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AccountsIQ review

Take control of your company finances with AccountsIQ

AccountsIQ
(Image: © AccountsIQ)

Our Verdict

AccountsIQ gets rightly praised for it powerful range of features, reporting capabilities and user-friendly workspace that makes it appealing to medium and upwards-sized businesses.

For

  • Good for complex accounting tasks
  • Fully scalable
  • Solid reporting

Against

  • Less suited to smaller businesses

AccountsIQ is a cloud-based package that offers business users the ability to take care of their accounts, consolidate their financial affairs and gather business intelligence all in one go. Based in the UK, AccountsIQ focuses its products on the mid-sized business arena and has won awards for its innovative software. The main emphasis of AccountsIQ is its focus on efficiency as the Software-as-a-Service package allows businesses to automate many of their daily procedures.

The company already has over 4,000 customers using its system in many countries around the globe. Alongside its accounting and reporting capabilities AccountsIQ is also a popular option for businesses wanting detailed analytics, cashflow forecasting, budgeting agendas and tackling general finance management. AccountsIQ is therefore certainly not just about getting your accounts done.

AccountsIQ

AccountsIQ aims to provide your business with complete financial management (Image credit: AccountsIQ)

Pricing

With AccountsIQ being completely flexible based on your business requirements it’s not possible to get a fixed price option. You’ll need to contact the company and have a chat to find out what sort of level of features and functionality you’ll need. This is actually pretty useful as it means you won't be paying for a lot of extra capability if your business doesn't require it. 

Conversely, AccountsIQ is sufficiently scalable so that it can be used for larger companies with growing needs. AccountsIQ has been developed as a modular solution, so it’s always going to be possible to add on more functionality when, and if, you need it.

AccountsIQ

The Software-as-a-Service package can be tailored to suit individual business needs (Image credit: AccountsIQ)

Features

With its cloud-based convenience, AccountsIQ packs in plenty of features that help to produce a nicely rounded package that will appeal to businesses of all shapes and sizes. However, it’s aimed mainly at those companies at the larger end of the scale due to its powerful capabilities and scalabity. 

On a day-to-day basis you can make use of tools such as a journal manager, stay on top of accounts receivable and payable and enjoy full consolidation covering both Groups and Entities. It’s also possible to manage all of your accounts, sales and purchases. 

Elsewhere, there is multi-currency appeal, cashflow management, time and expense management plus the ability to manage timesheets and inventory. AccountsIQ can also be customized, via its dashboard and workflow setups, and also ingrates with your financial institutions. With the UK facing the forthcoming Making Tax Digital transition, AccountsIQ has been designed to handle this, which is particularly useful for those with group VAT returns to process.

AccountsIQ

Companies in the UK can make use of the way AccountsIQ is fully compatible with Making Tax Digital (Image credit: AccountsIQ)

Performance

If you’re running a larger business then being able to use a system that ingrates with other packages is always a boon. AccountsIQ has been engineered to integrate with EPOS and CRM systems, which obviously makes workflow that much more straightforward for employees, administrators and managers alike. The consolidation functionality also helps keep those productivity wheels turning, all of which means that AccountsIQ comes out very favourably in the performance stakes.

AccountsIQ

The AccountsIQ is crisp, clear and praised by many for its workmanlike edge (Image credit: AccountsIQ)

Ease of use

AccountsIQ has a refreshingly clean and simply interface that makes navigating through several tasks in one serving reasonably light work. Some might say it could do with a slightly zingier appearance, but this is accountancy-based software so for the task in hand AccountsIQ is perfectly serviceable. 

Access to the main work areas is via a series of core tabs, with main menus along the top of the page and sub-menu tabs below that. These let you dip into and out of specific areas fast and efficiently. 

As with any user interface, especially in the case of accounting software where evolving legislation imposes changes to workflow, the workspace is likely to be something of a work in progress.

AccountsIQ

The reporting capabilities of AccountsIQ are very commendable too (Image credit: AccountsIQ)

Support

If you’ve signed up for the AccountIQ service then you’ll be able to get a full range of support options, which are available during business hours. AccountsIQ also offers a range of training opportunities, which can be done both in person and online. 

AccountsIQ

Subscribers to the service also get full support options on a global scale (Image credit: AccountsIQ)

Similarly, the company can demo the service for you if you're thinking of making the move to them, or are just keen to see what AccountsIQ has to offer.

Final verdict

AccountsIQ is an impressive Software-as-a-Service package with lots to offer larger businesses with many different financial issues to tackle. Indeed, with its excellent consolidation capabilities and ability to handle multi-currency transactions Accounts IQ will be ideal for those with complicated business matters to handle. 

The cloud-based accounting software is also notable for its superior reporting potential, which will prove to be endlessly useful for businesses, particularly during the uncertain economic times we currently live in.

If you've got a smaller business then it's worth trying alternative options such as Sage Business Cloud Accounting, QuickBooks, Xero, FreshBooks, Freeagent, GoSimpleTax, TaxCalc, Nomisma, ABC Self-Assessment or Crunch.