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Common Ledger raises $1m to solve accountants dilemma

Common Ledger, the platform that gives choice to accountants and their clients, has raised nearly $NZ1 million from high profile Australasian investors, the company announced today.

Participants in the funding round include Simon Holdsworth, of the Datacom empire and an early investor in GreenButton, Serge van Dam, the founder of mobile banking company M-Com, and Ian Frame, previously CEO of Rangatira Investments.

"Having this mix of high calibre people coming on board and investing in Common Ledger is strong validation of the company’s business model and the opportunity we’ve identified and are fast executing on," says Common Ledger co-founder Carlos Chambers.

"An added advantage of the investors we’ve chosen is that they have a specific global focus, which aligns with our goals for the business."

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The capital raised will fund sales and distribution and help the company to continue developing its product, as the firm grows quickly in New Zealand and Australia.

Common Ledger gives accountants better access to their clients’ financial data, regardless of the accounting software being used. The product revolutionises the compliance aspect of accounting and the preparation of financial statements. This enables data driven advisory - leveraging the financial data to gain insights and give valuable advice to clients.

Chambers says Common Ledger has one clear goal-to solve the accountant’s dilemma.

"On the one hand it’s an exciting time for the industry-there are huge advances in technology and innovation and the role of the accountant is undergoing dramatic change. On the other hand, it’s a challenging time too. Clients are demanding more of their accountant-they want them to be an advisor, analyst and business partner. We call this the accountant’s dilemma and we’re here to solve it."

Chambers says there is an assumption that technology improves accountants’ effectiveness but, while the last decade has seen exponential growth in the technology available to accountants, CCH Business Fitness’ GBU annual benchmarking survey released last year shows productivity for Australasian accountants has remained the same or decreased.

"The facts clearly show that while technology helps with many things, on its own it cannot solve the accountant’s dilemma" says Chambers.

Since launching in 2014, Common Ledger has become a Wellington success story. The company has acquired a strong customer base of high profile New Zealand and Australian accounting firms, including Grant Thornton.

"Common Ledger really helps accountants to become more efficient and add greater value to their clients," comments Barry Baker an accountant, Partner at Grant Thornton and early Common Ledger customer. "The benefits that Common Ledger brings are obvious and will help accountants navigate the major changes occurring in the industry."

Chambers concludes, "The future of service industries is leveraging technology to make people’s lives easier and smooth relationships between clients and providers. We are bringing that to the accounting industry."