Xero has surpassed one million subscribers across Australia and New Zealand (A/NZ), driven by increased uptake of cloud accounting technology.
Spanning both sides of the Tasman, the penetration of cloud accounting sits at roughly 40 per cent, cited as more than double worldwide figures.
“While both New Zealand and Australia are geographically distant, the innovation we see coming from our region is powered by cloud technology and global connectivity,” said Craig Hudson, managing director of New Zealand and Pacific Islands at Xero.
“Xero’s next opportunity for growth centres on the continued evolution of cloud technology and together, with our small business customers and partners, we are paving the way to extend business offerings on the Xero platform.”
During the past 12 months, the New Zealand-based business has processed more than 259 million invoices locally, accounting for over $1.5 billion worth of transactions.
“Our purpose is to have a positive impact on the world by helping small businesses grow,” Hudson added. “Cloud technology has revolutionised the way small businesses operate.
“They are now working anytime from anywhere, with 24/7 real-time access to their financial position.”
To facilitate such growth, Hudson said Xero has established a “significant partner community” of accountants and bookkeepers in the region.
“Our A/NZ partners are the true early adopters when it comes to cloud technology,” Hudson adds.
“We couldn’t have achieved this milestone without the partnership from this community to help shape the platform. We’re very grateful for their support and joining us on this journey.”