FP&A solutions provider Abacum and cloud accounting platform AccountsIQ announce a strategic partnership designed to simplify financial management for companies operating across multiple entities and currencies. This collaboration aims to directly connect consolidated accounting data with financial planning processes, automating information flows and reducing manual processing.
A response to the challenges facing finance departments
In many growing organisations, Finance and FP&A (Financial Planning & Analysis) teams still have to export data from their accounting software, rework it in spreadsheets and then import it into their planning solution. This succession of steps slows analysis, increases the risk of errors and takes up significant amounts of time.
Through this partnership, Abacum and AccountsIQ aim to eliminate the gap between accounting and planning. Financial data recorded and consolidated in AccountsIQ is now automatically transferred to Abacum, without requiring manual exports or complex integration development.
A unified financial chain
The integration combines AccountsIQ’s financial consolidation capabilities with Abacum’s planning and performance management features.
AccountsIQ provides multi-entity consolidation, multi-currency management, automatic currency conversions and intercompany transaction reconciliation. This consolidated data then serves as the basis for analyses carried out in Abacum, which enables users to build budgets, financial forecasts, scenarios and real-time dashboards.
The two partners present this approach as a continuous financial chain covering the entire process, from accounting through to strategic planning.
A solution designed for international groups
The partnership primarily targets mid-sized companies and fast-growing businesses with multiple subsidiaries, operating in different countries or across several currencies.
These organisations can therefore work with consolidated data that has already been reconciled and converted before it is used in financial performance management processes. This automation accelerates the cycle from accounting close to financial forecasting, while limiting manual intervention.
According to the two companies, this approach is particularly suited to the needs of companies backed by investment funds, investment banks and international groups facing complex financial structures.
An integration already deployed at GP Bullhound
The partnership is already being used by GP Bullhound, an international investment bank specialising in technology companies.
The integration between AccountsIQ and Abacum was developed to address the group’s multi-entity structure. Financial data is now transferred automatically between the two platforms, replacing the manual uploads previously carried out by the finance teams.
Ben Ahchinkow, Finance Analyst at GP Bullhound, highlights that the consolidation features, currency conversions and intercompany transaction management provided by AccountsIQ, combined with the integration with Abacum, automate the feeding of the FP&A platform and improve the efficiency of financial reporting.
A shared ambition for connected finance
For TJ Dhadwar, Partnerships Manager at Abacum, this collaboration reflects the desire to turn financial data into actionable information in real time. He explains that the goal is to replace spreadsheet-based processing with a scalable platform capable of supporting finance teams in their strategic decisions, while eliminating the export and import operations that slow FP&A processes.
For his part, Darren Cran, Managing Director of AccountsIQ, believes that this partnership comes at a time when the adoption of artificial intelligence technologies is accelerating within UK finance departments. In his view, this collaboration extends the platform’s use beyond accounting by facilitating strategic planning, financial forecasting and reporting. He also says that the company intends to continue developing its partner ecosystem to offer international businesses an increasingly integrated financial chain.
Two complementary platforms
AccountsIQ is a cloud accounting platform designed for multi-entity and multi-currency companies. It offers native financial consolidation and automatic currency conversion features and draws on an ecosystem of more than thirty technology partners. The solution is used by more than 35,000 users across more than 85 countries.
Abacum is an FP&A platform natively designed around artificial intelligence. Intended for mid-sized companies and fast-growing organisations, it helps finance teams automate reporting, improve forecasting, perform scenario analyses and strengthen performance management. The solution supports clients in more than 40 countries.
An integration serving financial performance
By combining their expertise, Abacum and AccountsIQ aim to offer a solution that automatically connects accounting, consolidation and financial planning. The two companies thus seek to help finance departments reduce the administrative tasks associated with data management and devote more time to analysis, forecasting and decision-making.
source: Abacum
