Xero an online accounting software provider for small businesses and their advisers has announced the expansion of its UK operation. Xero has been building a solid customer and partner base in the UK since 2008. It says it now supports 35,000 users in the UK. Buoyed by record UK sales of its online accounting software in 2011, plans include more local sales and support staff, further development of its network of accounting partners and extending its cloud software offering for accountants.
The additional investment follows previous investments of £12 million in Xero, from investors including Paypal co-founder and one of the original investors in Facebook Peter Thiel, and Craig Winkler, the co-founder of accounting giant MYOB.
Xero has also completed its acquisition of Max Solutions, the company behind the popular online practice management software, which will now form part of Xero’s plans to further extend its range of cloud based practice software to accountants.
“We think 2012 is a landmark year for us,” says Xero managing director Gary Turner. “We saw the number of UK businesses using Xero more than double over 2011 which points to a significant shift that is well underway with many thousands of business owners now rejecting the expensive and inflexible packaged software that has historically been the only choice in the UK.
Gary Turner says investing further in its cloud based practice software perfectly complements its lead in client side accounting. “The availability of Xero Practice Management as a free cloud application for UK accounting firms who support their clients running Xero’s award winning online accounting software will disrupt what is a stagnant sector, under-served by inflexible and more costly PC based software.”
Xero’s expansion has seen the company create ten new jobs since January and it recently moved into new premises at Avebury Boulevard, Milton Keynes. The company continues to recruit sales, marketing and customer support personnel.
Xero is. Through cloud computing, small business owners and their accountants have instant access to their financial records, such as cashflow, debtor exposure, invoice payment status and live bank data feeds, on any Internet-enabled device including smartphones and tablets.