idu-Concept

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What is Idu-Concept?

Idu-concept is a financial management software that can help businesses gain control of their finances successfully. It is a financial reporting, forecasting, and budgeting system for small, medium, and large enterprises across a variety of sectors. The financial reporting software also helps companies track their spending, manage their equipment and assets among other things. As per the last consensus, the company prides itself on having 340 customers and 33,500 users.

The aim of idu-Concept’s Financial Reporting module is to enhance visibility and provide complete access to regularly updated and accurate data. Its efficient Revenue Reporting module also allows users to analyze revenue data in real-time and share inputs. The financial reporting tool predicts risk, calculates anticipated outcomes, and reports on past numbers.

Based on the preference and requirements of businesses, idu-Concept can be deployed in the cloud or installed on a local server. Users can pay a monthly subscription, or purchase the software outright. The popular financial tool’s functionality includes automated and customizable alerts that notify users every time new information is uploaded to the database. It also alerts users when a particular data set needs attention.

Vendor Details:

  • Company: IDU Holdings
  • Website: www.idusoft.com
  • Founded in 1997
  • Founders: Kevin Phillips, James Smith, and Wayne Claassen
  • Cape Town, South Africa

Key Metrics of idu-Concept

idu-Concept is considered one of the best and innovative financial management solutions in the market today. With this finance software, users can bid goodbye to error-ridden and complicated spreadsheets and say hello to fast and streamlined corporate performance management. Inefficient reporting and budgeting are some of the biggest concerns of any organization, big or small and idu-Concept is the answer for cutting-edge financial management solutions.

One of the key metrics of idu-Concept is that it integrates easily with ERP software, but unlike other offerings, the software can be implemented quickly and requires little to no ongoing consulting fees. Additionally, it reduces the budgeting cycles from months to weeks!  The parent company IDU prides itself on having a growing global network of partners and offices that are ready to deliver simple yet smart budgeting, forecasting, and reporting solutions for businesses.

Here are ten of idu-Concept’s key metrics:

  1. Budgeting and Forecasting

  • Financial Budgeting Module
  • Revenue Budgeting Module
  1. Reporting

  • Financial Reporting Module
  • Revenue Reporting Module
  1. Asset Management

  2. Cloud Financials

  • Bring Your Own Licence to the Cloud (BYOL)
  1. Functional Features

  • Multiple views of data
  • Interfaces with all common ERPs
  • Online real-time aggregation of multiple structures
  1. Budget Creation:

  • Data Import
  • Budget Hierarchies
  • Versioning
  • What-If
  • Formulae
  • Budget Periods
  1. Budget Periods:

  • Forecasting
  • Planning
  • Budgeting
  1. Budget Management:

  • Consolidation
  • Workflows
  • Adjustments
  1. Data Analysis:

  • Reporting Templates
  • Data Visualization
  • Custom Reporting
  • Variance Analysis
  • Forecasts Comparison
  • Forward-Looking
  • Scorecards
  1. Forecasting:

  • Reforecast
  • Historical Data
  • Forecast Types
  • Rolling Forecast
  • Real-Time Data Updates
  • Collaboration

Uses/ Applications

  • Forecasting
  • Budgeting
  • Reporting Templates
  • Custom Reporting
  • Data Analysis
  • Data Visualization
  • Electronic Payments
  • Expense Tracking
  • Invoice Management
  • Invoice Processing
  • Accounting Integration
  • Accounting Management
  • Auditing
  • Billing & Invoicing
  • Data Import and Export
  • Third-Party Integration

Features

  • Multiple user-specific screen layouts
  • Scheduled reporting
  • Business Reporting & Statistics
  • Revenue budgeting
  • Point-and-click interface
  • Automated data capture
  • Budget capture
  • Support for multiple budget types
  • Microsoft Excel integration
  • Customer cloning
  • Graphical data display
  • Custom reports
  • Asset management
  • Asset locations
  • Email notifications
  • Email Alerts
  • Asset transfers & disposals
  • Assets Disposal Management
  • Financial budgeting
  • Consolidation / Roll-Up
  • Dashboard Creation
  • Data Visualization
  • Financial Analysis
  • Income Statements
  • Multi-Currency
  • Planning Tools
  • Multiple cost centre hierarchies
  • Periodic asset verifications
  • Asset reconciliation
  • Business Projections
  • Corporate Performance Management
  • “What If” Scenarios
  • Ad hoc Analysis
  • Ad hoc Reporting
  • Balance Sheet
  • Collaborative Forecasting

Idu-concept Pricing

1. Starting from: $50.00/ user/ month
Pricing model: Subscription

Light, Standard & Enterprise editions available.
Contact info@idusoft.com for a competitive quote.


Pros and cons

idu-Concept is one of the fastest-growing and widely used financial reporting software worldwide. Listed below are some of the tool’s prominent benefits and drawbacks.

PROS:
  • Simple secure software solutions
  • Efficient and up to date  
  • Easy to use and manage software
  • Useful to keep track of assets
  • Budgeting and reporting in the cloud
  • Integrates easily with ERP software
  • Import functionality
  • Quick to deploy and implement
  • Requires little or no ongoing consulting fees
  • Reduces budgeting cycles from months to weeks
  • Clear and concise reports
  • Intuitive capture screens
  • Detailed dashboard
  • Tight user security
  • Online real-time aggregation of multiple structures

CONS:
  • Costly add-ons
  • Detail of the budget break out per line item does not export
  • Only totals are exported
  • The admin module is not easy to use
  • Some IDU standard reports are not very user-friendly
  • Standard functionalities require tweaking
  • Less excel functionality
  • Dynamic reallocation issues at times


Idu-concept Integration

One of the biggest benefits of idu-Concept is that the parent company IDU is a Gold Certified Partner. This means that the financial tool features the latest Microsoft platforms, technologies, and frameworks. Hence, users can rest assured of being guaranteed an intuitive solution that functions seamlessly with any organization’s IT infrastructure.  idu-Concept is wholly integrated, highly efficient business software for all kinds of corporate financial management needs. It integrates with leading applications such as Sage, QuickBooks, Microsoft Dynamics AX, and Microsoft Dynamics GP.


