Blog

25
Sep

Bridging the gap between accounting and ERP technology

How three big industry players; KPMG Australia, Commonwealth Bank and Microsoft, partnered up to help bring enterprise technology to the forefront of small and medium-sized businesses… now that’s Wiise.

 

Keeping up with growing complexity

I’ve spent the last decade working with executives at global corporates and mid-sized enterprises as a strategy consultant. I know first-hand the advantages that large corporates can enjoy with access to a decent budget, focused expertise, breadth of experience, a top tier enterprise resource planning (ERP) software and technology infrastructure. These things help them to prosper and thrive.
Meanwhile, barriers to starting a business are lower than ever before. With solutions like Shopify to set up eCommerce and Squarespace to build a website, more people are becoming their own boss. And whether they’re a wholesale distributor, project-based business, manufacturer; or they’re dealing with inventory, forecasting, or payroll, these businesses are becoming diverse and sophisticated.
Irrespective of being new to market or established, businesses are facing an increasingly competitive landscape, and compliance and regulatory changes. The need to keep pace with technological change and be able to adapt quicker than ever is paramount.

An unfair advantage

In contrast to the larger end of town, I could see that the opportunity for growth at small and medium businesses, from all industries, was different. They’re at a disadvantage.
We know that small business owners are dealing with the same complexities and challenges as large corporates. But there are gaps. They’re managed by fewer people who need broader skill sets and perspectives. They can’t afford to hire specialists for everything they need to do. And they don’t have hundreds of thousands of dollars to spend on top tier ERP software.

The benefits of a strong partnership

Noticing that Australia’s small and middle market was woefully underserved from a technology and banking perspective, we identified a gap in the market. If we could help businesses by providing the tools and insights they needed, they could thrive and grow.
So, in 2017 KPMG Australia partnered with the Commonwealth Bank and Microsoft, bringing together deep industry expertise and accounting knowledge, banking know-how, and the latest technology. And in August 2018 we launched Wiise with a clear goal…

Level the playing field

We wanted to make it simple for Australian businesses to access business management technology. And we wanted to offer this solution at an affordable subscription price with a tonne of customisation that’s ready to go. Underpinned, of course, by the peace of mind that comes from a product developed by leaders in their fields.
So, we took the latest Microsoft platform and built on top of it to make it right for Australian businesses. Delivering an affordable business management solution for businesses whose needs had become too much for their existing systems.
We surveyed over 1,000 small and medium-sized businesses in Australia, and we started developing extra functionality that mattered to them. From integrated banking to make it easier for customers to pay, through to Single Touch Payroll integration and an industry-based Chart of Accounts developed by KPMG Accountants – Wiise helps businesses access the benefits of ERP functionality as well as the features found in accounting software today.

The Wiise difference

I get asked a lot about how Wiise compares with Xero or NetSuite. The fact is that Xero is great accounting software for micro and small businesses. But, as businesses grow, they add complexity and start facing more challenges. We bridge the gap between small business accounting software and enterprise grade ERP technology, and help businesses move to a solution that manages their growing needs.
So, Wiise isn’t accounting software. It’s a full business management solution that handles inventory, warehousing, assembly, projects, invoicing, payroll, manufacturing, CRM and more.
The differences between Wiise and other ERPs in the market come down to setup time and cost. And to the value we create through the ongoing development work we’re doing in Wiise, driven by the market, our customers and our collective experience across accounting, tax and advisory, technology and banking.

Join the Wiise conversation
We’ve levelled the playing field, but we’re not finished. We’re working on new features and tools to offer even better reporting, deeper insight, and smarter ways to do business. Connect with me on LinkedIn or visit wiise.com for more information.


By Jonathan Attia

Managing  Director of Wiise – Director at KPMG’s Global Fintech Finance