The Kiwi cloud accounting app Xero now has over 400,000 small business customers operating on its cloud platform in the New Zealand, Australia, the UK and the US. In 2014 the company processed a staggering NZ$250 billion of transactions and 95 million invoices, connecting millions of businesses, advisors, suppliers and customers worldwide.
“Together we’ve established Xero as one of the leading platforms on which they connect, collaborate and conduct their business” says CEO Rod Drury, who describes Xero as a “small business growth engine.”
“We’re thrilled to be playing a role in igniting the small business economy” says Drury. “Our customers are adding employees and growing revenue and margins by having clear visibility of their numbers and easy access to advisors. At the same time, the vibrant ecosystem around Xero – including the growing advisor channel – is creating jobs worldwide.”
Although 400,000 customers sounds like a lot (as does Xero’s $100m in annual revenues), Xero and the cloud accounting industry is really just getting going: there are more than 28 million small businesses in the US alone. Around 22 million of these are sole traders, but every one of them needs an accounting solution.
In the next week, Xero will unveil a new business dashboard as the company begins its delivery of ‘Big Data for Small Business’ in early 2015. We’ll keep you posted on that, but in the meantime watch this video : it’s very cool.