The Lighter Side Of The Cloud – Obscurity
The Lighter Side Of The Cloud – Yahoo!!
The Lighter Side Of The Cloud: Resistance
The Lighter Side Of The Cloud – Big Data
The Lighter Side Of The Cloud – Missing Manuscript

Top 25 European Cloud Computing Rising Stars: AccountsIQ

Top 25 European Cloud Computing Rising Stars: AccountsIQ

Tony Connolly founded Visor Ltd. in 2004 in Ireland and since then the company managed to set foot in the UK, Australia, India and the United States. Its fully hosted Software as a Service (SaaS) accounting platform accountsIQ, initially launched in 2007, is intended to help businesses that need a common platform for managing and benchmarking multiple entities.

The platform targets primarily small and medium-sized enterprises allowing them to take advantage of a SaaS offering enabling users to manage their entire accounting process via the Internet and without in-house IT infrastructure. Being a common platform, accountsIQ provides access to accounting software for multiple entities like clients, franchisees, subsidiaries and company branches.

The market for accounting, invoicing and financial cloud-based solutions evolved rapidly in the last years and many start-up companies challenged traditional accounting platforms offered by well known vendors. At present, accountsIQ is not quite a unique cloud-based platform but it still offers functionality that makes the platform a good choice among a growing number of competitors betting on Cloud Computing solutions.
Unlike many traditional software platforms, accountsIQ allows users to access accounting records and business documents simultaneously and in real time. It provides online collaboration tools from multiple locations while featuring real-time business intelligence and KPIs via a dashboard.

The platform is fully scalable when it comes to user and transaction volumes and is designed in modules, which allows users to add at will the modules they need.

Visor boasts unrivaled business analysis and reporting functions are implemented in the platform although other SaaS accounting platforms offer similar functionality. Key features of accountsIQ include possibilities for multi-jurisdiction, multi-currency accounting procedures and a full business analytics facility, featuring both financial and non-financial measures. The platform allows also cash-flow forecasting and management directly from data within the system while enabling users to manage multiple entities from a single admin layer for practices and franchisors.

Budget and revised budget by GL and business analysis code updated directly from Excel functionality is available, and the software allows consolidation of results in multiple base currencies for group reporting and benchmarking. Just like its main competitors, the company offers integration with third party systems using webservice APIs.

A growing number of accounting software is designed in modules and accountsIQ was among the first web-based platforms to offer such a model. Actually, accountsIQ allows customers to add modules to an existing basic accounting functionality. All system modules are fully integrated with several modules, like Cash-flow Forecasting and Management and Group Consolidation, combining information from the entire system allowing consolidated view of customers’ data.

Integration is the key to success for most business software applications and accountsIQ is not an exception to the rule. The system can integrate with online e-commerce web stores, CRM systems, EPOS, payroll systems, stock control allowing automated data transfer form various external applications. The API of accountsIQ covers major data-sets like customer account details, supplier account details, product information, sales quotes and orders, etc.

Further more, the platform enables banking integration functionality including collection and auto reconciliation of statements, generation of electronic payment files, generation of electronic direct debits requests allowing linking of bank lodgement back to individual receipts. A data import tool manages import of data from major accounting systems like: Sage, QuickBooks, TAS Books, MYOB, etc.

Visor claims that its system is well protected from external attacks due to its top-level firewall protection and immediate deployment of the latest anti-virus and security patches. Data security is accomplished via security controls that include three levels of authentication to access the system and Secure Sockets Layer (SSL) encryption technology to protect the transfer of data. The company utilizes its servers only for the purposes of the accounting service, creating independent databases for each client, which means that no data is shared within the same database.

Like many other start-ups, accountsIQ was backed by venture capital investors during its initial stage of development. The first round of funding raised EUR 1 million by Enterprise Equity and the AIB Seed Capital Fund in 2009. A second round of funding followed the same year with Data Electronics Group (DEG) leading the round worth EUR 3.5. Existing investors also took part in this round of funding.

Those financial injections helped the company to commercialize its product and expand to new markets worldwide. However, the company will experience, if not already experiencing, a growing pressure from cloud-based peers offering accounting platforms as SaaS.

Many competitors are providing innovative accounting solutions and accountsIQ will have to invest heavy in further development of its product to retain its competitive advantage.

By Kiril Kirilov

Sorry, comments are closed for this post.

Recent

Cloud Vendor Benchmark 2015: Price-Performance Comparison

Cloud Vendor Benchmark 2015: Price-Performance Comparison

Cloud Vendor Benchmark 2015: 15 Top IaaS Providers Guest post by Cloud Spectator Cloud Spectator has released their Cloud Vendor Benchmark 2015 Part 2: Price-Performance Comparison Among 15 Top IaaS Providers today, cited as the industry’s most comprehensive study. Exposing the influence that performance can have on the overall value of the IaaS environment, this report…

Finland and The Future of The Internet

Finland and The Future of The Internet

Finlands Internet Future In so many ways, the nations of Northern Europe seem to be a few steps ahead of the rest of the world – countries like Norway, Sweden, Denmark, and Finland are frequently singled out for praise in areas as diverse as education, technology, and sheer happiness (despite the grey skies and bitter…

Technologies That Work Nicely With The Cloud

Technologies That Work Nicely With The Cloud

New Technologies And The Cloud Asides from all the security concerns that has been in the news over the past while, there are still some very exciting and ambitious opportunities available for those who stick it out. Lets take a look at some of the more exciting emerging technologies that can be used in conjunction…

Popular Archives

Cloud Infographic: Cloud Public, Private & Hybrid Differences

Cloud Infographic: Cloud Public, Private & Hybrid Differences

Cloud Public, Private & Hybrid Differences Many people have heard of cloud computing. There is however a tremendous number of people who still cannot differentiate between Public, Private & Hybrid cloud offerings.  Here is an excellent infographic provided by the group at iWeb which goes into greater detail on this subject. Infographic source: iWeb About…

The History Of Back-Ups

The History Of Back-Ups

The History of Back-Ups There’s no doubt about it – we are spoilt. With external hard-drives, CDs, USB memory sticks, SD cards, online storage and multiple devices with vast memories we can save, access and back up our data more easily and more efficiently than ever before. (Image Source: Maxim Yurin, SoftLogica)  It’s not always been…

Sponsors

The Many Hats Of Today’s IT Managers

The Many Hats Of Today’s IT Managers

The Many Hats of IT Managers In years past, the IT department of most large organizations was much like a version of Middle Earth: a mysterious nether world where people who seemed infinitely smarter than the rest of us bustled around, speaking and typing languages that appeared indecipherable, yet, which made our world work. They…

Selling Your Business To Your Employees

Selling Your Business To Your Employees

Mobility For Your Employees It may seem a radical notion, the idea of selling your business to the people who work for you, but this is the era in which we now work. Employees of all levels are all incredibly aware of their options when it comes to mobility and employability. This doesn’t mean that…

Established in 2009

CloudTweaks is recognized as one of the leading influencers in cloud computing, big data and internet of things (IoT) information. Our goal is to continue to build our growing information portal, by providing the best in-depth articles, interviews, event listings, whitepapers, infographics and much more.

CloudTweaks Comic Library

Advertising