Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


"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.
ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news