A Brief Profile
With the rapid growing popularity of the cloud, more and more companies are integrating its features into their core business practices. Xero, a New Zealand based company, which develops cloud-based software solutions for accounting purposes has adopted the features of the cloud. Xero was the brainchild of Rod Drury and his personal accountant, both of whom felt that the existing traditional desktop accounting software was not sufficient to fulfil the needs of contemporary accountants. Officially, the company was incorporated in the year 2006, with its headquarters in Wellingdon, New Zealand.
Started with the objective of changing the accounting game for small and medium businesses, the cloud-based accounting software developed by Xero attempts to connect accountants to provide them with the right numbers on any device. Right at the start, Xero has established a trustworthy relationship with 600,000 subscribers worldwide and transformed the way they manage their accounting system. With its excellent team of 1,300 employees, it forms one global team to cater to its subscribers. The company believes that small businesses are the backbone of any thriving market and therefore it seeks to serve them with its cloud based accounting software.
Right from its inception in 2006, Xero Limited has done good business. It headquarters are at Willingdon, New Zealand. The Company went public on the New Zealand Stock Exchange on June 5, 2007, through a US$15 million IPO. It gained 15% over its listing price on the first trading day. For the first five years of its operations, Rod Drury, its founder, decided to cater to the local markets and avoid taking funds from Silicon Valley investors. This was done, to avoid a hostile buyout of his company by a larger competitor. It was only in November 2012, that it went public on the Australian Securities Exchange. From the period 2009 to 2013, it raised a total funding of NZD 230 million to give it a valuation of approximately NZD1.4 billion on the NZE. It acquired various companies like Paycycle, Spotlight Workpapers and WorkflowMax to improve the product offerings to its customers.
The cloud based accounting software offered by Xero allows users to
- Update their financials in very little time
- Reconciliation of bank transactions
- View all bank balances, invoices, expense claims and bills at a glance including adding new transactions
- Reconciliation of multi-currency accounts to calculate gains and losses
- File attachment to any transaction
- Speeding up of invoicing and tracking of sales and purchase through inventory items
- Access to over 350+ business applications for inventory invoicing, time tracking, etc.
Xero provides training and education to small business owners, accountants, book-keepers, financial staff, CFOs and partners as it believes that they are the cornerstone of the Company’s existence.
The cloud-based accounting software brought out by Xero allows its users to