PORTLAND, Ore., May 27, 2016 /PRNewswire/ -- VersAccounts (www.versaccounts.com) a provider of next generation cloud ERP solutions for Small and Medium sized businesses (SMBs) today announced Q1, 2016 results, including a continuation of its more than 40% quarter over quarter growth.
"VersAccounts targets a $7 billion dollar gap in the market for small business management software that entry-level accounting products like QuickBooks, Sage 50 and Xero cannot serve because they lack the depth of functionality and flexibility needed by these fast growing companies," said Sunil Pande CEO of VersAccounts. "Traditional mid-tier ERP system providers such as Microsoft and Sage have trouble servicing SMBs, and NetSuite is just not affordable for these small businesses."
"The needs of SMBs that outgrow entry-level accounting products have been neglected for decades causing these companies to struggle at the very same time they experience exponential growth. They had to make do with adding on third party developed products for inventory, e-commerce, manufacturing and other add-on products, spreadsheets and even pen and paper. VersAccounts is a purpose-built company created to change that," Pande said. The fully integrated multi-entity accounting solution targets companies between $1-$30 million in annual revenue.
Launched in 2014, VersAccounts saw a 4X growth in annual recurring revenue and bookings for 2015. Length of contract terms has grown from one to four years. At the same time sales cycles and cost of customer acquisition have fallen dramatically, as have implementation times due to these processes becoming increasingly self-service and automated. This trend is expected to continue.
"Globalization and 24/7 connectivity are driving 21st century SMBs to demand 21st century business systems that can be accessed remotely on any device, at any time and from anywhere," said Liam Mullaney CEO of VersAccounts Europe. "The ability to connect easily and on demand with other systems and networks for e-commerce, payment processing, banking, logistics, etc. is expected at the click of a button, as is ease of purchase, ease of learning, ease of implementation and ease of use."
"We are building a brand around a nimble company that is easy to do business with. One that is flexible and focused on meeting the customer's needs as they are today and will be in the future," Pande said. "As a true cloud company we are free to look at new ways to help our customers as we are not burdened by old ways of doing business, onerous cost-structures and the need to sell legacy solutions that cannot meet the needs of modern SMBs."
VersAccounts offers modern cloud ERP and solutions designed to meet the needs of small and medium businesses that have outgrown entry-level accounting products.
Founded in 2008, VersAccounts has a fast-growing client base in ecommerce, multi-channel retail, distribution, pharmaceuticals, light manufacturing, and food service and now has offices around the world, in Atlanta, GA; Portland, OR; Toronto, ON; Vancouver, BC and Dublin, Ireland.
VersAccounts and VersAccounts Small Business Cloud ERP and all VersAccounts logos are trademarks of VersAccounts Ltd. All other product and service names mentioned herein are the trademarks of their respective owners.
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