The e-conomic accounting system is now also available in Finnish

Software company e-conomic, the biggest provider of online accounting systems within the SME segment in Denmark, is now expanding into Finland. With growth rates between 30 and 40 % during the last two-three years and operations in Sweden, Norway, England, Poland, Spain and Germany, e-conomic is going through an internationalization process with a goal of reaching 100,000 customers in Europe by 2013.

- When we expand to new countries, we don’t necessarily set up subsidiaries in these countries. In a new country like Finland, we start out by employing people in Denmark and Sweden to drive the process. When turnover has reached a reasonable level, we begin to define a more cost-intensive strategy with a local organization, says e-conomic CEO Torben Frigaard Rasmussen.

Today, e-conomic has more than 35,000 customers, the majority in Denmark. The Finnish market with small and medium businesses resembles the Danish market and therefore plays an important part in reaching the goal of 100,000 customers by 2013.

Ambitions in Finland

- We have great expectations for the Finnish market, which looks so much like the Danish market. Furthemore, Finland is an obvious choice considering that several of our other Scandinavian customers have contacts in Finland. In addition, we expect Finnish accountancies to be focused on streamlining business processes and making them more efficient through online bookkeeping, like they are in Denmark, says Torben Frigaard Rasmussen.

Accountants in particular play a significant role in e-conomic’s success. According to Torben Frigaard Rasmussen, the reason for e-conomic’s leading position in Denmark is that accountants fully exploit and market online accounting in their pursuit of more efficiency and a more dynamic customer approach.

A special export model

At first, the Finnish expansion will be managed through the subsidiary in Sweden. This means that internationalization will not be a difficult or expensive process for e-conomic. The first step in e-conomic’s special export model is to set up a Finnish website.

- Many subscribers or customers find us online – this applies abroad as well, so we don’t need to be physically present in a new market from the beginning. When you log on to e-conomic’s application from e.g. Finland, it automatically appears in Finnish. Later on, when the Finnish market is getting up to speed, and the financial aspects look good, we will set up an office and operate directly from Finland, explains Torben Frigaard Rasmussen.

The e-conomic head office is located in Copenhagen, with subsidiaries in Sweden, Norway and England. e-conomic currently has 75 employees.

Further information

Torben Frigaard Rasmussen, e-conomic CEO, +45 26 16 33 90