KPMG Australia, Commonwealth Bank (CBA) and Microsoft have banded together to launch a new cloud-based enterprise resource planning (ERP) player in the fintech sector targeting small and medium businesses (SMBs).
The standalone company, dubbed Wiise, officially launches in July and will be based at Stone & Chalk’s Sydney fintech hub, combining the business expertise and software development teams of the three partners.
ARN understands some of the inspiration for Wiise comes from Financials for Office 365 - a company that was set up separately by former Hands-on Systems CEO, John Munnelly. But it will be a very different product, one that has been rebuilt with the combined input from KPMG, CBA and Microsoft.
The Financials for Office 365 team will be folded into the Wiise team ahead of its July launch, a KPMG spokesperson said.
Specifically, it will offer small and medium-sized enterprises (SMEs), a cloud-based platform providing accounting, payroll, banking and operations including human resources, inventory and manufacturing. The product will come up against MYOB and Xero, which currently dominate this space in the A/NZ market.
The scalable cloud-based software can combine business management capabilities with online banking and payments, and can be integrated with other software, such as Microsoft Office 365.
It also integrates with CBA’s invoicing platform, CommBank Simplify, as well as banking data feeds - linking customers banking and accounting platforms together. Users can also enquire, and in some cases apply, for specialised business banking products directly through the platform.
According to KPMG Australia national managing partner of markets and growth, James Hunter, the idea for Wiise was sparked through its 2015 acquisition of Microsoft system integrator, Hands-On Systems.
“It opened our eyes to a gap in the market between existing cloud accounting software providers to SMEs and enterprise-scale ERP solutions. By collaborating with CBA and Microsoft, we have been able to develop a single platform at an affordable price to unite SMEs accounting, financial and business needs,” Hunter said.
Microsoft Australia managing director, Steven Worrall, added that Wiise brings together the strengths and expertise of CBA with banking; KPMG with business advisory and Microsoft with its technology platforms, helping businesses tackle the mounting complexity they face with a business management solution that can scale and grow as they do.
“As businesses mature, they experience the inevitable growing pains,” Worrall said. “The technology solutions that served them well when they first started out, are no longer fit for purpose and they just want a solution that makes their business simpler to run and faster to grow but without the complexity of deploying large, expensive ERP solutions.”
Wiise can be purchased directly or through partners, and will accessible to CBA NetBank and CommBiz customers.