Lisa Callaghan, CEO of Interactive Accounting for BoxFreeIT writes: Intuit announced on May 14 that it had bought the cloud-based accounts payable processing tool Invitbox. Invitbox’s huge advantage over similar tools like ReceiptBank and Shoeboxed is that it imports into Xero an accounts payable invoice with line by line details.
For any business that needs to separate an invoice into different
account codes, this tool is a dream that can save hundreds of hours a
year in bookkeeping. The future of accounting software is paperless,
bookkeeping-free accounting software that will utilise APIs (programming
interfaces), rules and two-way integration with banks to do all the
heavy lifting.
It’s such an exciting time if you’re a small business owner or a geek
accountant like myself. The emergence of Xero several years ago ignited
a revolution in small business accounting and the relationship with
your advisor. MYOB was left red-faced when Xero entered the market and
in just a few years showed how MYOB had failed to really innovate with
its cloud offering MYOB Live.
Today small business is spoilt for choice as Intuit, Reckon, Saasu, MYOB and Freshbooks
all compete in the market space. For the last three years Interactive
Accounting has been a 100 percent Xero-based accounting firm as we
believe it’s the best cloud accounting solution on the market.
That’s why buying Invitbox is a game-changer. If Intuit integrate
Invitbox within its product its going to make Xero’s release of Xero Files
look second rate. If your accounts payable invoices magically and
automatically imported with every detail and correctly coded into your
accounting software – would that not be life-changing? Hell YES!
Xero’s CEO Rod Drury’s reaction on Twitter to the news last week got
my attention. Sometimes it’s hard to read tone with tweets but this one
had me wanting to ask Rod, “Is that a hint of jealousy I detect?”
Roger Gregg, CEO of Invitbox, and his team have been great friends of
ours at Interactive Accounting. We even had a joint staff Christmas
party with us last year at Paddington Bowling Club. I have a huge amount
of respect for the work Roger and his team have achieved in just over
two years.
It’s a testament to their innovation that won them last year’s Xero
Emerging Add-on award and caught the eye of a big US-based software
company like Intuit. That’s impressive, well done!
I understand that at present Invitbox will continue to have an open
API and still integrate with Xero. Any business who wants to show line
by line items on their bills in Xero should definitely use this product
and sign up for a trial.
But the real winners here are small business owners and accountants. I
look forward to sitting here on the sidelines, having a front row seat
to watch these cloud accounting products hit it out on the playing field
as they compete for your business through innovation.
I’m a long standing advocate of Xero but the delayed release of
promised core features like Quotes, Report Packs, Payroll/General Ledger
integration feels like its development has stalled. Perhaps this is
just prognostic of its rapid growth and US focus. Nonetheless it’s
allowing the others to catch up in Australia. Interactive Accounting is
committed to promote and support only the best cloud accounting software
on the market.
With Intuit’s acquisition I can see that one day in the not too
distant future we will support additional online accounting programs.
Ladies and gentlemen, we just got a giant leap closer to the future
of accounting where transaction details automatically and seamlessly
flow in and out of our accounting software requiring very little manual
input. Simple, easy and accurate.
This article was written by Lisa Callaghan, CEO of Interactive Accounting, a Gold Xero partner.
BoxFreeIT is an independent news site covering cloud software for
Australian and New Zealand businesses which launched in July 2011. The
site is published by Sholto Macpherson, a business technology journalist
in online and print media for over 11 years. BoxFreeIT operates in
accordance with the MEAA (Australian Journalists Association) Code of
Ethics.
The only Australasian site dedicated to cloud software, BoxFreeIT
attracts 12,000 unique visitors a month and is adding 2,000 visitors a
month. A total 65,000 unique visitors have visited BoxFreeIT in 2012. The site has built up a strong following of accountants and
bookkepeers exploring cloud accounting programs such as MYOB Live
Accounts and Account Right Live, Xero, Saasu and Intuit QuickBooks
Online, as well as SMEs interested in cloud software.
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