Online accounting firm raises €1m

6 Feb 2007

Internet-based accounting firm Visor has completed a €1m equity round with Enterprise Ireland and a group of private investors.

Visor, which is based at NovaUCD, will use the funds to launch its AccountsIQ online accounting and management reporting platform to target small and medium-sized businesses in the UK.

AccountsIQ is designed for the growing business process outsourcing (BPO) market, providing small to medium-sized enterprises (SMEs) with the type of business reporting and analysis previously only available to large companies.

The company is targeting SMEs with an introductory offer of just €50 per month.

The system saves businesses time and money by helping accountants to collaborate with clients anywhere at any time over the internet.

Business owners don’t need to interpret accounts as they get an online digital dashboard with a customised analysis of their monthly accounts, statistics and other business drivers.

The company was set up in early 2004 by ex-Farrell Grants Sparks partner Tony Connolly and ex-Labyrinth founder Eddie Murphy.

“AccountsIQ streamlines the monthly accounting process, eliminates time delays between accountants and their clients and provides real-time performance analysis to the business on a web-based ‘digital dashboard’,” explained Connolly.

“This ensures up-to-date results are available quickly, which helps businesses identify and act on opportunities and threats as they arise,” Connolly added.

By John Kennedy