Accountsiq Secures €5.8M Funding for SME Financial Management

AccountsIQ Secures €5.8 Million in Funding

AccountsIQ, a financial management software (FMS) company established by a group of chartered accountants, has successfully raised €5.8 million in a new funding round.

The Dublin-based firm, which focuses on serving mid-sized businesses with multiple entities, received investment from Finch Capital, a venture capital firm specializing in fintech.

Funding Allocation and Growth Strategy

This capital injection will primarily fuel AccountsIQ’s accelerated expansion plans. Resources will be allocated to bolster recruitment efforts across key departments.

These departments include sales and marketing, customer success, and engineering, all aimed at further enhancing the product’s capabilities.

Addressing a Market Gap in Financial Management

Founded in Dublin in 2008, AccountsIQ offers a cloud-based FMS designed to streamline financial processes for businesses operating across multiple entities.

The software caters to companies expanding through subsidiaries, branches, special purpose vehicles (SPVs), or franchise models, particularly those engaged in international trade with diverse currencies and legal jurisdictions.

AccountsIQ aims to fill a void in the market, positioning itself between basic accounting solutions like Xero, QuickBooks, and Sage, and more complex, high-cost systems such as NetSuite, Intacct, and SAP.

Simplifying Multi-Entity Financial Reporting

“Historically, managing the finances of multi-entity businesses presented significant challenges,” explains Tony Connolly, co-founder of AccountsIQ.

“Prior to cloud technology, each entity had to independently prepare accounts for central review and analysis.”

“Our Cloud solution enables simultaneous access and collaboration between all entities and headquarters or their accountants, facilitating transaction processing and full consolidation in the group’s base currency.”

This allows for effortless central reporting and benchmarking of group-wide results with just a click.

Key Features and Capabilities

To ensure a “single source of truth,” AccountsIQ is engineered to manage complex reporting requirements.

These include sub-groups, multiple currency revaluations, and inter-company transactions.

The software also leverages artificial intelligence and an open API strategy to automate bank account synchronization, generate electronic payments, and auto-post electronic invoices.

Seamless Integrations

AccountsIQ integrates with various front-end systems, offering streamlined approval workflows and expense capture via smartphones.

Existing integrations include TransferMate Global Payments, TINK, BrightPay, Kefron AP, Chaser, Concur, Salesforce, and ISAMs.

Current User Base and Target Market

Currently, over 4,000 companies across diverse sectors, including nonprofits and banks, utilize AccountsIQ’s software.

Notable clients include PwC, Linesight Global Construction Group, Asavie Technologies, GP Bullhound, and Throgmorton.

The startup’s primary target customer is any organization with multiple entities requiring separate accounting for each, but centralized management.

The increasing prevalence of cross-border e-commerce and global events like Brexit are driving expansion within this customer profile.