Online accounting review: Twinfield
Now part of the Wolters Kluwer empire, Dutch-developed Twinfield is a well established Cloud accounting program that caters for the mid-size and larger organisations. Nigel Harris takes a closer look.
Twinfield was founded in 2000 by a team of ex-CODA developers who had been working within the company on an online version since 1998. Rather than trying to adapt CODA to work as a true software as a service (SaaS product), they set about building Twinfield from scratch.
Now in its sixth major version, more than 80,000 financial accounts are compiled using Twinfield in 22 countries. The company was acquired by Wolters Kluwer Tax and Accounting Europe earlier this year and will be helping its parent company to bring its core UK accounting products online in future. The company has focused on the Dutch market until this year but has now focused resources on delivering a comprehensive UK service and marketing it to the accountancy profession.
Twinfield is focusing in the UK on offering an online solution, at a level above entry-level solutions such as Xero and KashFlow, to clients of accountancy practices. Under the bonnet is a hugely powerful system capable of handling the needs of the largest organisations – the largest user has some 1,000 users accessing the system from many sales offices across Europe. The company does not offer a bespoke service to its larger customers; all have access to a single solution with the same features.
Twinfield is not cheap: the top Complete subscription costs £52 per month and a charge is made for each user, although this is completely flexible as it is based on the number of users set up each month. Not cheap compared with other online SME solutions perhaps, but very competitive when compared with the cost of rolling out and maintaining an in-house ERP system across multiple sites and countries.