News & Analysis

Xero continues to show us why it is one of the fastest growing FinTech companies in the APAC region

- March 24, 2015 3 MIN READ

Accounting software provider Xero‘s growth has been perpetual headline-maker as of late. The company has been firmly positioning itself as the go-to platform for startups and new businesses across Australia and New Zealand, and services over 400,000 users worldwide, the vast majority being paid subscribers. Today marks another significant milestone in the company’s plans to transform the way businesses manage their financials.

The company has today announced the release of a massive update to the platform that includes advanced inventory management, new online quoting tools, new file management, practice reports, and more. All of these updates are at no additional cost to the 158,000+ Xero paid users in Australia.

The update sets the platform apart from traditional accounting software as it has been purposely built for mobile and cloud, thus meeting the needs of users no matter their location.

Some of the updates include:

  • Inventory – Delivers simple inventory management that allows customers to be more efficient with real-time tracking of the quantity and value of their small business inventory. Items can be easily added to an online quote or invoice, helping small businesses to better manage and monitor stock for improved sales and meet demand, saving them precious time and improving cashflow. For customers with complex inventory needs, Xero seamlessly connects to a number of partners in the Add-on Marketplace.
  • Online Quotes –  Small business owners can create online quotes and estimates easily from within Xero, on-the-go, in real-time, and on any device. Online Quotes complements Xero’s Online Invoicing capability, enabling small businesses to improve business efficiency and cash flow by making it easier and faster for quotes to be provided and approved on site and online, and for invoices to be sent and paid quickly.
  • Practice Reports – Revolutionises how accountants prepare and manage reports. Practice Reports allows accountants to add value to clients through customised reporting on their accounts with real-time data. Initially launching in New Zealand, practice reports will shortly be rolled out in Australia, followed by the U.K. and U.S. later this year.
  • Side-by-Side Files – Makes it easy for small businesses to enter their financial transactions. Receipts and bills can be uploaded to Xero and viewed on-screen while the transaction is being entered or completed. Small businesses can keep up-to-date records and complete transactions quickly and effortlessly.
  • Bank Feeds – Building on its existing support for bank feeds, Xero makes it easy for bank transactions to be reconciled with small business accounting. Xero now supports an additional 1,692 bank feeds, connecting to 7,000 bank feeds and over 5,000 financial institutions globally.

One of the reasons Xero has become so popular in the tech space is because of its growing ‘add-on’ market that allows other aspects of the business such as people management, sales and quotation software and CRM systems to plug directly into and seamlessly share data into the Xero system cutting out time consuming administrative tasks from the startup’s day-to-day operations.

Xero now has around 1,100 staff (500 employees joining in 2014 alone) and recently raised $NZ132.9 million in investment from Accel Partners.

At the back-end of last year Xero announced a strategic partnership with StartupAUS, the country’s national (and original) peak body for high-growth startups. Chris Ridd, Managing Director of Xero also joined the StartupAUS advisory board.

This partnership is similar to a number of other alliances that have been formed by Xero with other high-growth business communities such as The League of Extraordinary Women, Startup Grind and the ‘Xero for Startups’ program that the company launched with startup co-working space Fishburners in November 2014. Part of these programmes includes a six-month free subscription for all new users of the platform.