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"Accounting Made Easy" - Common Ledger

"Accounting Made Easy" - Common Ledger

For Immediate Release, May 28, 2014

Simplifying the accounting process and allowing accountants to focus on adding real value to their clients is the mission of Wellington­based software business Common Ledger.

Tackling the problem of an increasing rate of accounting packages, with its software by the same name, Common Ledger provides accountants and bookkeepers a single consistent process for all clients, regardless of the software, or tools of choice.

CEO Vince Warnock describes Common Ledger as an agnostic platform that allows an accountant to take data from clients’ multiple sources such as Xero, MYOB and QuickBooks, and translate it into a common set of data, which is then exported into the accountants’ tool.

Warnock, “We remove some of the manual processes involved ­ think of it as a translation service. Imagine in the United Nations, where there are many different languages – you put your earpiece in and you can hear the language that you want to hear.”

With Common Ledger, manual work translating accounting data, which in the past took up to two hours per client ledger annually, is replaced with a few clicks of a button ­ taking as little as two minutes to complete digitally.
Accountants can access previously unobtainable clients who use unfamiliar accounting software.

While saving accountants time and increasing business are important, Common Ledger also has bigger ideas around providing immediate access to financial information.

Brendan Wu (CFO of Common Ledger and Chartered Accountant), “Accountants have traditionally been backwards looking and compliance­focussed. We allow them to be forwards looking and to focus on the real value­add work, advising clients”

Serial entrepreneur, co­founder and Emerging Innovator of the Year 2012 Drew Broadley developed the product after he and Warnock, an international marketing expert, consulted with a number of accountants to find out exactly what the pain was.

Along with co­founders Brendan Wu and Carlos Chambers, the company has already seen early success with pre­launch commitments from small and medium accounting firms, product trials from some of the largest accounting firms in the country and a marketing and distribution artnership with a US based accounting software company.

To accelerate further growth Common Ledger has participated in digital business accelerator program Lightning Lab, over the past three months.

Concluding with Demo Day this week, Common Ledger is poised to target accounting firms around the world, strengthen and expand strategic partnerships and secure licensing deals ­ starting from home.

“Initially, our focus is definitely on the significant Australasian market, from there we’re looking further afield at the UK and Canada”, says Warnock.

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