By Mark Gubuan on May 2, 2012
Hey guys! Thanks again for coming by. Today I have a special interview to follow up my Wave Accounting Review I posted this week. As part of my research for the different accounting SAAS available to small businesses, I wanted to interview the key players in the field to get a good idea of who they are and what their SAAS can do. This interview helps provide perspective on whether or not the accounting profession is going away.
1) What is the story of Wave Accounting? What problem does it aim to solve?
Wave Accounting launched in November 2010 as the first 100% free online accounting application for small businesses. Our co-founders (Kirk Simpson & James Lochrie) identified a major problem in the market – all accounting software products were cumbersome and over-engineered, resulting in the majority of small business owners (with under 10 employees) still using manual methods for handling accounting in their businesses. Not having an easy to use accounting product, results in business owners operating blind – not having visibility into the health of their business, and having to make daily decisions without data. With that, our mission has become to put an end to “shoebox accounting”, by building an easy to use application truly designed for those very small businesses that crave the insight into their business.
2) What can you attribute to the success of Wave Accounting?
Wave Accounting has been a smashing success for 2 main reasons: everyone LOVES “free”, and secondly, the application itself. From the outset, there was an intense focus on design, ensuring that the application would be easy and fun to use, but more importantly designed specifically for the small business owner. There’s no boring, rigid accounting here, yet behind the scenes, it’s handling all of the nitty gritty double-entry details for you.
As a result, we’ve now surpassed 200,000 customer sign-ups in over 200 countries in less than 18 months.