Cloud vendors raise capital to boost products

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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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Rachael Power
Community Correspondent
Sift Media
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30th Oct 2013 11:43

funding

 

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.

 

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By JC
01st Nov 2013 12:30

Interesting statement in ClearBooks share offer ....

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 securityIs it appropriate to rely upon ICAEW accreditation in this mannerWhat 'white hat' testing has been done by ICAEW (i.e. SQL injection etc.) to check for known issues in certain areasHow 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
 

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By keithas
01st Nov 2013 14:27

Agree with abelljms, but even worse

"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.

 

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