Xero Australia managing director Chris Ridd says the business has grown five-fold in less than three years from 100,000 in July 2012 to 500,000 now, surpassing a significant milestone and becoming “the preferred accounting platform of many small businesses, accountants and bookkeepers worldwide”.
According to Ridd, Australian subscribers now make up 200,000-plus of the 500,000 globally.
Ridd claims market leadership in global accounting in New Zealand, Australia and the UK and says the company is now on track with its worldwide growth plans, with sights focused on the target of one million subscribers.
“As well as surpassing the half a million subscriber milestone, Xero is delivering on its growth plans and is already the market leader in global accounting in New Zealand, Australia and the UK.
“At the same time, we’re providing those country-specific features like payroll that enable businesses to quickly comply with local regulations, and get on with running their business.”
The delivery of new features in Xero’s platform include features to its core online accounting software solution, with Ridd saying there had been delivery in the past 12 months of more than 500 customer-facing updates.
Ridd lists Xero’s major features delivered in the last year to include Payroll in the UK and New Zealand, Xero on iPad, inventory, quotes and online quotes, Practice Reports in New Zealand, find and re-code, and the Business Performance dashboard just released which he says takes the Xero platform to the next level.
According to Ridd, in the last financial year alone, Xero processed more than 55 million invoices and more than AU$280 billion of transactions were paid worldwide through Xero in the past 12 months.
Hailing Xero as one of the fastest growing Sofware-as-a-Service (SaaS) companies in the world, CEO Rod Drury said that in just over eight years the company had gone from “humble beginnings and now boast over half a million subscribers worldwide”.