Financials for Office 365 relaunches with backing from KPMG, Microsoft and Commonwealth Bank

Australian software startup Financials for Office 365 has relaunched with a new name and backing from KPMG Australia, Microsoft and Commonwealth Bank.

The company, which was acquired by KPMG in September last year, has changed its name to Wiise and will take on local cloud accounting firms Xero and MYOB with its own platform targeting SMEs looking for more "complex solutions" to run their businesses.

Wiise's platform offers an integrated, cloud-based platform to provide SMEs with business management features like accounting, payroll and banking, and operations such as HR, inventory and manufacturing.

Wiise also integrates with Office 365 and CommBank's invoicing platform, CommBank Simplify, as well as banking data feeds.

James Hunter, KPMG's national managing partner for markets & growth, said the idea for Wiise came about when KPMG acquired Hands-On Systems, a Microsoft gold partner focused on ERP, in 2015.

"It opened our eyes to a gap in the market between existing cloud accounting software providers to SMEs and enterprise-scale ERP solutions. By collaborating with market leaders, CBA and Microsoft, we have been able to develop a single platform at an affordable price to unite SMEs’ accounting, financial and business needs,” said Hunter.

Financials 365 was spun out from Hands-On Systems four years ago as a competitor to the likes of Xero and based on Microsoft Dynamics. The independent software vendor (ISV) was a finalist in the 2018 CRN Impact Awards.

Wiise's platform will be sold direct or via partners, as well as CommBank's SME customers.

Microsoft Australia managing director Steve Worrall said: “As businesses mature, they experience the inevitable ‘growing pains’ and complexity that come with growth.

"The technology solutions that served them well when they first started out are no longer fit for purpose and they just want a solution that makes their business simpler to run and faster to grow but without the complexity of deploying large, expensive ERP solutions.”

Wiise will be based out of the Stone & Chalk fintech hub in Sydney. The company will reopen its doors with the new name in July.