AccountsIQ, an accounting technology company based in Dublin, has recently secured €60 million in funding to revolutionize the finance function for mid-sized companies. The company, founded by accountants themselves, aims to provide cloud-based, automated services enhanced by AI to help accounting departments work more efficiently.
With just €12.7 million of outside funding, AccountsIQ has already amassed 1,000 customers and 20,000 users. Its range of digital accounting services includes accounts receivable and payable, banking, business intelligence, forecasting and budgeting, as well as digital tax services and reporting. The platform also offers integration with third-party services and an API for seamless integration into other platforms.
AccountsIQ currently operates on a SaaS model, starting at approximately $250 per user per month. The company leverages Microsoft’s AI tooling and builds customizations in-house to provide next-generation services, such as robotic process automation and AI-based features, to speed up users’ work processes.
The recent funding obtained by AccountsIQ is significant, not only because it is nearly five times the amount the company has ever raised before but also because it comes at a time when startups are struggling to secure funding. A report from the Irish Venture Capital Association revealed a 48% decline in startup funding in Ireland in the first quarter of this year compared to the previous year.
While AI startups may dominate the funding headlines, solutions that improve companies’ efficiency and productivity continue to attract attention and investment. AccountsIQ’s ability to help businesses streamline their finance operations has garnered interest from investors looking to accelerate product development.
Despite competition from accounting startups like PennyLane, AccountsIQ differentiates itself by positioning as the platform of choice for businesses as they scale up. PennyLane recently raised $40 million at a valuation of over $1 billion and serves around 120,000 users. However, AccountsIQ aims to replace incumbents in the market catering to smaller businesses, such as Xero, QuickBooks, and Sage.
With the infusion of funding, AccountsIQ is poised to take its product and services to the next level. The company’s vision is to make finance team roles more flexible, valuable, less repetitive, and ultimately more interesting through the adoption of AI tools. By offering innovative and intelligent solutions, AccountsIQ aims to become a leading player in the rapidly evolving accounting technology industry.