Commonwealth Bank of Australia has simplified business management for small and medium enterprises (SMEs) with the launch of new world-class business management solution, Wiise.
Developed in collaboration with KPMG Australia and Microsoft, Wiise empowers SMEs to take control of their business by combining accounting, payroll and banking, and operational functions, including HR, inventory and manufacturing.
Wiise integrates with CBA’s invoicing platform, CommBank Simplify, as well as CBA 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.
CBA, KPMG and Microsoft have formed a strategic partnership to co-develop innovative solutions that support Australian businesses.
Wiise will be a standalone venture based at Stone & Chalk’s Sydney fintech hub.
Combining the business expertise and software development teams of the three partners, Wiise’s unique software platform provides small and medium enterprises with an end-to-end, integrated, cloud-based business management solution.
“We're always looking for ways to better support SMEs to run and grow their business. Wiise is a great example of this commitment, and of our openness to working with leading business tools that bring our customers' banking to wherever they're doing business,” Adam Bennett, Commonwealth Bank Group Executive for Business and Private Banking said.
Wiise is designed for SMEs that have more complex needs; users that have outgrown their accounting and booking-keeping solutions, and which 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.
Steven Worrall, Microsoft Australia Managing Director, said: “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 Enterprise Resource Planning (ERP) solutions," Steven said.
“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 an affordable single platform to unite SMB’s accounting, financial and business needs,” said James Hunter, National Managing Partner, Markets & Growth KPMG Australia.
Customers will be able to buy Wiise solutions through a selection of partners throughout Australia, as well as directly from Wiise. Wiise will also be made accessible to CBA’s customers via their digital assets, including NetBank and Commbiz.
Wiise will be available from July 2018.
Growing businesses interested in learning more about Wiise can register their interest at www.wiise.live.