As of February 2021 Lightyear, one of the fastest growing AP software platforms and AccountsIQ, Financial Management Software (FMS) for mid-market SMEs with multiple subsidiaries, branches and locations, have joined together with the aim of producing a complete business automation and management solution.
AccountsIQ customers will be able to take advantage of Lightyear’s globally renowned Accounts Payable automation to streamline processes and cut out time-consuming tasks from their workflows.
“We’re really excited about this partnership as we’ve great synergy with AccountsIQ. Both products have been designed for medium-sized businesses giving them the tools they need to automate processes across multiple sites and group structures.” - Chris Gregg Lightyear CEO.
AccountsIQ customers will be able to go paperless with their Accounts Payable by taking advantage of Lightyear’s incredibly accurate and fast line-item data-extraction technology from digital documents. Combined with Lightyear’s highly customisable multi-tiered approvals workflow, AccountsIQ users can build their own workflows allowing them to approve bills from their browser, mobile app or via emails meaning they can approve from anywhere.
“Lightyear is a great solution for our larger customers, who typically process very high volumes of invoices, so it was the natural next step for us to form a mutually beneficial partnership.” Darren Cran, COO, AccountsIQ.
Customers will be able to use AccountsIQ’s full-featured FMS which is unique in providing Business Intelligence to give “one version of the truth” to multi-entity businesses: it handles complexities such as sub-groups, multiple currency revaluations, intercompany transactions and minority interests. It also uses artificial intelligence and an open API strategy to automatically synchronise bank accounts, generate electronic payments, auto-post electronic invoices and integrate front-end systems. Customers can ensure they are fully VAT compliant as it handles single entity & group VAT MTD submissions along with many other benefits.
How does the new workflow look?
Suppliers to AccountsIQ customers can email their bills to their customers’ personalised email address where Lightyear will extract all the details from their line-items instantly and accurately. Users will then be able to approve their invoices in a multi-tiered approval workflow that is customised to suit every business and situation. Invoices are then exported to AccountsIQ with all the rich product data.
The joint solution allows our joint customers to transition to a fully automated paperless Accounts Payable workflow solution that not only increases their efficiencies with previously manual processes, but also saves them a large amount of time at no significant cost.