AccountsIQ Acquires Expense Management Firm ExepenseIn

Cloud-based accounting software firm AccountsIQ acquired expense management software company ExpenseIn.

“Both AccountsIQ and ExpenseIn have a shared vision for innovation and growth, and we’ve had an increasing number of joint customers in recent years,” AccountsIQ CEO Darren Cran said in a news release Wednesday (Jan. 15). “This acquisition bolsters our position as a leading finance management solution for ambitious finance teams in the mid-market, with our combined knowledge and experience allowing us to really understand what our customers need and deliver the technology to match.”

ExpenseIn will become part of the AccountsIQ group but continue trading under its existing name. ExpenseIn, founded in 2015, processes more than 1 million expenses every month and has a customer base spanning over 40 countries, the release said.

With the integration of ExpenseIn’s capabilities, AccountsIQ now supports a combined user base of over 175,000 users, according to the release.

“The acquisition reflects AccountsIQ’s vision to expand beyond finance teams into the broader business user function, bringing a multi-product solution to the office of the CFO, including spend card management and embedded payments,” the release said.

In other expense management news, the adoption of virtual cards signaled a shift in how businesses approached B2B payments last year.

“Historically relegated to the sidelines due to limited supplier acceptance, virtual cards are now increasingly moving to the forefront of payment innovation, in large part by addressing the critical inefficiencies inherent in traditional payment methods like checks and ACH transfers, including lengthy processing times, limited security features and cumbersome reconciliation processes,” PYMNTS reported in December. “By leveraging speed, security, cost savings and automation, virtual card solutions can help provide a key solution for modern businesses looking to optimize their financial operations and adapt to a digital-first economy.”

The PYMNTS Intelligence report “CFOs Want Virtual Cards in Their Toolkits” found that 56% of chief financial officers said virtual cards are critical in managing financial flexibility.

“We’ve seen tremendous growth in virtual cards over recent years,” Widad Chaoui, vice president and general manager of corporate program product management at American Express, told PYMNTS last month, noting that fundamental to the promise of virtual cards is their ability to provide improved fraud protection, automation and flexibility compared to traditional payment methods.

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