Xero (software)
Encyclopedia
Xero is an online accounting software
product for small and medium-sized business
es, as well as for personal finance. The product is sold by subscription (a distribution model commonly known as Software as a Service
or SaaS) requiring the payment of a monthly fee. This charge is proportionate to the number (and type) of company entities managed by the subscriber.
founded Xero Limited in 2006.
The company listed on the NZX
early in the company's history after a high-profile IPO. In May 2009 it closed a second round of funding of NZ$29 million for international growth. The bulk of this new funding (NZ$18 million) came from Craig Winkler - a founder and former CEO of MYOB, Xero's biggest competitor in the Australasian region.
The Board of Directors
includes Sam Morgan
, who founded New Zealand’s highest-traffic website TradeMe
in 1999 and sold it for NZ$700 million in 2006. The Board of Advisors includes Andy Lark, the Global Vice President of Enterprise Marketing at Dell
.
In 2010, Rod Drury
announced that Silicon Valley billionaire Peter Thiel
was investing $4m in Xero for a 3 percent share, valuing the company at $133m.
Xero has its headquarters in Wellington, New Zealand, with a branch in Auckland and operations in Australia and in the UK.
Xero can automatically import bank statements from thousands of banks globally, including the major banks in New Zealand, Australia, the United Kingdom and the USA.
Xero is available globally and provides localized versions for New Zealand, Australia, and the United Kingdom.
Accounting software
Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system...
product for small and medium-sized business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
es, as well as for personal finance. The product is sold by subscription (a distribution model commonly known as Software as a Service
Software as a Service
Software as a service , sometimes referred to as "on-demand software," is a software delivery model in which software and its associated data are hosted centrally and are typically accessed by users using a thin client, normally using a web browser over the Internet.SaaS has become a common...
or SaaS) requiring the payment of a monthly fee. This charge is proportionate to the number (and type) of company entities managed by the subscriber.
Namesake company
The technology entrepreneur Rod DruryRod Drury
Rod Drury is a technology entrepreneur from Wellington, New Zealand. He is currently CEO of the online accounting software company Xero, and a key player in the Pacific Fibre project.- Professional history :...
founded Xero Limited in 2006.
The company listed on the NZX
New Zealand Exchange
NZX Limited is a stock exchange located in Wellington, New Zealand. Since July 2005 it has been located in NZX Centre, the renovated Odlins building on the Wellington waterfront...
early in the company's history after a high-profile IPO. In May 2009 it closed a second round of funding of NZ$29 million for international growth. The bulk of this new funding (NZ$18 million) came from Craig Winkler - a founder and former CEO of MYOB, Xero's biggest competitor in the Australasian region.
The Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
includes Sam Morgan
Sam Morgan
Sam Morgan may refer to:*Samuel Morgan, businessman* Sam Morgan , New Orleans jazz band musician & bandleader* Sam Morgan , New Zealand businessman*Sammy Morgan , Northern Irish footballer...
, who founded New Zealand’s highest-traffic website TradeMe
TradeMe
Trade Me is the largest Internet-auction website operating in New Zealand. Managed by Trade Me Ltd the site was founded in 1999 by New Zealand entrepreneurSam Morgan who sold it to Fairfax in 2006 for NZ$700 million...
in 1999 and sold it for NZ$700 million in 2006. The Board of Advisors includes Andy Lark, the Global Vice President of Enterprise Marketing at Dell
Dell
Dell, Inc. is an American multinational information technology corporation based in 1 Dell Way, Round Rock, Texas, United States, that develops, sells and supports computers and related products and services. Bearing the name of its founder, Michael Dell, the company is one of the largest...
.
In 2010, Rod Drury
Rod Drury
Rod Drury is a technology entrepreneur from Wellington, New Zealand. He is currently CEO of the online accounting software company Xero, and a key player in the Pacific Fibre project.- Professional history :...
announced that Silicon Valley billionaire Peter Thiel
Peter Thiel
Peter Andreas Thiel is an American business magnate, venture capitalist, and hedge fund manager. With Elon Musk and Max Levchin, Thiel co-founded PayPal and was its CEO...
was investing $4m in Xero for a 3 percent share, valuing the company at $133m.
Xero has its headquarters in Wellington, New Zealand, with a branch in Auckland and operations in Australia and in the UK.
Product
The key features of Xero include automatic bank account feeds, invoicing, accounts payable, expense claims, fixed asset depreciation, and standard business and management reporting.Xero can automatically import bank statements from thousands of banks globally, including the major banks in New Zealand, Australia, the United Kingdom and the USA.
Xero is available globally and provides localized versions for New Zealand, Australia, and the United Kingdom.