Those who believe accounting can only be done using desktop software will need to think again. This week alone, I've been asked to look at four different hosted, online systems. These fall into the category of 'software as a service' or SaaS. Today, it was the turn of Twinfield to be put through its paces.
This is not a detailed technical review of the kind done by David Carter. In today's world of accounting software, tick in the box analysis is pretty meaningless unless you're specifying for a contract worth £25K and up. An out the box package will be good enough. Instead, this is a quick thumbnail that takes the 'What if I was trying to sell this to my clients' approach. Having said that, I spent several hours with the product so take it from me - this works for most SMB situations you're likely to come across. I've categorised the issues I believe are important for ease of reference:
- Usability: I was watching the service over a GoToMeeting connection. If D2C offers this, don't do it. Go for the live demo. The GoToMeeting thing is OK but doesn't do the system justice as there's a lot of latency in screen refreshes. The default screens have a distinct Windows XP feel to them. That's OK but I'd want a crisper set of colours. This can be done during configuration. Tabbing between fields has always been one of my personal issues with graphical accounts packages. No worries there. The major functional action tabs are vertically arranged rather than across the screen. At first this seems a bit odd but I soon got used to it.
- Learning curve: I'm a bit ring rusty with this kind of packaged app but it took me less than 5 minutes to figure out what I was looking at. The system follows a familiar pattern of configuration, roles and GL code setup. If you anticipate you will offer this across a wide range of client types then you will need serious training. There are many configuration options, particularly useful if you have clients with end user staff like credit controllers who need dunning reports but little else. From an end user perspective, say your client has book-keeping capability, then provided they understand things like invoice creation - which requires both 'header' and 'body' setup and completion, there should be few problems. It seems a bit cumbersome to me, but then I hate data entry. It will not appeal to the person whose book-keeping skills are weak.
- Stand-out features: In any demo, you're always shown the best bits and this was no exception. You can do some extremely cool things with Twinfield. If your bank offers MT940 text files, you can configure for semi-automated provisional entry direct from the bank statement. I understand other file formats are under review - check to see if your clients can benefit from this. For cash or zero credit style businesses, this is close to automated accounts prep as you're ever likely to get. It exports to PDF, flat file (for additional analysis) and HTML (for rendering in a browser. There are 60 standards report templates but individual industry specific templates can be readily developed. There's context sensitive search and auto-complete. You can readily categorise accounts to create a hierarchy for slice and dice analysis. Once set up, reporting along these lines can be automated. Twinfield has a messaging system so you can ping others with notes about to-do items. I asked Twinfield to automate transmission once a client has completed a set of entries. That way, you know what to look for when a client has entered data. The shorter the time interval between data entry and review, the more likely you are to capture errors. It has an Excel analysis plug-in. It allows two-way communications between Excel and Twinfield. So you could for example use it for uploading an opening TB spread and adjustment journals.
- Cost: £52.50 per month per power user and graduated access costs down to as little as £3 per month but on average, an end user can expect to pay around £19-22/month.
- Practice benefit features: This is a saleable service. Whether it's the plastic bag operator or the growing business, you've got something here that does what it says on the tin. It can be used at multiple levels - so there's a wide range of potential client benefit that provides consulting opportunities as well as the potential for add-on analysis services. There's plenty of control over posting so the risks of error and re-work can be minimised.
- Who's using it? This is extensively used in the Netherlands, by farmers and accountants supporting them. BDO is a big fan. It has a tad under 10,000 users. Sounds like a small number until you realise it has only been on the market for less than 2 full years and it is tackling a segment that is usually very difficult to 'reach.' If it can do that, then it's on my short list.
- Downside: No free lunches here. And it is an accountant's product. You have to invest to understand and with a welter of configuration options, you will have to develop a sophisticated plan for rolling out to client groups. This means you need savvy trainers. That's an investment, but one that's worthwhile.
- Bottom line: Hosted solutions are new but a world apart from ASP offerings. They require a different mindset where you clearly understand this is over the wire not at the desktop. People often query security over the wire. Forget it. It's not an issue for this kind of service. Twinfield is new to the UK but it is supported in the UK. It's a fledgling business but one that has enormous upside. I know that at least one of my readers is already booked for a demo.
- Contact details: tel: +44 (0)1727 838285 (direct) email: dt@d2c.org.uk Skype: david_terrar
If there is a demand, I will prepare an in-depth evaluation. But you'll need to pay for it - £50 a pop, PDF format, over the wire delivery, no credit, get it?
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