E-conomic , the cloud based online accounting provider has increased turnover to £6.2m from £4.9m in the previous year. This has been driven by the rapid increase in customer growth which now stands at well over 34,000 putting the company well ahead of its target to reach 100,000 customers by 2013.
The increasing mobility of businesses facilitated by smartphones, ipads and netbooks has fuelled incredible interest in cloud based solutions. In fact recent research by Brocade and the Cloud Industry Forum found that 48 percent of European businesses are already actively deploying cloud architectures, with more than half of respondents citing business agility as the key driver.
“We’re getting 60 – 70 new customers a day and our growth is being driven both by major international accounting firms and SMEs”, says CEO Torben Frigaard Rasmussen. The adoption of our system by RSM Tenon for their outsourcing operations is a case in point. This also has a knock on effect as accounting firms will recommend us to their clients.”
The uptake of the system by SMEs during the recession has been a major factor: “The financial downturn actually helped us as we were able to demonstrate that SME businesses did not have to invest thousands of pounds in the purchase and customisation of an ERP system when they could rent it at a very low monthly cost instead- it just makes no economic sense to make that sort of investment when you can get access to continually developing software at a low monthly rate.”
The company says that ‘customers’ is an important distinction. “Other online accounting providers talk about users rather than customers,” says CEO Torben Frigaard Rasmussen. “As you can obviously have a multitude of users within one organisation, we fell that the number of customers gives a more accurate benchmark of success!”
Rasmussen says that further international expansion is now on the agenda: “We’re already present in a number of foreign markets including Sweden, Norway, Spain, France Germany and Poland and the system itself is used in over 50 countries. We are expecting big increases in uptake across all our key geographical markets his year.”
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