e-conomic takes market shares from Microsoft

The Danish IT company Ithuzet has successfully changed their business model from selling Microsoft's C5 to introducing e-conomic

The Danish IT company Ithuzet is currently experiencing a major demand for online accounting with e-conomic, and 9 out of 10 customers have recently chosen e-conomic over Microsoft's C5:

"We are currently moving customers from C5 to e-conomic. The huge demand for e-conomic has really exceeded our expectations. And the savings are enormous", says Steffen Nielsen, manager of Ithuzet.

Saving money on an easy-to-use accounting system

Steffen Nielsen explains that since e-conomic only costs a fraction of a C5 installation, customers save a lot of money when changing from C5 to e-conomic - in fact, the difference is so great that some customers become suspicious when they learn how cheap e-conomic is.

Moreover, since C5 requires a good deal of accounting knowledge, it is much easier to get customers up and running on e-conomic. But instead of selling licenses, Ithuzet now makes money on helping C5 customers move their accounting data to e-conomic as well as the customers' outsourcing of bookkeeping.

Therefore, Ithuzet has opened an accounting department called Regnskabshuzet focusing on accounting solutions rather than IT:

"We are moving in a different direction than the IT industry" says Steffen Nielsen about changing their business model to selling accounting expertise rather than IT products.

Introducing online accounting to the rest of Europe

With a customer portfolio of nearly 25,000 small and medium-sized businesses in Europe and with operations opening in new countries very soon, e-conomic is ready to take over the online accounting market in the rest of Europe.

e-conomic's CEO Torben Frigaard Rasmussen believes that customers are becoming more and more confident with doing their accounting online:

"I believe that our stringent focus on product development means that we can now take market shares from established competitors. About 50% of our new customers are migrating from other ERP systems, primarily C5.

Our system is easy to use, cheap and secure and our users say that running a business with e-conomic is more fun".

Read the article on Ithuzet's move from C5 to e-conomic on CRN (in Danish).