Is the suite for business owners, or accounting practices?
Both. Starter at £5/mo suits a single owner. Practice tiers add connected client workspaces, each with its own login, full IQ Books organisation, 1,000 non-refreshing standard credits and a 2,500 one-time bonus. Practices can sponsor a target balance from their own pool, or clients can subscribe independently while remaining connected.
What is AI accounting software?
Accounting software that does the work rather than waiting for data entry: it codes bank lines and VAT, reconciles the bank, reads invoices, analyses the ledger and prepares year-end working papers, then hands each result to a person to review. That is accounting automation with the judgement left where it belongs. In ReconcileIQ, CodeIQ does the coding, Bank Reconciler the reconciliation, LedgerIQ the analysis, PrepIQ the year-end and IQ Books holds the ledger. Our
guide to AI for accountants goes through it task by task.
Is there an AI accountant in the UK?
There is AI that does a large share of an accountant's processing work, and ReconcileIQ is built for the UK: it codes bank lines with UK VAT treatment, reconciles the bank, analyses the ledger, prepares year-end working papers for the UK and Ireland, and files MTD VAT returns and Income Tax quarterly updates from IQ Books, which is on HMRC's list of software for Making Tax Digital for Income Tax. What it is not is a regulated accountant: it does not give tax advice or sign accounts, and every result is reviewed by a person, you or your accountant.
Can ChatGPT do accounting?
It can explain accounting and tax, and help draft a letter or a formula. It cannot see your ledger, post entries, reconcile a bank or file a return on its own, and it will sometimes state a wrong figure confidently. ReconcileIQ puts AI inside the accounting itself: CodeIQ codes against each client's own history through an eight-phase pipeline, LedgerIQ calculates from the actual ledger, and PrepIQ ties every working paper back to the trial balance. Anything uncertain is flagged, not guessed.
What is the best AI for accounting?
It depends on the job, because AI accounting tools and accounting automation tools are specialised: some read documents, some code bank lines, some write the analysis. The best AI accounting software for a practice covers the tasks that take the hours and leaves a person in charge of each result. ReconcileIQ covers them on one subscription: CodeIQ codes and posts, Bank Reconciler reconciles, LedgerIQ analyses the ledger, PrepIQ prepares the year-end and IQ Books keeps the books, with RiQ reviewing anything uncertain.
How is AI used in accounting?
AI in accounting and finance is mostly accounting automation software applied one task at a time: coding bank lines and VAT, reconciling the bank, reading invoices and receipts, analysing the ledger and preparing year-end working papers, with a person reviewing each result before it is final. Our
guide to AI for accountants goes through it task by task.
Can I use one product without the others?
Practice plans include IQ Books, Bank Reconciler, CodeIQ, LedgerIQ and PrepIQ for the practice. Each connected client gets IQ Books, Bank Reconciler, CodeIQ and LedgerIQ, with one full IQ Books organisation; PrepIQ remains practice-only.
Which accounting platforms do you support?
OAuth posting to Xero, QuickBooks Online, Sage and Pandle. Bank Reconciler also connects to FreeAgent and YNAB; LedgerIQ reads any GL export.
What happens to my data?
Session data is purged when the session ends. Patterns are contributed only with your explicit consent, anonymised first.
How accurate is CodeIQ's coding?
About 95% of recurring merchants, and 80 to 85% of ones it hasn't seen before, are coded exactly as you would. Anything it isn't sure of waits for you, and your corrections are learned for the next run.
What counts as a "credit"?
1 per reconciled line, 2 per PDF-parsed transaction, 4 per fully-coded transaction, 1,000 per LedgerIQ analysis. The allowance refreshes each month and unused credits do not carry over; one-time bonus credits never expire.
Do you replace my bookkeeper or my software?
Neither. CodeIQ automates the repetitive work; people keep the judgement and advisory. It sits on top of your platform, not in place of it.
Will AI replace accountants?
It is replacing the keying, not the accountant. Coding, matching, reconciling and building schedules are now done by software in minutes, which moves an accountant's time to review, judgement, tax planning and advice, the work clients value most, so a practice can take on more clients without hiring.
What is PrepIQ, and which plans include it?
The year-end engine. RiQ prepares the full working-papers set (ETB, fixed assets, capital allowances, tax comp), cell-linked, nothing plugged. It reviews and flags like a senior; you sign it off. Live on Practice Essential and above. Each year-end job uses 5,000 credits with the default RiQ engine or 10,000 at maximum; Ask RiQ revisions use 1,250 or 2,500 credits.
Open PrepIQ →
Is there a free trial?
There's no time-limited trial. Instead you get a permanent free tier: no card, 1,000 one-off credits that do not refresh automatically, and nothing auto-converts. Upgrade whenever you're ready.
