Ledger puts accountants on same page

Lightening Lab Demo Day. Team Common Ledger. Left to right from top, Drew Broadley, Vince Warnock, Brendan Wu, and ...

Lightening Lab Demo Day. Team Common Ledger. Left to right from top, Drew Broadley, Vince Warnock, Brendan Wu, and Carlos Chambers, bottom.

A Wellington company is finding common ground with accountants across the country this week as it launches its "first software of its kind" product.

In June, Common Ledger raised $530,000 after completing this year's Lightning Lab digital startup accelerator programme.

It was one of 10 firms selected for the intense, three-month programme, which puts up $18,000 funding for an 8 per cent share in each of the companies.

Now, the company is taking a roadshow to Auckland, Wellington, Dunedin and Christchurch over two weeks to showcase its new product.

More than 50 firms have signed up to attend the events, with representatives from Deloitte, PwC, EY and BDO all at Wellington's event yesterday.

Common Ledger's ultimate aim is to standardise accounting data - helping accountants deal with a multitude of clients who each used different accounting systems.

Transactional data is pulled from client-side accounting software such as MYOB or Xero and moved into an application which transforms and puts it into the format required by an accountant's software.

Many accountants have to do this job manually.

Common Ledger chief executive Vince Warnock said the roadshow was a chance to connect with accountants and share its lessons.

Common Ledger has been building its software with input from 10 accounting firms in Australia and New Zealand since having fully subscribed in its investor round after the Lightning Lab.

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It had spent a year researching what the accounting industry wanted and needed, Warnock said.

"We've had huge enthusiasm in Australasia, which illustrates the scale of the problem Common Ledger solves.

"Our sales pipeline is full of small and medium-sized Australasian firms."

The company has six staff but has added two external directors, Forbes Magazine writer and commentator Ben Kepes and Woodward Partners co-founder Nick Lewis.

Warnock said there was a "plethora" of accounting desktop and cloud technologies, which meant it took longer and cost more to produce financial statements.

This also meant the company's solution could be easily replicated in other markets, although it would initially launch in Australia and New Zealand.

"We know the pain for accountants in Australasia is the same outside that region and we aim to take our learnings into other markets in the next couple of years.

 - The Dominion Post


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