AccountsIQ secures $65M to enhance bookkeeping with AI

The European economy is currently facing challenges, but there’s a bright spot for enterprise startups: companies developing tools to stabilize and streamline business finances are experiencing growth. In a recent development, Dublin-based accounting technology firm AccountsIQ has secured €60 million to create “the finance function of the future” for mid-sized companies. This will involve cloud-based, AI-enhanced services designed to help accounting departments operate more efficiently and intelligently.

AccountsIQ, founded by accountants nearly 20 years ago, has primarily operated with minimal external funding. The founders identified a need for the tools they wished they had, and have since managed the company’s growth prudently. Prior to this recent funding round, the company had received only €12.7 million in outside investment, yet had attracted around 1,000 customers, encompassing 10,000 entities (different operations within single businesses) and 20,000 users.

The company provides a suite of digital accounting services, including accounts receivable and payable, banking, business intelligence, forecasting, budgeting, digital tax services, and reporting. It also offers integration with various third-party services and has an API for connecting with other platforms, all available via a SaaS subscription starting at approximately $250 per user, per month.

Hosted on Azure, AccountsIQ leverages Microsoft’s AI tools and develops customizations in-house to enhance its services. The next generation of their offerings will feature more robotic process automation and AI-based capabilities to accelerate user workflows.

The funding is significant not only because it’s nearly five times more than AccountsIQ has previously raised, but also because startups, particularly in its home market, are still finding it challenging to secure funding compared to a few years ago. A recent report from the Irish Venture Capital Association revealed that startup funding in Ireland fell by 48% in the first quarter of this year compared to the same period last year.

AccountsIQ’s competitors include Sage Intacct, Netsuite, and Acumatica.