OCN London transforms finance with AccountsIQ cloud platform

Open College Network London has modernised its finance operations by adopting AccountsIQ's cloud accounting platform. The move comes as OCN London sought to address inefficiencies and IT challenges posed by its previous on-premise system.

Legacy challenges

OCN London, a registered charity and not-for-profit awarding organisation, supports more than 40,000 learners annually. Its small finance team previously relied on an out-dated accounting system housed on local servers, leading to slow processes and obstacles for remote working. Complex invoicing tasks consumed much of the team's time, particularly as learners frequently changed courses or added new study units. These challenges were heightened during periods of increased demand for digital service delivery.

Process automation

The transition to AccountsIQ has introduced automation to routine finance processes. Tasks such as invoicing are now expedited through the use of customisable templates. The system has also streamlined reconciliations and repetitive tasks, reducing manual intervention. OCN London's finance team now data-connects with Power BI, enabling real-time reporting for the board and broader sharing of financial information inside the organisation.

Cost savings

Damien Devaney, Head of IT at OCN London, said that switching to AccountsIQ led to noticeable cost and efficiency gains. "We looked at systems including Sage, QuickBooks, and Xero, but there didn't seem to be anything between really basic and just wildly expensive. AccountsIQ just seemed to hit the sweet spot for a medium-sized enterprise like us."

Devaney emphasised the ease of implementation and the financial benefits following the migration. "Setting up AccountsIQ was straightforward and our onboarding specialist made the process very easy. There were no unexpected costs and invoicing is now ten times easier than it used to be. From an IT point of view, I find I'm being asked to fix things less. Because it works, the team can focus on more strategic, forward-looking things like budgeting and forecasting. AccountsIQ actually costs us less than we used to pay for the licensing support and server costs - so we're getting more for less," said Devaney.

Board reporting

Integration with business intelligence tools now allows the finance team to present live data to leadership, increasing transparency. The automation and improved reporting have also freed up resources for strategic planning and forecasting, with less focus on resolving IT or systems issues.

Cloud adoption

Darren Cran, CEO at AccountsIQ, said:

"Through integration with its learner management system and provision of powerful reporting through Power BI, AccountsIQ is helping OCN London achieve greater efficiency and insight across the organisation, allowing its team to focus on driving real educational impact."