Specification

Supported Devices

  • iPhone/iPad
  • Mac
  • Web-based
  • Windows
  • Linux
  • Android

Language Support

  • English

Pricing Model

  • Quote-based

Customer Types

  • Medium  Enterprises
  • Large Corporations

Deployment

  • Cloud Hosted

Idu-concept Support

  • Email
  • Phone support
  • Training
  • Tickets
  • Online

Click here to request a demo, get a quote, or learn more about idu-Concept.


Awards/ Accolades/ Certifications

  • Microsoft Gold Certified Partner
  • 2018 Great User Experience Award: Finances Online
  • Most widely deployed and dedicated budgeting system in South Africa
  • Recognized by Gartner as one of the top 25 Corporate Planning Applications in the Gartner market guide
  • 2018 Rising Star Award: Finances Online

Idu-Concept Competitors

Here are some Idu-Concept alternatives Toolsmetric recommend you to see before opting this software for your business :


Top idu-Concept Alternatives

  • Zoho Books

Zoho Books is one of the best financial reporting software available in the market. It is a popular online accounting platform that allows businesses to manage money and cash flows. Additionally, users can manage customers, raise and track invoices, and keep expenses in check. The software is specifically designed for small businesses for handling their finances and remain on the top of their money managing operations.

  • QuickBooks

Intuit’s QuickBooks Online is arguably considered one of the best small business accounting software currently available on the market. Not only does it have both accounts receivable and payable features, but it can also track inventory and projects, making it a ‘must-have’ financial reporting tool for businesses across all sectors. Users can avail its excellent features for tracking expenses, bank reconciliation, monitoring financial reports, and drafting invoices among other uses.

  • Hubdoc

Hubdoc is an online cloud-based service and mobile app. It is used for digitizing financial documentation. The software is designed to alleviate data entry for busy business owners and bookkeepers. Hubdoc financial reporting software captures, processes, and syncs precious information between leading accounting applications. All you have to do is simply snap paper invoices, bills, or receipts using a smartphone or tablet camera.

  • FloQast

FloQast is a financial management software that was created by accountants for accountants in order to close faster and more accurately. Equipped with a number of advanced and essential features and tools, this software is ideal for all types of businesses. It is a cloud-based accounting solution that has been designed specifically for financial account managers,  financial officers, and accountants. The FloQast close management software allows users to manage information that is related to client data, accounting processes, reconciliations, and documents. The solution helps users to automate as well as track the reconciliation progress through a status dashboard.


Conclusion

In conclusion, idu-Concept offers a wide range of budgeting, forecasting, and reporting tools that are commonly used in medium and large organizations. The financial reporting tool offers efficient and effective solutions to solve problems such as slow turnaround times, transparency, accountability, and inflexible reporting.

The wholly integrated platform is a cost-effective business software solution to serve all corporate financial management needs. Besides quick implementation, idu-Concept charges nearly negligible consulting fees and greatly reduces budgeting cycles.


Free Trial
Supported Devices
Windows
Linux
Android
iPhone/iPad
Mac
Web-based
Deployment
Cloud Hosted
Cloud, SaaS, Web
Mobile – Android Native
Mobile – iOS Native
On Premise
Open API
Language Support
English
Hindi
Spanish
French
Russian
Italian
Dutch
Danish
Polish
Turkish
Swedish
Pricing Model
Monthly payment
Annual Subscription
Quote-based
Training
Documentation
Webinars
In Person
Live Online
Customer Types
Small Business
Medium Enterprises
Large Corporations
Freelancers
Support
Online
Business Hours
24/7 (Live Rep)
Features
Email Marketing
Landing Pages
Marketing Automation
Webinars
CRM
Autoresponders
Integration
Integration: idu was created by accountants and financial systems specialists to deliver smart software solutions for budgeting and financial reporting across all standard ERP and financial systems.
8.5 Total Score
1 reviews
"Receiving figures and consolidations in real time means cost centre managers spend more time looking at numbers that are relevant, and less time trying to manage the process and consolidate figures. The application is simple and easy to use, even for non-financially astute users." - Senior Financial Manager, Old Mutual

Idu Concept has helped make reporting, budgeting, and forecasting for my business very easy, almost like an administrative dream. I highly recommend this software for all types of business, big or small.

8.5Expert Score
Design
8
Usability
7.5
Support
8
Price
10
8.7User's score
Design
8
Usability
9
Support
9
Price
9
PROS
  • The best part of this software is that is easy to use and understand for non-financial users. It also is effective when it comes to adaptability and customizing system to suit a business for day to day activities. I also really like the feedback and assistance from the Helpdesk and the consultants are always very effective.
CONS
  • That I cannot see 'back-end' rules to make sure it is in line with my expectations. IDU is a very fiscal set restricted (causing duplication of work & errors to occur). Structures are also very specific, again duplication of work (would be nice to have a 'main' set up where all structures feed from).
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