Speak to anyone on the street today and they will be able to tell you that today’s business environment has undergone a massive, if not yet total transformation from 10 to 20 years ago. Disruptive innovation and business models from startups have changed the face of many industries as we know them. From travel to transport, brick and mortar retail to eCommerce and finance. This is well and truly the Age of Disruption. Yet with all the transformative and disruptive change in the business world, certain industries and business practices take longer to adapt.
Take the accounting industry, for example. The practice of accounting has remained relatively unchanged in its practice. There are some possible reasons for this lack of progress. The perception amongst accounting firms that:
- Traditional accounting services tend to provide better, more stable profits, and developing transformative in-house technology might be a stretch too risky.
- There is little incentive to innovate because there are few alternatives that can act as a substitute for traditional accounting services. This means startups and SMEs tend to lose out as accounting services can be costly for their tighter wallets.
Recently, companies and businesses started taking technology and automation for their accounting processes more seriously. This generates demand and impetus to the accounting industry for change.
A desire to transform accounting
Innovating in the accounting field has traditionally been difficult, thus, transformation to the accounting industry has to come from an innate desire to want to transform accounting services for startups and SMEs. It has to be borne of a genuine desire to help startups, entrepreneurs get on their feet.
The President of the Americas at Xero, one of the world’s leading cloud accounting softwares, Russ Fujioka, agrees we could be in for a change in the near future. “I believe in the next 12 months the accounting industry and accounting firms are going to need to innovate and go on that step change or they’re going to turn around and, like many industries, that part of their business will be gone,” he said. We might just be witnessing the start of a real, sustained change in the accounting industry.
We at Eazy are proud to say that in partnering with Xero, we’re taking on the responsibility of carrying the banner and leading the way for cloud accounting services to be democratised and made truly accessible in Singapore.
Our commitment to Startups and SMEs in Singapore
The proposition is easy enough to understand. We provide a Xero-based subscription service starting at an affordable price of S$149 a month, with customisable features that can be added on according to your business needs. Included in the package is the Xero subscription worth between USD20 to USD40 a month, and a Xero Certified Advisor.
The Advisor helps you optimize how you use Xero as well as to assist you with your accounting questions. A recent study by Xero revealed that when their subscribers were connected to an accountant they saw net profits grow by 23% faster than those without a connection. Another important role the Advisor plays is to help you plan your cash on a quarterly basis. This is key, as running out of cash is one of the top killers of small businesses today.
We believe our Eazy Lite package is the most ground-breaking and competitive in the market. It’s our way of showing that we are committed to productivity and incubation support for startups and SMEs alike.
Here at the Eazy team, we see ourselves as partners and enablers. We recognize what Xero is doing by changing the game with its cloud accounting software. Our mission is to bring this to Singapore and bea key facilitator for startups and SMEs cloud accounting transformation. We invite our fellow industry peers to champion the same cause and making cloud accounting combined with professional advice affordable.
For more information about our Eazy Team, please visit here.