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03 May 2011
SUBSCRIBER NUMBERS grew by more than 10,000 in a year at internet-based accountancy software provider Twinfield.
The online IT company's subscribers increased 30% to more than 40,000 for the year ended 31 December compared to the same period last year.
Further reading
Bert van der Zwan, CEO at Twinfield, said: "Organisations recognise that successful business now demands regular updates and financial advice, supported by real-time information on cash flow management and forecasting; this is where the Twinfield online accounting system can really add value.
"In addition, Twinfield enables accountancy practices to transform their service provision and evolve from the role of annual auditor undertaking a necessary but uninspiring task to a true financial consultant with the expertise and experience to deliver quantifiable corporate value."
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment
Growth of online accounting
Twinfield's growth is encouraging for all advocates of the cloud. In fact our own online accounting system, E-conomic has also had impressive results for the year ending 31/12/2010. We have reported a 25% increase in turnover to £6.2m from £4.9m in the previous year. This has been driven by the rapid increase in customer growth which now stands at well over 34,000 putting the company well ahead of its target to reach 100,000 customers by 2013. This is up from around 23000 in the same period last year. We feel that 'customers’ is an important distinction. Someonline accounting providers talk about users rather than customers. As you can obviously have a multitude of users within one organisation, we fell that the number of customers gives a more accurate benchmark of success
The increasing mobility of businesses facilitated by smartphones, ipads and netbooks has fuelled incredible interest in cloud based solutions.We’re getting 60 – 70 new customers a day and our growth is being driven both by major international accounting firms and SMEs. The adoption of our system by RSM Tenon for their outsourcing operations is a case in point. This also has a knock on effect as accounting firms will recommend us to their clients.
The uptake of the system by SMEs during the recession has been a major factor: The financial downturn actually helped us as we were able to demonstrate that SME businesses did not have to invest thousands of pounds in the purchase and customisation of an ERP system when they could rent it at a very low monthly cost instead- it just makes no economic sense to make that sort of investment when you can get access to continually developing software at a low monthly rate.
Further international expansion is now on the agenda: We’re already present in a number of foreign markets including Sweden, Norway, Spain, France Germany and Poland and the system itself is used in over 50 countries. We are expecting big increases in uptake across all our key geographical markets this year.
Posted by: anders bjornsbo, 03 May 2011 | 17:43