Web-based accounting software company KashFlow (www.kashflow.co.uk) has confirmed it is ahead of its business growth schedule after reaching the 2,500 user milestone.
The company now has more than 2,400 paying SME customers using its software. 95% are UK-based businesses with the remaining 5% from throughout the world including Europe, UAE, Saudi Arabia, Canada, USA, South Africa, Singapore, Hong Kong and China.
In addition to the SME customers, KashFlow also has 120 accountancy practices that are paying members of its Partner Programme, including two of the UK's biggest accountancy franchises; Abacus and Tax Assist.
Duane Jackson, KashFlow founder and managing director, said,
“To reach so many monthly subscribers in such a short period of time is a magnificent achievement. We're very grateful to the thousands of users who have stuck with us, and recommended us, as KashFlow has evolved and grown into a market-leading product.”
KashFlow has been gradually building its customer base and continuously improving its software since it was started with the help of a Princes Trust loan four years ago. It has since attracted praise from Bill Gates, Alistair Darling and Prince Charles.
In October 2008 KashFlow won the main Small Business Accounting Software category at the Software Satisfaction Awards, beating established off-line products like Sage 50 and Quickbooks. The awards are based on a survey of actual users rather than the verdict of a panel of experts. The same survey showed that 70% of the votes in the web-based accounting software category were cast by KashFlow customers.
The 2,500 milestone has been reached in the week that major new competitor Sage Live has taken its beta test site off-line amidst serious security concerns.
"I think they've done the right thing. Security is paramount for web-based applications. I hope Sage come back to the market later in the year with a more mature and more secure product. They need to get on board with SaaS or they'll continue to lose market share to us and other SaaS providers.
“Strong competition is healthy for us all. And the more quality products available in our sector, the more SMEs will realise web-based accounting software is the natural choice for their business.”
KA0011 2500 Milestone
Notes for Editors
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KashFlow launched its flagship product; an online tool specifically designed to help owner-managers in small businesses manage their accounts, in mid 2005. Since that time it has quickly won a significant share of the valuable accounting software market along with launching a new direct to accountant division in late 2006. In late 2007 KashFlow won a Business Software Satisfaction Award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite. The KashFlow accounting package is securely hosted online, requires no installation and can be trialled for free by visiting http://www.kashflow.co.uk . The site also displays examples of feedback from actual users. In 2007 KashFlow won a Sift Media award, judged entirely by customer feedback, for the category of web-based accounting beating the likes of Sage and Netsuite. KashFlow has received two rounds of venture capital funding from Lord Young of Graffham, former Secretary of State for Trade and Industry and ex Chairman of Cable and Wireless. Journalists can subscribe to a KashFlow press release and media announcement newsfeed by visiting the following link and clicking the RSS feed icon. http://www.kashflow.co.uk/pressroom.asp
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