One-third of UK finance industry falling behind on digital transformation - Financial Director

An interesting article from FinancialDirector: Nearly 32% of financial organisations have not yet undergone digital transformation, despite digital integration being linked to higher customer satisfaction, according to a recently published FinTech Barometer. https://www.financialdirector.co.uk/2019/08/23/one-third-of-uk-finance-industry-falling-behind-on-digital-transformation

Bring Productivity gains to your Charity in terms of Accounting and Reporting Responsibilities Not-for-profit organisations typically have more complex accounting needs than commercial businesses the same size. The biggest challenge facing CFOs in the charities sector is finding an accounting system which meets their reporting requirements at a price they can afford. AccountsIQ has designed accounting software for charities which is written from scratch as a true cloud product to meet the more advanced accounting needs of larger organisations. As a Cloud-based application, it comes at a more affordable price than PC-based systems with similar capabilities. Supporting over 50 charities whose operations span multiple legal entities worldwide, AccountsIQ has been proven to meet the complex accounting and consolidation requirements for the charity sector. #SORP #CharityTuesday #NotForProfit #Charities #Charity #techforgood #nonprofit #trusts #donations #foundations #fundraising #trustees

Group Finance Reporting - a single version of the truth In businesses where different departments use different systems for managing performance, it can be a challenge for Finance Directors to obtain a Single Version of the Truth (SVOT) or accurate and reliable data for group finance reporting. In this practical guide we cover: 🔹Why inconsistencies occur and how to overcome them 🔹Problems with the reconciliation process 🔹How valid is your Sales figure? 🔹Further problems with Multiple currencies 🔹Will Excel solve the problem? 🔹The Holy Grail of management reporting 🔹Achieving SVOT with AccountsIQ Download the guide: https://accountsiq.com/group-finance-reporting/

THE INVESTMENT MANAGEMENT INDUSTRY AND ITS ACCOUNTANCY CHALLENGES Private equity funds, asset management companies and wealth management companies are different branches of the investment industry, each working in different ways, with complex accounting requirements. With a portfolio of different businesses to manage, it’s important for such companies to be able to monitor and manage all of their separate entities easily. This is especially vital when you consider the value of data in the strategic decisions made by investment companies. To make the smartest moves, they need access to the most up-to-date and accurate analytics, across every fund they manage. Businesses operating in each area of the investment management industry face their own regulatory challenges, too. There are strict Financial Conduct Authority (FCA), Securities and Exchange Commission and Commodity Futures Trading Commission regulations to comply with. In addition, for companies with multiple subsidiaries, there are often different jurisdictions to deal with, across multiple countries. Private equity funds have unique accounting needs, as they need to handle privately held companies, often treating them as general or limited partners. They may have offshore funds where different legislation applies. Read more about our accounting solution for the investment industry: https://accountsiq.com/industries/private-equity/ #VentureCapital #PrivateEquity #assetmanagement #investmentcompany

🔹ACCOUNTANTS🔹 Could you improve your client relationships by working together more often? Working in the Cloud gives you the advantage of being able to work collaboratively, sharing files and information seamlessly and in real-time. All the time, you will be fine-tuning your service and developing the management information which will help your business owner make better and faster decisions. AccountsIQ’s Cloud Accounting Software allows you to: 🔹work together and review collaboratively 🔹increase your client base regardless of location 🔹define user permissions providing secure access for different levels of personnel 🔹reduce travel time and expenses Contact us to find out how we can help! https://accountsiq.com/accountants/ #accountant #accountingpractice #accountancy #accountancypartnership

Property Management companies or Real Estate Investment Trusts (REITs) all face similar challenges. There are common needs in the industry for consolidating reports; integrating data from property management systems; generating recurring invoices; and apportioning central costs across the group. AccountsIQ’s consolidation module in our property management accounting software allows you to create a separate Charts of Accounts for each of your properties or Special Purpose Vehicles (SPVs) / Special Purpose Entities (SPEs). You can then create a continuous consolidation process which allows you to centrally view performance across the portfolio as well as drill down to look closely at the activity within one entity. With AccountsIQ, you can also bring in the central costs from Group HQ. The software allows you to allocate and apportion those central costs across different properties using inter-company transactions. Whether your properties are apartment blocks, offices or shopping malls, AccountsIQ will make it easier for you to manage and report on multiple revenues from one property. The system will automatically generate recurring invoices and it has already been successfully integrated with property management systems such as Landmark, saving precious data entry time and reducing error. Get in touch to see the power of AccountsIQ for yourself https://accountsiq.com/contact-us/

Specific accounting challenges faced by not-for-profit organisations aren’t easy to accommodate with standard business accounting software. That’s why it’s important for charities large and small to use software that’s designed for their particular needs. What makes a charity so different from a business? From an accounting perspective, there are several distinct idiosyncrasies that are only encountered in the charity sector: 🔹Compliance 🔹Cost-cutting and efficiency 🔹Gifts in kind 🔹Subsidiaries Here’s some of the key functionality to look for in charity accounting software: 🔹Compliance with SORP requirements 🔹Gift Aid reporting 🔹Integration with other software, such as your CRM 🔹Functionality to handle gifts in kind 🔹Multi-currency accounting 🔹Consolidation functionality for charity subsidiaries.

Timeline Photos

In today’s data-focused business environment, the #CFO is now a driver of change, & must take a strategic approach, hand-in-hand with the CEO, to enable growth and ensure success. To do this effectively, it’s vital to have a solid #infrastructure in place. https://accountsiq.com/blog/building-a-robust-finance-infrastructure/

Timeline Photos

Digital transformation solutions help businesses to make technology work for them, perhaps by automating processes, introducing new insights, or providing new, more efficient ways of working. https://accountsiq.com/client-news/digital-transformation-solutions-for-cfos/ #digitaltransformation #financeautomation #SaaS #CFO #Fintech

Timeline Photos

We’re living in an age of change, and it’s revolutionising the way we do business. Thanks to digital technology, we can now collaborate more easily, streamline our working practices & get fast, accurate data about all areas of business https://accountsiq.com/industry-news/how-accountancy-firms-are-embracing-finance-digital-transformation/ #accounting #finance

Timeline Photos

The digitalisation of accounting has changed the way we work, leading to greater accuracy and efficiency. But this new, IT-driven climate has also given rise to new challenges. Check out our blog on #APIs and the future of Accounting https://accountsiq.com/blog/apis-and-the-future-of-accounting/ #digitaltransformation

Accounting Apps | AccountsIQ

Looking for a more joined-up way of working? Accounting apps are purpose-built to support your goals. Find out how they integrate with other systems for a more streamlined, stimulating and insightful approach to business https://accountsiq.com/blog/how-accounting-apps-are-transforming-existing-ways-of-working/ #fintech #accountingapps #SaaS