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Automation
Automated accounting processes
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Scalability
Can handle large volumes of transactions
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Customization
Highly customizable to fit specific business needs
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Pricing
Relatively expensive compared to competitors
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Complexity
May require some training to fully utilize all features
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Limited Integrations
Integration options are limited compared to other accounting software
- Opportunity to expand globally due to multi-currency support
- Opportunity to develop industry-specific solutions to attract more customers
- Opportunity to form partnerships with other software providers to expand integration options
- Intense competition from other accounting software providers
- Economic downturns may lead to decreased demand for accounting software
- Increased concern over data security may lead to decreased trust in cloud-based accounting software
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Review Distribution
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👍
High - rated users
Being cloud-based has been a significant factor for us. One of the main other reasons for selecting Accounts IQ was the consolidation functionality which works really well. In terms of fitting in with our business processes, it gives us so much more functionality that it has helped to drive necessary changes in the way that we operate, in a very beneficial way.The only real challenge we found was with our staff getting used to a different software system to do their work. Otherwise it has only improved our processes, controls and reporting.
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🤔
Average - rated users
support team is excellent. Whenever I need a guidance or assistance, support team reacts promptly with no delays.Generating and search for the report is sometimes time consuming.
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👎
Low - rated users
It is very easy to pick up, I was new to it and found it extremely easy to start finding my way around the system, it was easy to run GLs, find creditors and debtors etc. The reports are fairly easy to get used to as well. I like the consolidation function, I find it easy to use as well, and I like the reports. There are nice little functions as well, such as being able to edit postings whilst leaving an audit trail rather than just reversing and reposting. Another good feature is the intercompany posting function - intercompany invoices appear in the other entity automatically; this helps ensure that invoices are not posted in one entity but not the other. I like the functionality and I know that I am not making full use of its potential, something I aim to remedy in the near future.Although I like the intercompany/consolidation aspects, I feel there could be some improvement. On the consolidation side of things, I think it would be beneficial to be able to drill into balances whilst in the reporting function in the group entity. So, for instance, being able to drill into a P&L or balance sheet code in a report and seeing the breakdown by entity. It would also be helpful to be able to run debit/credit statements between entities, or rather to be able to run an intercompany matrix at month-end. Quickly seeing the balances owed between entities without having to go into them individually would be very helpful. Finally, some small things - in the bank rec section, I sometimes would like to be able to export the postings in the bank rec period into excel. Also, when creating a BI code and tagging it to a dimension, it would be very helpful to start typing in the dropdown to find your dimension selection. We have long lists, and having to scroll down is very time-consuming sometimes.
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