Xero, a leading cloud-based accounting and business technology platform, reached an important milestone in its continued growth trajectory – it reached more than a million subscribers across New Zealand and Australia (ANZ) and now surpasses 1.5 million users worldwide.
Xero started to become a major conduit for economic activity across ANZ. In the past 12 months, its ANZ data shows 259 million invoices passed through the platform; $1.5 billion worth of transactions being processed and more than 1.2 million employees paid through Xero payroll per month.
Although the ANZ region is comfortably Xero’s biggest market, contributing 66 per cent of its $256.5 million in revenue in the first half to September 30, it expects the UK and US to overtake it in future.
This increase in uptake of cloud accounting services is linked to the findings of a report by “The SME of the Future” which found that cloud technology came second only to smartphones as the technology that had had the biggest impact or increased business efficiency the most in the past five years.
Xero also mentions that its ecosystem of app partners also played a key role – this enabled them to provide integrated solutions to a wide variety of industry challenges. Furthermore, continued changes in the banking and finance community in the New Zealand fintech space is playing a key role in enabling small business to access lending – something that is crucial whether you’re just starting out or you need a boost to keep going. Cloud based accounting software such as Xero enhances the information small business provides to these lenders.
Currently, New Zealand and Australia are world leaders in cloud technology usage and that is key to increasing productivity. The small business contribution to GDP currently sits at almost 30 percent. We believe that these trends will continue around the world with cloud accounting making up greater grounds.
If you would like to know more about Xero or would like to take up our discounted implementation offer, submit your contact details here and one of our consultants will be in touch.
This article is an extract from the Xero website and is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.