Count this as another strike for Software-as-a-Service applications.
Well-known accounting software services provider, Intuit Inc., announced a global rollout of its popular desktop accounting software – Quickbooks. The new software, which has been rechristened QuickBooks Online, enables Intuit to provide its software across the world as a SaaS offering. It has already gained much-needed traction amongst small businesses. According to the company, the software is already used by about 360,000 small businesses in 130 countries in its beta release.
In case you are wondering about the rapid adoption rate, there is a reason behind it. QuickBook Online is highly localized. This means that it is customized with sales tax rates, accounting details and rates for each geographic region and country of its sale. “Highly customizable content makes QuickBooks Online local everywhere, helping the world’s small businesses and accountants quickly set up and running their business anywhere in the world,” stated Dan Wernikoff, senior vice president of Intuit’s Financial Management Division. Wernikoff touts several benefits for small businesses from the company’s initiative.
There Are Several Benefits To Investing In Global Accounting Solutions. Here Are Three Of Them:
- Faster set up time: Because it is a SaaS-based application, you do not need to invest in expensive IT infrastructure or integration technology before subscribing to the application. This means you can be up and running in less than a day. What’s more, the application acts as a centralized repository of tax-related information for all your accounting needs. Besides this, the application automates common finance tasks such as invoice creation, managing sales tax, and organizing sales tax.
- Standardize business across the globe: Although this is not mentioned as a direct benefit by Wernikoff, I think it is an especially valuable benefit for small businesses that import or export or have operations in multiple countries. Because of its global presence and understanding of local taxation, investment in a glocal (global + local) brand will enable you to understand your accounting operations better.
- Generate in-depth business insight: Because of the breadth of its features, global accounting solutions enable small businesses to generate useful in-depth business across multiple geographies. Thus, you can superimpose the micro across the macro and understand business trends against industry trends.