AccountsIQ scores €5.8M for its financial management software for multi-entity SMEs

AccountsIQ, a financial management software (FMS) startup founded by a team of chartered accountants (when accountants want to be entrepreneurs, you know startups are a thing), has raised €5.8 million in funding.

Backing the Dublin-based company, which targets mid-sized businesses that operate multi-entities, is Finch Capital, the fintech focussed VC that recently outed its third fund. AccountsIQ says the injection of capital will be used for accelerated growth and recruitment across sales and marketing, customer success and engineering to continue to enhance the product.

Launched in 2008 in Dublin, AccountsIQ’s cloud-based FMS aims to simplify how multi-entity businesses “capture, process and report” their financial results. These include businesses that are expanding via subsidiaries, branches, SPVs or a franchise model — and specifically those that trade across different locations, currencies and jurisdictions. The idea is to plug a gap in the market that AccountsIQ says exists between low end products like Xero, Quickbooks and Sage, and much higher end and more expensive products like Netsuite, Intacct and SAP.

“Managing the finances of multi-entity businesses was difficult prior to the cloud, requiring each entity to prepare accounts and send them in centrally for review and analysis,” explains AccountsIQ co-founder Tony Connolly. “Our Cloud solution means that all entities can access simultaneously and collaborate with head office or their accountants to process their own transactions, while providing full consolidation of results in the group base currency (Read more...)