KPMG Australia teams up with CBA and Microsoft to simplify SME business management

KPMG Australia, CBA and Microsoft today announced the launch of Wiise, which will offer world-class enterprise software to Australian small and medium businesses (SMEs) from July 2018. The venture represents the first time that a leading professional services firm, a major bank and a global technology company have come together in Australia to start a fintech venture targeting SMEs.

CBA, KPMG and Microsoft have formed a strategic partnership to co-develop innovative solutions that support Australian businesses. Wiise is a standalone company based at Stone & Chalk’s Sydney fintech hub. Combining the business expertise and software development teams of the three partners, Wiise’s platform provides small and medium businesses with an end-to-end, integrated, cloud-based business management solution.

Wiise will help SMEs digitally manage their business through an integrated cloud-based platform spanning accounting, payroll and banking, and operations including HR, inventory and manufacturing. Wiise users will typically be struggling to keep pace with the needs of their growing business and as a result are seeking a scalable cloud-based software that combines business management capabilities with online banking and payments, and integrates into other software, such as Microsoft Office 365.

“The idea for Wiise was sparked by our acquisition of Microsoft systems implementer, Hands-On Systems. 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 James Hunter, National Managing Partner, Markets & Growth, KPMG Australia.

Wiise is targeting SMEs that see themselves as having more complex needs.  Recent research of over 300 SMEs conducted for Wiise found that 78% of Australian SMEs view their business and operations as having either medium or high complexity. This is often due to the technical nature of the services they provide, and  issues around compliance, tax and employee payments.

Steven Worrall, Microsoft Australia Managing Director, commented: “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.”

“With Wiise, we’ve brought together the strengths and expertise of CBA (banking), KPMG (business advisory) and Microsoft (technology platforms) to help tackle the mounting complexity that businesses face with a business management solution that can scale and grow as they do.”

CBA’s collaboration in Wiise directly tackles the complexity faced by small business. Wiise provides seamless integration with CBA’s invoicing platform, CommBank Simplify, as well as banking data feeds – linking customers’ banking and accounting platforms together. Users will also be able to enquire, and in some cases apply, for specialised business banking products directly through the platform.

Adam Bennett, Group Executive for Business and Private Banking at the Commonwealth Bank of Australia commented: “We are always looking for ways to continue simplifying business banking and to empower our customers to focus on what they do best. Wiise is a great example of this commitment and our openness to seamlessly integrate with leading business tools that bring our customers’ banking to wherever they are doing business.”

Customers will be able to buy the offerings from Wiise through a selection of partners throughout Australia, as well as directly from Wiise. It will also made accessible to CBA’s customers via their digital assets, such as NetBank and CommBiz.

Wiise Executive Board member, John Munnelly said: “The ability for Wiise to partner with three leading providers with complimentary areas of expertise, deep resources, capabilities and strong brands allows us to genuinely look at a unique opportunity to rapidly scale Wiise in the Australian market.”

Growing businesses interested in learning more about Wiise can register their interest at www.wiise.live