Accounting and payroll software company Big Red Book has launched a cloud version of its accountancy package for SMEs that will open the door to significant sales, according to chief executive Marc O’Dwyer.
“Big Red Cloud will work in any English-speaking country with the same accounting rules as Ireland, such as the UK, Australia, New Zealand, South Africa and many Commonwealth countries,” he says. “Cloud accounting is one of the fastest selling products in the online space, and one of our largest potential competitors does not have a proper cloud strategy. We see plenty of opportunities for disruptive selling.”
Big Red Book soft launched its cloud application in May to existing customers, and while Mr O’Dwyer was expecting the new product to have appeal for a certain number of the company’s 17,000 SME users, he did not anticipate such a large uptake. “We experienced a 37 per cent conversion rate from our free trial from existing customers and when we went public in September the conversion rate rose to 43 per cent.”
The next step is to identify an investor to help fund the international expansion. “We plan to start with the UK where we already have customers and where around 95 per cent of the country’s 4.5 million SMEs are potentially in our sweet spot.”
