Fintech startup Wiise hope to end SME painpoints

- August 20, 2018 2 MIN READ

Fintech startup Wiise has launched software, specially designed to help growing SMBs solve their financial and operational pain points.

Created by KPMG Australia, built on Microsoft, and supported by Commonwealth Bank, Wiise is an end-to-end, integrated, cloud-based business management platform.

Wiise has been specially designed to help solve the pain points of Australian SMBs. Research of over 1,000 SMBs conducted during the development of the product shows that:

  • Nearly half (47%) use software daily, and spend 29 hours or more a month on financial and operational admin
  • A third (33%) say the software they use is limited or find it frustrating to use
  • Nearly a third (30%) say software they use actually decreases their productivity

The research revealed three common pain points for SMBs – they are time poor, lack the data and insights needed to make critical business decisions, and are unable to see their complete cash flow.

John Munnelly, Wiise Executive Director, commented: “For too long software has been a headache for Australia’s growing small and medium-sized business. We are hugely excited to be launching a new platform that gives them the scalable tools they need to grow. Wiise leverages the combined insight and skills of KPMG, Microsoft and CBA to create a truly unique product. Most importantly, Wiise has been designed to be simple to set up and cost effective, with a low entry price point that offers amazing capabilities at a fraction of the cost of traditional enterprise-level software.”

Wiise packages start at $49 per user per month for the Lite version, $119 for the Business version and $199 for the Premium version – with a one-off set up cost of $99, $990 and $2990 respectively*.  All versions offer accounting, finance management and reporting, basic inventory management, receivables and payables, auto-reconciliation, HR and payroll. The more advanced versions offering more complex functionality for larger or more complicated business through advanced additional operational modules like distribution and warehousing, service management, and manufacturing.

Wiise is a cloud-based platform that combines business management capabilities with online banking and payments, and integrates into other software, such as Microsoft Office 365. It connects with any bank account – linking customers’ banking and accounting platforms together, and also provides seamless integration with CBA’s credit card payment platform, CommBank Simplify. Over the coming months, Wiise will be further improved and will launch industry specific versions aimed at some of Australia’s key growth sectors including retail, manufacturing, agribusiness, distribution/logistics, healthcare.

John Munnelly commented: “Whether you’re a growing retailer with 10 employees looking for a simple integrated accounting, payroll and inventory tool, or a complex 200-person manufacturer looking to manage your full operations – it’s time to get Wiise about the software you use. Wiise capitalises on the latest Microsoft technology platform to provider Australia’s growing SMBs with the insight they need to make smarter, data-driven decisions, we want to power the growth of the next generation of Australian industry leaders.”

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