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

 

Auckland Port To Recapture Gas: Union Calls On Ports To Stop Spewing Methyl Bromide

The Maritime Union of New Zealand welcomes the decision by Ports of Auckland to stop releasing methyl bromide emissions into the air. The move to fully recapture the toxic gas after fumigation sets a new benchmark for industry best practice. More>>

ALSO:

Retail: Banks Shoes Calls In Receiver

Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More>>

ALSO:

NZ's Space Programme: Rocket Lab Makes It To Space (But Not Orbit)

Electron lifted-off at 16:20 NZST from Rocket Lab Launch Complex 1 on the Mahia Peninsula in New Zealand. It was the first orbital-class rocket launched from from a private launch site in the world. More>>

ALSO:

Earlier:

Budget: Irrigate (Good Times, Come On!)

Additional grant funding of $26.7 million over the next three years plus a capital boost of $63 million towards irrigation investments in Budget 2017 will deliver economic and environmental benefits through better use of water... More>>

ALSO:

Silver Fern Farms: Proposal To Close Fairton Sheepmeat Plant

Silver Fern Farms has advised its people of the proposal to permanently close the site, and has discussed potential transfer options to its other sites in the region as part of the consultation process...
More>>

ALSO: