AccountIQ, a financial management software (FMS) startup founded by a team of chartered accountants (when accountants want to become entrepreneurs, you know startups are a thing), has raised € 5.8 million in funding.
Supporting the Dublin-based company, which targets mid-sized businesses operating multi-entities, is Finch Capital, Fintech recently pulled out its third fund, taking into consideration the VC. AccountIQ states that the injection of capital to increase product and sales will be used for accelerated growth and recruitment in sales and marketing, customer success and engineering.
Started in Dublin in 2008, AccountIQ’s cloud-based FMS aims at how multi-unit businesses “capture, process and report” their financial results. These include businesses that are expanding through subsidiaries, branches, SPVs or a franchise model – and particularly those that trade in different locations, currencies and jurisdictions. The idea is to plug a gap in the market that AccountIQ says exists between low-end products such as Xero, QuickBooks and SEZ, and much higher-end and more expensive products such as NetSuite, Intac, and SAP.
“Before the cloud it was difficult to manage the finances of multi-unit businesses, requiring each entity to prepare accounts and send them to the center for review and analysis,” explains AccountsIQ co-founder Tony Connolly. “Our cloud solution means that all entities can access and process their transactions by collaborating with the head office or their accountants, while providing complete consolidation of results in the group’s base currency with easy central reporting and touch But the group allows benchmarking of detailed results. One button “.
To enable “a version of the truth”, AccountIQ has been enabled to handle various reporting complexities such as sub-groups, revaluation of multiple currencies and inter-company transactions.
The software integrates front-end systems with “artificial intelligence” and an open API strategy to automatically synchronize bank accounts, generate electronic payments, create auto-post electronic invoices, and capture spend via easy approval workflows and smartphones Claims to do. Current integrations include TransferMate Global Payments, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce and ISAMs.
To date, AccountIQ software is used by 4,000 companies in a variety of industries, ranging from non-profit banks, with clients such as PwC, LineSight Global Construction Group, Asavi Technologies, GP Bullhound and Throgmorton. Broadly, Connolly states that the startup’s target customer is any business that involves multi-entities, and requires each entity to be managed separately, but by the center. With the acceleration of cross-border e-commerce and macro events like Brexit, the customer profile is expanding.