ACCOUNTSIQ, A Dublin start-up, has had considerable success in the crowded accountancy software space by providing a package that enables accountants to easily collaborate with their clients.

The Accounts IQ system is a Web-based software-as-a-service platform which does not require any infrastructure to be installed at the premises of the accountants or their client. Visor, the company behind AccountsIQ, is also selling the system to franchise holders to provide an accounting system to its franchisees. Despite being one of the most competitive areas of the software market the firm’s unique approach has enabled it to sign up thousands of users in Ireland, India, Australia, the US and Portugal, according to managing director and co-founder Tony Connolly.

Connolly believes the success of AccountsIQ is largely because it was designed from the ground-up to support collaboration.

An accountant who has always worked in technology Connolly formerly held positions with accountancy firms FGS and KPMG where he advised clients on IT.

A constant request he got from professional services firms was for an accountancy package that would allow them to collaborate online with their clients but there was nothing on the market. AccountsIQ provides that but also adds a virtual document store so that the accountant can see everything from contracts to legal bills relating to a client.

Other features added on top of the core accountancy application include inventory control, sales order processing and links to electronic banking services.

Although initially financed by the founders successful software entrepreneur Gerry McKeown recently invested €1 million in the firm and it has had a similar level of support from Enterprise Equity and the AIB Seed Capital Fund.