Palladium, the locally written and developed multi-user accounting software for SME businesses has broken into the Nordic market through an agreement with Icelandic company Avinningur, which will market Palladium products in Iceland, Sweden, Norway and Finland.
Stephen Corrigan, MD of Palladium Software, says Avinningur, whose goal is to offer a broad range of information systems and consultancy that leads to better management of SME companies in the Nordic countries and the Baltic States, had selected Palladium because of its approach, its dynamic connectivity and superior functionality.
Dr Gunnar Oskarsson, GM of Avinningur, says an important differentiator provided by Palladium is that the database can be hosted in a secure environment, while the application is installed on the user’s PC offering a true PaaS (Platform as a Service) solution and thereby a secure environment in which to work with the application even if the connection is interrupted or broken.
“The Palladium user interface is modern and easy to understand. We are well-connected, very familiar with the culture of the Nordic countries and we’re therefore optimistic about offering Palladium as a serious alternative to existing applications in the accounting software arena,” says Dr Oskarsson, who recently completed a doctoral degree focused on the “utilisation of information technology in business processes”.
The main reason Avinningur chose Palladium is that it offers a technique and an approach that is much needed in the market. Dr Oskarsson says the dynamic connectivity functionality is superior to the offerings of other vendors.
“A number of vendors are trying to meet the new market requirements by offering remote-desktop solutions where the entire application is set-up in a hosted environment. The disadvantage is that the client is working on a different computer, which prevents him from working with the data in his own computer, and with his own software applications, such as word processors and spreadsheets.
“This approach involves a number of complications regarding connectivity and printing and the applications are very expensive, making the cost of ownership unnecessarily high. Other approaches include the so-called web applications but they are less secure and offer limited functionality.”
Corrigan says the Palladium value proposition is ground-breaking, offering a world-first three-year guarantee against data corruption. “The software has high connectivity capabilities using embedded VPN technology. It is able to set up multiple connections directly from the Accounting Program to databases that can be located on the PC, a local network, on the Internet or anywhere in the world for that matter.
“It offers ISPs or accountants who want to host their clients’ data the ability to do so totally securely and problem- free. The connection to the database is dynamic and if it is lost, the software ensures it reconnects automatically and transparently to the user. All of the software resides on the local terminal at all times so there is no data corruption and a maintenance-free environment is maintained.”
Corrigan adds that the connectivity allows an accountant to set up a connection to each client database in order to process transactions, locally print monthly accounts using standard Windows printer functionality.
He says there is a great opportunity for Banks or other financial institutions to offer the software to their clients as they would be able to easily extract data on their clients’ performances as well as compare and consolidate their information across companies or even industries for benchmarking. Financial institutions could easily add flags to alert them of problems with their clients’ financial status and add value in the form of pre-emptive consulting to assist the business to remain liquid.
“This pre-emptive approach could change the high-risk stigma traditionally associated with new businesses,” says Corrigan. “With Palladium, all that is hosted is the database so maintenance becomes very simple. Connectivity is generally poor in South Africa, but with Palladium this is a thing of the past as the software has intelligence which automatically parks connections that are not in use and reconnects dynamically, alleviating the need for clients to have to re-login to the software,” Corrigan says.
“The connectivity benefits to local area networks are just as profound, with power surges and spikes being neutralised by the dynamic connectivity the system downtime is reduced and the need for additional hardware such as UPS on all terminals is negated, directly impacting on the total cost of ownership.”
Corrigan expects the introduction of Palladium into the Nordic area to foster strong interest in Palladium from other countries in Europe.