Xero

Xero is Accounting software that helps small businesses.


Stats about Xero

Founded: New Zealand (2006)
Founder: Rod Drury
Revenue: NZ$ 552.8 million (FY MAR. 31, 2018)
Number of employees: 2500+ (FY MAR. 31, 2019)
Website: https://www.xero.com/

Competitors

  • Intuit's QuickBooks
  • FreshBooks
  • Wave
  • Zoho Books

The Rise of Cloud Accounting

Xero’s claim to fame came when they webified (cloud enabled) traditional desktop based accounting and bookkeeping software. Traditionally the software used to live on your desktop. Cloud enabling accounting meant access anywhere and anytime, simplified integration (feature extension) with 3rd party apps and regular free software updates priced into the SaaS subscription.

The downside of moving to the cloud came through building new habits around data privacy and security. You now had to trust Xero with your business PII data. Data that in the wrong hands could be used for anticompetitive behavior, access to your other online services and potential theft.

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