U.K. accounting software firm seeks U.S. development partner
Arithmo is an online accounting package that United Kingdom-based accounting firms rebrand as their own in-house offering. The makers of Arithmo are ready to make their software available in the United States, but need a U.S.-based development partner. The ideal individual or firm will help bridge Arithmo's knowledge gap with regard to U.S. generally accepted accounting principles, as well as marketing strategies.
Background: The name Arithmo is a Greek prefix that translates to number.
Arithmo was developed over the course of three years by tax and accounting professionals, and has been in use by customers since late 2007. Over 1,000 individuals currently use versions of Arithmo that are rebranded by individual accounting practices in the U.K. Other partners include:
- Pipex Broadband - one of the U.K.'s leading small business broadband providers
- Keytime Software - provides a complete range of software to over 2000 accounting practices
- Professional bodies such as the Association of Optometrists, Motor Schools Association and the U.K.'s Beauty Guild.
Arithmo is also in talks with leading financial institutions to offer a rebranded accounting product to their customers, as well as government agencies that offer training and development to new businesses.
The Solution to Small Business Accounting Problems
The developers of Arithmo have many years of accounting and tax experience spread over a wide variety of small to medium businesses. Over time they observed a significant potential market for a simple accounting solution—Arithmo is their solution to the problem. The software makes it easy for small businesses to maintain accurate records with its minimal learning curve, low costs, and immediate access on the Internet.
In addition to rebranding, Arithmo allows accountants to control their clients' records, simplify year-end processing, improve in-house marketing, and boost customer satisfaction. Further, Arithmo is priced such that even the tiniest start-up company can easily afford the software.
An Opportunity for You
Arithmo is offering a U.S. individual or accounting firm a chance to be at the vanguard of the next wave of software, along with the rewards such a position could bring. The Arithmo team is anxious to parlay their U.K. success into a widely available offering for U.S. small businesses. Web-based software packages like Arithmo are often referred to as software as a service (SAAS). Sales of SAAS continue to grow at exponential rates as cloud computing makes inroads over traditional desktop-based software.
Specifically, the Arithmo team is looking for a forward-thinking partner with the energy and drive that will be necessary to introduce Arithmo to the U.S. market. The U.K. based team does not have U.S. accounting knowledge, experience or contacts that will be necessary to adapt Arithmo to the US market. The ideal partner—not necessarily an accounting firm —will bridge this gap to enable a win-win arrangement by sharing their detailed understanding of the U.S. accounting market.
Arithmo's Background and Experience
Arithmo is part of the Taxbuddies organization whose companies have offered tax and accountancy services since 1993. Sister companies include:
- Personal Taxation Services Ltd
- TWD Accountants Ltd
- TWD Tax Services Ltd
- Bailey Oster Chartered Accountants.
Similarly, Arithmo is a private organization specializing in tax and accountancy services aimed at small to medium-sized businesses. The firm has a commanding presence in its U.K. market.
Clearly, the market for low to mid-market bookkeeping and accounting software in the U.S. is competitive. Sage, Intuit, MYOB and others offer traditional PC-based accounting solutions. However, many users are frustrated by ever increasing support and software fees, as well as the risk of lost data. Online solutions like Arithmo offer a minimal annual fee and automatic back-up of every customer's accounting records. QuickBooks Online Edition and NetSuite are primary competitors, but Arithmo offers a much lower cost, plus accounting firms can have first-hand control over their client's books. Arithmo has no direct competitors in the U.K. as any similar packages are positioned at higher price points. Further, the rebranding opportunity is ideal for firms that wish to provide customized solutions to their clients rather than refer them to a generic provider.
Potential Return on Investment
The owners of Arithmo will license the product rights for sale in the U.S. to a newly formed entity. Compensation is open for discussion, and could include a form of equity participation. Arithmo feels that the U.S. market has great potential, even in these trying economic times. Many unemployed individuals will try their hand at entrepreneurship, while existing businesses are looking for ways to cut costs and streamline back-office activities. Arithmo is already positioned at the leading edge of the online computing revolution, and even a small share of the total market will yield lucrative opportunities for both Arithmo and the to-be-named U.S. partner.
For more information on this opportunity, please complete the Arithmo Partner Questionnaire. All responses will be kept in strict confidence by Arithmo Managing Director, Bernard Oster, FCCA. All inquires will receive a prompt reply.