Xero’s latest results show the cloud accounting company has picked up speed, more than doubling the number of paying business customers in Australia. Xero had 79,100 business customers as of 30 September, compared to 32,500 a year ago (a 143 percent increase).
Xero’s total customers worldwide nearly doubled from 111,800 to 211,300 (up 89 percent). Growth in New Zealand was below average, jumping from 57,300 to 85,500 (up 49 percent).
Operating revenue would exceed NZ$30 million in the first half of its financial year, up 84 percent from NZ$16.5 million for the corresponding period, the company said.
The company claimed it had held Australia’s biggest accounting conference with 900 bookkeepers and accountants in Sydney last month and that its global accounting partner network had reached 8,800. Xero’s number of employees had jumped from 278 to 584.
It’s not just about the momentum of Xero as a cloud vendor,” said Chris Ridd, managing director of Xero Australia in a press release. “We are seeing an entire industry coming together, made up of accountants, bookkeepers, financial advisors, add-on developers, cloud integrators and even banks, recognising the opportunity to connect via the cloud and drive productivity gains for small business.
“All of these factors make us confident about the continued popularity of Xero online accounting software in Australia against the incumbents,” Ridd said.