Cloud vendors raise capital to boost products

With cloud adoption among accountants on the rise, online software vendors are busy raising funds to improve and launch their solutions.

Some are even taking a break from the traditional approach to raising finance and opting for alternatives such as crowd funding and seeking private investors.

Larger firms Sage and Intuit are...

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abelljms's picture

funding    1 thanks

abelljms | | Permalink

 

the under-lying BIG issue for Smalltwat Co. Ltd is that lenders only lend against hard assets, primarily property or large machinery that is immovable like a heidelberg press etc.

 

Unfortunately banks lie to aspiring borrowers ....."oh thank you for your enquiry, please pop in with a full business plan" [costing £giga] " and we will talk through your requirements".......

aaaand then say "**** off not interested as you don't have a massive property to pledge."

 

they should a] tell truth upfront

b] come up with a way of lending safely to assetless companies.

 

i know how to do it, but i'm charging whoever wants the secret.

 

PS. i 'm looking for £100m to set up a bank, (un-secured) loans welcome for the cause.

 

Interesting statement in ClearBooks share offer ....    2 thanks

JC | | Permalink

Page 3 – Risk Factors – Security & data

‘.. Loss or theft of data and other security risks could adversely affect the Company’s reputation and revenue. Such risks cannot be eliminated but the Company does its best to reduce them by ensuring its cloud accounting software has been accredited by the Institute of Chartered Accountants in England and Wales (‘ICAEW’) and the Institute of Certified Bookkeepers (‘ICB’). The Company currently has Professional Indemnity Insurance cover of up to £1,000,000 ..’

Questions/Issues

  • Does ICAEW accreditation adequately address the issues surrounding security
  • Is it appropriate to rely upon ICAEW accreditation in this manner
  • What 'white hat' testing has been done by ICAEW (i.e. SQL injection etc.) to check for known issues in certain areas
  • How can ICAEW accreditation reduce or identify the security risks identified

Rather confused about this statement especially as it forms a material part of addressing security issues in the share offer
 

keithas's picture

Agree with abelljms, but even worse    1 thanks

keithas | | Permalink

"the under-lying BIG issue for Smalltwat Co. Ltd is that lenders only lend against hard assets, primarily property or large machinery that is immovable like a heidelberg press etc."

Having been with Smalltwat Co. Ltd and refused lending from the bank for large machinery which would cut production costs by a huge amount whilst, at the same time, they were perfectly happy to finance luxury cars for the directors. The banks' criteria isn't what makes financial sense for the company but how easy it is to liquidate the assets.

If it wasn't so tragic, it would be laughable, given the state the banks are in due to cavalier lending.