Free online software accounting services

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Toronto-based Wave Accounting thinks it can run a profitable business without charging customers a cent for its full-range of online software accounting services.

Friday’s announcement of the $5 million in Series A financing round, led by Charles River Ventures (CRV), with the participation of OMERS Ventures, is definitely a hopeful sign for the Canadian startup. This round comes on top of a $750,000 in funding obtained from the Federal Economic Development Agency for Southern Ontario in September.

Wave offers its services at no cost to its customers, so how does it monetize its services? It generates revenue by offering sophisticated, ultra-targeted advertising and group-buying opportunities.

Once the customer is logged into its Wave account, a screen labelled Business Savings is featured. This featured page offers at discounted prices services from other companies. The customer is asked to choose from a range of paying services,  ranging from business cards, Web hosting, to credit card processing services and more, at a discounted price.  If the customer chooses to take advantage of any of these opportunities, Wave Accounting gets paid a percentage or call it a commission, by the supplier.

Advertising partners who have signed up to date include giants, such as American Express, Dell and Grand & Toy, among several dozen.

With no shortage of online accounting software on the market right now, from QuickBooks Online Accounting Software to Sage Peachtree, all offering free basic package, or free trial to its customers, can a business survive a free business model? Kirk Simpson, President and CEO, believes that they can.

via Wave Accounting raises $5 Million

Good accounting improves business competitiveness

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The managing director of Swiss bank, UBS,  is in trouble. The board wants to fire him for allowing over US$2 billion to be lost through the hands of  rogue trader Kweku Abodoli. One of the largest financial institutions in the world, UBS’s financial control systems failed to detect fraudulent activities and suffered a huge loss as a result.

I asked a number of small business owners if they knew how much money they were making each year. Frighteningly, the majority did not know exactly. As long as there was cash in the bank, they did not bother themselves with much else as regards the financials of the company. So if an employee finds a way of defrauding them, they would have no way of detecting it.

Lack of accounting and financial control systems is a big problem among SMEs. They cannot measure their success, growth and efficiency. With no budgets and cash flow management systems, business decisions are made in the dark and on an ad-hoc basis. An accounting system helps in managing finances, maximising returns on investments while improving the competitiveness of businesses.

Your accounting system should provide an accurate picture of your business and how it is performing. Setting up a good accounting system and understanding the numbers produced can make a major difference in how your business fares in the long run. The financial statements produced from your accounting system will help you in several ways.


A good accounting system should tell you how much money you are making in terms of total sales, the cost of the goods sold, expenses and net profit. Success in business is measured in financial terms. The financial results at the end of a period will reflect how successful the business was in the given period. Comparing the financial results over time will show if the company is growing and improving in efficiency.

via SME Chat:Good accounting improves business competitiveness.

M3 Hotel Accounting

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Proven leader to guide M3’s sales force.

Gainesville, GA (PRWEB) September 14, 2011

M3 Hotel Accounting announced that Scott Watson has joined the Gainesville-based hotel accounting software company as the Vice President of Sales. This newly created position will help to guide M3’s sales force as it grows and expands in the industry.

Scott has over twenty-six years of sales and sales management experience in the financial software industry. Scott joins M3 from Reich & Tang, a division of Natixis Global Asset Management. As National Sales Manager, he effectively led a sales team that successfully entered new markets, deployed new products and dramatically increased market share. Scott holds a Bachelor of Science degree in Business Administration from the University of Arkansas, Fayetteville.

In his new role, Scott Watson will lead the expansion of the M3 product line. His sales team includes M3 veterans Steve Pappas and consultant Rick Frommer, as well as newly acquired hospitality industry veteran Brad Hoover. The team will work together to support M3’s existing product line of hotel accounting softwares, such as AccKnowledge and M3 Link, as well as products like payroll services, document imaging and new offerings scheduled to launch in 2012.

“To be invited to become a member of the M3 team at this time in their life cycle is exciting,” shared Watson. “We look forward to developing our sales team as the company continues to buck the national trend by expanding, growing and hiring.”

“The hiring of Scott Watson marks a turning point for our company,” explained Allen Read, Chief Operating Officer/President of M3 Hotel Accounting. “Scott’s leadership and sales strategy expertise will enable M3 to expand our services and offerings on a much larger scale, with the opportunity to reach customers across North America and even further as we continue to grow.”

As the industry leader in hotel specific accounting software, M3 Hotel Accounting processes over $8 billion in financial transactions annually. The company was founded in Gainesville, Georgia in 1998, and currently provides internet-based accounting and payroll services to over 2,700 hotels across the country, with annualized revenue growth of 25% over the last 10 years.

Scott Watson can be reached at 770.297.1925, Ext. 571, or by e-mail at scott(at)m3as(dot)com.

via Scott Watson Joins M3 Hotel Accounting as Vice President of Sales.