Dominic Borg on AccountIQ and Betsson Group
For how long have you, and Betsson Group been working with AccountIQ?
“The AccountIQ project started at the beginning of my journey within the Finance team at Betsson Group. The project kicked off in 2012 when we initially started with some customisations and after that we focused on integrating as many payment providers in the least time possible.”
Would you consider AccountIQ as part of the Betsson Group’s success in Finance?
“Definitely. Automating our reconciliation was inevitable since we had a substantial risk exposure from an increasing amount of customer deposits and withdrawals over many brands, along with an increasing amount of payment providers in various markets. It was impossible for the team to manage all those reconciliations manually, which not only took a lot of time to perform but were not done frequently enough, which increased our risk.”
How would you explain AccountIQ to someone who has no or little understanding of what it is? “AccountIQ is an automated reconciliation of payment transactions (on a transaction level) between the merchant’s platform and the integrated payment providers. The automated reconciliation is done daily were discrepancies are shown in Daily and Monthly Summaries which can be drilled down to a transactional level. Timing and forex differences are also automated. Any discrepancies which are then investigated by the user can also be tagged to a specific account in AccountIQ.”
What would you say are the three biggest benefits you get by using AccountIQ? “Minimizes risk exposure since reconciliations on a transaction level are done daily. Reduces headcount since a lot of manual work is automated. All the data is centralized which can also be used for accounting or reporting purposes.”
There are various benefits of automating the reconciliation process. Spotting and investigating discrepancies daily is a must. When reconciling manually, most likely monthly or twice a month with another 2-week delay; the risk exposure increases greatly.