Paychex Inc. has officially introduced Paychex Accounting Online a secure cloud accounting offering aimed at small businesses and powered by strategic partner Kashoo.
In early Octoboer, Paychex purchased a minority stake in and formed a strategic alliance with cloud accounting software provider Kashoo. Initially, the partnership was aimed at Kashoo providing payroll services to U.S. customers and has since expanded.
Paychex Accounting Online subscribers can access the online accounting product through all major Internet browsers or through a free companion iPad app.
Paychex Accounting Online was designed to automate invoicing and billing, tracks expenses and income, and provides small business owners with real-time visibility of their cash flow and financial position. Additionally, Paychex Accounting Online gives business owners a way to manage financial records.
”We're excited to have built and be powering Paychex's new online accounting app. It's going to be a great thing for their customers. And the timing couldn't be better as thousands of small businesses are nearing their fiscal year ends,” said Kashoo chief executive Jim Secord.
The offering also represents Paychex’s foray into cloud accounting and also serves to help promote the Kashoo brand and service as well.
“This gives the [Kashoo] product a big jump in the U.S. market, between our presence, our sales force and brand we can help it grow even faster,” said Paychex CEO Martin Mucci. “We love the Kashoo product and this helps to catch some clients that need accounting before they payroll. Also, 80 percent of our clients are under 20 employees so knowing where our clients are, it’s a good fit. Clients want an easy product to get in and start doing accounting and we’re excited about the future.”
Mucci also noted that there is the potential for Kashoo “to become a bigger part of Paychex over time,” but wanted to focus on this latest venture before making future plans.