New SME accounting software, e-conomic, identified as market leader in online accounting

PRLog (Press Release) – Nov 03, 2008 – IDC, one of the world’s leading and most respected IT market analysts, has identified e-conomic (www.e-conomic.co.uk) as the leading European provider of software as a service (SaaS) accounting applications for SMEs, just six months after e-conomic’s launch in the UK.  IDC ranked the top 5 vendors in Europe, placing Twinfield and Netsuite in second and third places respectively.

In a detailed vendor profile of e-conomic (available here), Bo Lykkegaard, European analyst for IDC, said: “e-conomic has emerged as one of the leading European providers of SaaS-based accounting applications for smaller organisations. With annual growth rates in excess of 50%, e-conomic clearly resonates with its target audience and warranted a closer examination.”

e-conomic’s online accounting system requires no software downloads or installations.  It is accessed through a web browser and internet connection for a pay-as-you-go monthly fee. This straightforward approach takes away a lot of the pain and extra costs associated with packaged software such as installation, support, back ups and upgrades, which can only be a good thing for small businesses, especially those without an in-house IT team.

The IDC report praised e-conomic for its pricing structure.  Lykkegaard explains: “Customers appreciate simplicity in idea, product, and pricing model. The pricing model of e-conomic is a good example of how to keep pricing simple and transparent.”

e-conomic costs only £13.50 per month for small companies, which includes all the core finance modules needed by a business – general ledger, accounts payable, accounts receivable and electronic invoicing – plus a number of innovative time-saving features such as automated bank reconciliation and direct integration with Microsoft Excel.  Additional modules include stock management, project accounting and scanning.  

e-conomic has offices in the UK, Denmark, Norway and Sweden.  It has customers in over 50 countries, ranging from sole proprietors to businesses employing over 100 staff.  IDC’s vendor profile and full details of e-conomic’s pricing are available on the company’s web site (www.e-conomic.co.uk).
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NOTES TO EDITORS
For more information, please contact:
Anna Fraser               
Spotlight Communications         
Tel: 07958 380568            
Email: anna@spotlightcomms.co.uk      


About e-conomic
e-conomic (www.e-conomic.co.uk) is an independent, self-funded company with offices in the UK, Denmark, Sweden and Norway.  e-conomic is used by over 15,000 companies and 3,000 accountants/bookkeepers, from sole practitioners to some of the largest accounting firms in the world including KPMG and Ernst & Young.  Its SME clients range from sole proprietors to businesses employing over 100 staff.  Its UK offices are in Reading, Berkshire.

About IDC
IDC (www.idc.com) is the premier global provider of market intelligence, advisory services and events for the information technology, telecommunications, and consumer technology markets. IDC helps IT professionals, business executives and the investment community make fact-based decisions on technology purchases and business strategy. More than 1,000 IDC analysts provide global, regional and local expertise on technology and industry opportunities and trends in over 110 countries worldwide.