Accounting start-up 'growing really fast'

Beanie.biz founder and chief executive Sue de Bievre.

Beany.biz, a new online accounting start-up which has attracted support from Bay of Plenty investors, is growing fast, says founder and chief executive Sue de Bievre.

While most small and medium-sized enterprises now do their own bookkeeping with Xero, MYOB, Quicken, and similar programmes, they still need an accountant to advise on tax matters, liaise with the IRD and provide business advice, said Ms de Bievre, a former chairwoman of the Enterprise Great Lake Taupo economic development agency.

Beanie.biz's business model is to provide virtual accounting services at a monthly fixed fee for small and medium-sized enterprises.

"We look after SMEs - we really love the construction and hospitality contractors - all those sectors where you get a contractor working pretty hard," she said.

"It's growing really fast at the moment. It's the way the world is moving online at the moment. This is the next wave." The approach is what is known as a software-as-a-service model, which aims to build large and reliable repeating revenues and company value. The company has developed its own cloud-based software to provide its services.

A New Zealand and British registered accountant, Ms de Bievre has built conventional accounting businesses previously, and began the business in Taupo, where the company's developer and customer services are based. However, the business outsources work to accountants across New Zealand and has an accounting hub in Tauranga.

The business is chaired by Bruce Bartley, who has a track record of developing successful IT companies. The other director is Julie Piper, an ex-chief financial officer for Heinz-Wattie NZ.

Bill Murphy, executive director of Bay of Plenty start-up funding group Enterprise Angels, said Beanie.biz had attracted support from its members. To date, the business had raised about $550,000, with funds coming from founder shareholders, angel investors, EA Fund 1, and the government's Seed Capital Investment Fund, he said.