3rd Mar 2014
e-conomic attained a record influx of customers in 2012
e-conomic, who offer online accounting software to small and medium-sized enterprises, attained a record influx of customers in 2012.
Figures for 2012 show that 23,000 businesses chose to use e-conomic's online services. This means that e-conomic currently has just over 80,000 business customers, making it one of Europe's leading suppliers of online accounting and invoicing software.
The record influx is a big step towards the target of 100,000 customers by the end of 2013. And according to a recent IDC report, many more businesses will be turning to Cloud Computing in coming years.
More and more people see the advantages of online accounting
Fixed, low-rate monthly subscriptions, no start-up fees for installation, online access from all locations and free support – these are some of the advantages of online accounting and invoicing for the 80,000 small and medium-sized enterprises that currently use the e-conomic accounting software and the new online invoicing service Debitoor.
According to e-conomic's CEO Torben Frigaard Rasmussen, accountants have contributed to the success of the accounting software.
"More than 35 percent of companies using e-conomic do so via bookkeepers and auditing companies. Many auditing companies build a clear business concept around e-conomic. e-conomic allows accountants to rationalise and improve efficiency in their business processes, an advantage which is being utilised by more and more companies," explains Torben Frigaard Rasmussen.
Accountants forced to embrace changes
The majority of the companies that currently use online accounting software are smaller businesses. According to IDC analyst Bo Lykkegaard, accountants who focus on smaller companies are being forced to embrace and integrate the changes that are on the horizon.
"The rich potential of online accounting software means that accountants are able to standardise their processes and utilise new automation possibilities while they focus on providing advice instead. This ensures a closer and longer lasting relationship with their customers," says Bo Lykkegaard.
Large companies are also entrusting their bookkeeping to Cloud
A survey of 700 medium-sized and large companies in Europe has shown that 55 percent of companies use, plan to use or are considering using Cloud-based administrative applications in the future.
"The vast majority of the larger companies in Europe have locally installed applications, but the easily accessible and financially advantageous online programs are on the radar for more than half of such large companies.
As online programs develop over a period of 5-10 years, we are set to see a clear increase in demand among larger companies. They will undoubtedly have to make compromises in comparison to the expensive, permanently installed solutions, but instead they will get financially advantageous solutions that are always up to date," says Bo Lykkegaard, analyst at IDC.
Subscription-based business model
e-conomic uses a subscription-based business model in which a company pays USD 33 per user per month for access to all basic functions. The e-conomic solution has been translated and adapted for use in nine countries – but currently has users in more than 50 countries.
e-conomic also owns and operates the online invoicing service Debitoor, which is in use in more than 20 countries. The company is headquartered in Copenhagen and has more than 100 employees.
Torben Frigaard Rasmussen, CEO of e-conomic, Tel: +45 26 16 33 90
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