The company sells and supports the AccountsIQ cloud accounting platform in the UK. The company's parent company, Visor Ltd a company incorporated in Ireland, develops and holds the Intellectual Property for the software, which it delivers internationally on a Software-as-a-Service recurring revenue service, under the brand AccountsIQ. The product strategy is focused on maximising the benefits of cloud delivery, particularly for multi-entity businesses, while maintaining the highest level of data security and integrity.
The business continues to perform well, with recurring revenue growth of almost 40% year on year. With over 4,000 businesses using AccountsIQ across 48 countries, the product is now well established with a strong international userbase. The company is well placed to take advantage of UK adoption of cloud based accounting systems by fast emerging and growing international businesses. The company is ramping up investment in marketing, sales and delivery to support the growth of its UK operation, with the financial support of its parent company.
Visor Ltd supports the company through direct equity investment and long term loans. To support its growth strategy over the next 4-5 years, the parent company recently completed an investment round (June 2024) providing additional working capital of €3.2 million to the business. AccountsIQ Limited remains cash positive from its UK operations and with the apportionment of head office related costs in relation to the delivery and support of the software and services results in a small profit. The parent company is fully committed to the UK market and will continue to support the company with adequate working capital to reach profitability and to continue to grow without the need for further support.