This week, Billy a Danish company launched a new free version of its accounting software the in the United States. The product is coined to be the “easiest to use”. They make financial management for small businesses much simpler than its competitor’s products. Designed “by entrepreneurs, for entrepreneurs”. This link another free the company prides itself on catering to the needs of small firms and freelancers. While disposing of the complexity introduced by standard off-the-shelf accounting software.
Features that entrepreneurs love include an automated billing system, expense tracking, bank account reconciliation, and a recent integration with payment processor Stripe. Users can now get paid more quickly by accepting payment via credit cards for their invoices. With many more features on the way like automatic receipt scanning, payroll management, and check printing. Billy is poised to become the go-to accounting software for entrepreneurs all over the globe.
The company launched a Danish version of the product in 2012. They had enjoyed great success. Then Entrepreneurs love Billy, and early adopters rave about its ease of use and incredible support team. Accumulating over 50,000 users in just four years. The company sought to continue this rapid growth by expanding the U.S. After two years in a public beta. Billy is now available to entrepreneurs in the U.S. and all over the world. The U.S.market for accounting software has long informed by QuickBooks. It is an Intuit product. Boasting a nearly 80% market share, few dared to tread on the territory of the product that had become seared into everyone’s mind as the de-facto standard for small business accounting.
They changed in the last decade. However, with several foreign competitors capitalising on QuickBooks failure to adapt to the cloud-based software ecosystem. The Canadian company FreshBooks launched initially in 2004 to go after a niche of freelancers that QuickBooks was failing to serve.
Then, in 2011 when QuickBooks did not provide a suitable cloud-based application for its users. Xero, a New Zealand-based company, launched their small business accounting software in the U.S.
Shortly, after that Wave another Canadian company started in the U.S. with an advertising-based business model.
Now, in 2016 Billy has become the largest, ad-free provider of free accounting software in the U.S. with over 50,000 in its native country of Denmark. Furthermore, small wonder that Intuit has recently undergone a corporate restructuring by selling off one of its flagship products. They Quicken to refocus its efforts on this sector.
The time is ripe for disruption in the small business accounting software market. In the U.S. a growing number of workers are turning to freelance work and setting up their businesses. Therefore, most of the current solutions for small business accounting are catered for professional accountants. So, they need an average, five years of schooling a passing score on the brutally difficult CPA exam and several hours of training for most accounting software solutions. Giving entrepreneurs the accounting tools they need to succeed right out of the box is what Billy aims to do.
To take the product tour of Billy, please visit this link.