Microsoft is working with the
Commonwealth Bank of Australia (CBA) and
KPMG to form a new cloud accounting platform.
The initiative, called
Wiise is designed to offer cloud accounting services with integrated banking features to small and medium-sized businesses. This new tool, which will be launched in July, will create stiff competition for the currently popular ASX-listed cloud accounting players such as
Wiise will operate under the newly formed partnership between Microsoft and CBA and owned by KPMG. It will provide small and medium-scale business with effective financial management and accounting services, as well as workflow scheduling, job costing, payroll, inventory and customer service management. The cost for the new Wiise software is yet to be confirmed but is expected to be around
$60 - $200 per month, rolled out on a tier basis depending on exact features.
Wiise will also be able to enjoy the AI technology developed by Microsoft, such as voice recognition and top-of-the-range cyber protection. User data will be stored safely in Microsoft data hubs.
Although Wiise can be utilised by clients of all the largest banks, those who bank with CBA will be provided with extra perks such as invoicing and payment services. New functions including working capital and various other finance-related options will also be made exclusively available to CBA customers in the future. According to CBA, these may serve to attract more customers, while the data collected will help in making credit decisions priced appropriately against risks.
John Munnelly, an executive board member for Wiise, the new platform will appeal to companies with operations in multiple locations, or those that have multi-layered supply chains. The same applies to businesses with high volumes of transactions and more than one legal entity. Xero and MYOB may even be lacking in their abilities to serve companies who fit into these categories.
According to both Microsoft and KPMG, a partnership with another worldwide financial service will be used to make Wiise available internationally. The partnership has already received queries coming from their international networks regarding the prospect of a collaboration.
Central to the Wiise design is customer privacy and data security. Customers will have full ownership of their data and full control over who it is shared with and what the data is used for. Data shared over the Wiise platform is strictly protected from being applied for other purposes or leaked to unauthorised parties. The designers of Wiise have also taken into account all the important factors in the privacy area – the government’s open banking regime, governance principles and consumer data rights.
Microsoft is regularly looking into forming new and powerful alliances with companies of all shapes and sizes, with the goal of providing customers with new and improved versions of available software and tools. In order to obtain the latest updates on the technology giant and their partners, get in touch with WM Reply today to speak to one of our friendly team members. We can find the ideal collaborative tools for your business.