and overpayments. Chaser syncs with AccountsIQ automatically: every hour, before any payment reminder is sent, and on-demand to ensure the information is always up-to-date.
WANT TO FIND OUT MORE?
Join our Webinar with Chaser to understand the benefits in more detail, for an overview of the AccountsIQ Chaser software integration and answer any questions you might have.
When: 10am (GMT) Thursday 11th Feb 2021
Register for the Webinar: Chaser credit control automation
Group companies and conglomerates have complex multi-entity accounting needs. Often operating across different continents and trading in different currencies they need accounting systems that can handle consolidation, fluctuating exchange rates and other complex tasks with ease.
What are Group Companies?
A group company is a collection of separate corporations that operate as one single economic entity. They usually consist of a parent company and subsidiary companies, sometimes on multiple levels (groups within groups). Because group companies operate as one body, they must produce consolidated group accounts, while also keeping track of individual subsidiaries’ financial performance.
Accounting Challenges and Complexities
Group company accounting involves a wealth of data gathered from many different sources. Bringing all of this together (consolidating accounts) can be a difficult job, especially if your accounting software is not set up for this purpose. Challenges include:
- Different General Ledger coding systems set up in different subsidiaries
- Working in multiple currencies, with a fluctuating exchange rate. This can lead to errors and inconsistencies if different exchange rates are used
- Handling inter-company sales within the group
- Complex ownership arrangements, in groups where ownership of a subsidiary is less than 100%
- The complexity of viewing and tracking financial performance across multiple entities
Accounting Software Solutions for Group Company Organisations
Accounting software designed for group companies must address these challenges and complexities, providing automated solutions tailored to the needs of multi entity organisations.
"I don’t know of any other system that can do consolidation the way AccountsIQ can. It takes a lot of complexity out of everything and that saves us a lot of time. It used to take two weeks to do our accounts; with AccountsIQ and other improvements, we now get our accounts out in five working days,” Wayne Copeland, Head of Finance, AES International. Read AES Case Study.
Getech - Case Study
Getech is a global geoscience and consultancy group operating in the UK and the USA.
The problem: For the growing company, consolidation was a time-consuming and complicated process, which involved importing data from four different software packages.
The solution: By moving to AccountsIQ, the group has streamlined its consolidation process, which now saves a full week of work every month. The system allows the company to create real-time reports at any time, as well as handling multiple currencies with ease.
Fevore Group - Case Study
Fevore Group is an independent group of diverse companies.
The problem: The group was consolidating its accounts manually using Excel spreadsheets – a process that was not only time-consuming, but error-prone.
The solution: AccountsIQ cloud accounting software enabled Fevore Group to automate their consolidation process, saving a significant amount of time and bringing confidence in the accuracy of the reporting. The new accounting system also allows for performance benchmarking across each individual subsidiary business.
Streamline your Group Accounts with AccountsIQ
For group companies, AccountsIQ can save time, improve efficiency and offer detailed financial analytics: get an overview of group performance or drill down for information on individual subsidiaries. Monthly currency revaluations make trading in multiple currencies simple.
For more information, book a demo to see how AccountsIQ could benefit your multi-entity business.
AccountsIQ has added new VAT functionality to comply with Making Tax Digital. The functionality allows AccountsIQ users to submit consolidated group VAT returns.