Xero adds online invoicing, continues strong growth
Announcement posted by Bench PR 04 Oct 2012
Melbourne, 4 October 2012 – Leading small business accounting software provider Xero continues to change the accounting game with the addition of online invoicing.
Over the last 6 years the company has been building accounting on the web. This has been a major investment, to build a full accounting system that connects small business owners to their accountants, bookkeepers, banks and other business solutions. Over 111,000 businesses now run on Xero.
Today Xero changes the game again by connecting businesses to each other. Online invoicing enables businesses to share invoices electronically online, reduces the rekeying of business data and improves business cash flow by speeding up presentation, data entry and payment of invoices.
“Online invoicing is the start of the next generation of accounting where businesses are not only connected to the information they need but to each other,” said Chris Ridd, managing director, Xero Australia. “The adoption of online invoices will save small business owners many wasted hours and improve productivity.”
Small business guide to invoicing and payments
To accompany online invoicing, Xero has launched a Small Business Guide for invoicing and payments based on input from almost 1400 Xero community members. The company has also analysed over 12 million invoices to identify the average number of days it takes to pay an invoice relative to the payment terms offered.
The community input and invoice analysis have been combined together in an online invoicing and payments infographic resource that also includes a quiz to get small business people actively thinking about their approach.
Strong growth for Xero continues
The addition of online invoicing comes as Xero continues to deliver on its high growth strategy, more than doubling first half year revenue over the same period last year. Over the past year, 130 new jobs have been created, significantly increasing the development and support capability in NZ and expanding the organisation in its key markets of Australia, the United Kingdom and the USA.
Xero’s paying customer base has grown an additional 118% to 111,800 as at 30 September 2012. The Australian region has shown particularly strong growth, with paying customers rising to 32,500 at 30 September 2012 from 10,400 at the same time last year. This tripling of figures comes on the back of the integrated payroll features and significant growth in numbers of accounting and bookkeeping partners.
As announced at the annual meeting in July, Xero is proceeding with an application to list on the ASX. This secondary listing, anticipated for early November, is aimed at making Xero shares more readily available to Australian parties including partners and clients.
More information on Xero’s online invoicing is available on the Xero blog: http://blog.xero.com/?p=30858
See Xero’s small business guide to invoicing and payments infographic: http://www.xero.com/guides/invoicing
ENDS
About Xero
Xero is beautiful accounting software designed for small business and their advisors. The company has over 100,000 paying customers in more than 100 countries, with teams established across Australia, New Zealand, the UK and the US.