KashFlow has announced a new and strategic partnership with Absolute Accounting Software Ltd, founded by Tim Good formerly of PTP, that is set to have a major impact on the accountancy practice software sector. The announcement is perfectly timed to take advantage of incoming legislation that will require accounts to be submitted electronically using the iXBRL format.
The suite of products being offered by Absolute Accounting includes the Forbes range of tax and accounting software that is integrated with KashFlow and provides iXBRL reporting.
The market for this kind of software has to date been dominated by the major players but this partnership gives accountants a real choice of integrated best-of-breed products that will allow them to derive benefit from the ‘cloud’ and the internet and to take advantage of a highly competitive pricing structure.
KashFlow has never been a company to shirk a challenge and this pairing with a leading tax expert has the makings of shaking up the practice software landscape, especially as accountants choosing this route are given the option of ‘tried and tested’ products that have an established track record and reputation for quality.
Absolute Accounting is at the forefront of iXBRL in the UK with its software already recognised by HMRC and fully compliant for filings with HMRC and Companies House.
Tim notes “The introduction of mandatory iXBRL filing for company tax returns from April 2011 will be as big a challenge for software houses as was the introduction of self assessment and online filing. My key objective in setting up Absolute is to provide accountants and tax advisers with the easiest software tools to meet this challenge. With KashFlow as the bookkeeping front end merging seamlessly with our iXBRL accounts preparation package Absolute Accounts which is fully integrated with our company tax return package Absolute Tax I believe that we are uniquely able to provide our customers with the most user friendly and price competitive software for their own and for their clients’ businesses.”
Duane Jackson, CEO and founder of KashFlow commented: “Accountants choosing to go the Absolute Accounting and KashFlow route are in a win-win situation. The integration between the software means that accountants can view their clients’ financial situation at a time that suits them and provide the level of pro-active advice that small businesses increasingly expect from their accountants. Tim has an excellent reputation in the industry. He understands what the profession wants and this joint venture is set to win significant new business at the expense of the larger software houses that are showing signs of pricing themselves out of the small to medium sized market.”
Both Absolute Accounting and KashFlow are committed to delivering the most functional and easy to use technologically advanced software.
KashFlow secured two Software Satisfaction Awards in 2009 winning the small business accounting software package of 2009 and also the web-hosted accounting software package of the year. Its highly functional online accounts software is fast becoming the system accountants are most likely to recommend to their small business clients due to its ease of use and reliability. The KashFlow partner programme now has over 250 members; an increase of more than 530% since January 2008.