According to Xero (ASX:XRO) with one million subscribers across ANZ, it has become a “major conduit for economic activity”, with the data showing, over the past 12 months, that in ANZ there were:
- 259 million invoices passed through the platform;
- $1.514 billion worth of transactions processed; and
- More than 1.2 million employees paid through Xero payroll per month.
“In Australia and New Zealand the penetration of cloud accounting sits around 40%, more than double what it is worldwide, which shows clear leadership and uptake,” said Craig Hudson, Xero’s managing director of New Zealand & Pacific Islands.
“Xero’s next opportunity for growth centres on the continued evolution of cloud technology and together, with our small business customers and partners, we are paving the way to extend business offerings on the Xero platform.
“Our purpose is to have a positive impact on the world by helping small businesses grow. Cloud technology has revolutionised the way small businesses operate. They are now working anytime from anywhere, with 24/7 real-time access to their financial position.”
Trent Innes, Xero’s managing director of Australia & Asia, said: “Our growth is an indication of the strength of the small business economy across Australia and New Zealand. Our data shows there is a direct correlation between digital connectivity and positive business outcomes for small business. We believe that best-in-class cloud technology positively drives economic prosperity for small business and, as a result, the broader economy.”
Xero says it has established a significant partner community of accountants and bookkeepers in the ANZ region, attracting more than 3500 attendees to Xerocon Brisbane this year and registrations of over 13,000 for New Zealand and Australia’s partner roadshows.