Xero, the leading online accounting software for small businesses in Australia, has ranked #1 on the 2014 BRW Most Innovative Companies list.
The award is the latest in a string of accolades for Xero this year. In September, Xero was named one of Australia’s best employers in the 2014 Best Places to Work, and earlier this year was named the World’s #1 Most Innovative Growth Company by Forbes.
Topping BRW’s Most Innovative Companies list in 2014 recognises Xero’s ongoing dedication to maintaining disruptive innovation in the accounting industry.
With more than 370,000 small businesses using Xero worldwide, and 100 per cent year-on-year customer growth in Australia alone, the platform’s innovative nature is having a huge impact on small businesses, accountants and bookkeepers, all of which are truly on the cloud.
Small businesses are using these innovative features daily, filing more than 230,000 tax lodgements to the Australian Taxation Office through Xero in the past 12 months alone.
As an example, by submitting tax file number (TFN) declarations electronically, businesses have saved an estimated $100,000 in postage costs alone, avoiding unwieldy paper forms, lines at the post office, and scribbly handwriting in favour of making just a few clicks through online accounting software.
Xero has also handled more than $1 billion in payroll each month in Australia alone. Changes to superannuation (rising from 9.25 per cent to 9.5 per cent) occur automatically for the more than 158,000 Xero customers in Australia, reducing administration time and letting them get on with running their business.
Xero Australian Managing Director Chris Ridd said continued innovation at Xero was a key factor in its continued growth and popularity.
“The initial development of Xero literally changed the entire accounting world. It finally made managing the books beautiful and simple for small businesses around the world.
“But innovation is not about a bright spark and then fading away. The work of our talented team across all of our offices has continued to bring efficiency to our customers everywhere.
“From building the marketplace integrations with over 350 software add-on partners, to making dealing with tax simpler, and innovations in payroll, Xero is helping make other businesses more efficient, and having a huge impact on the economy.
“We’ve been adding features to Xero every 3-4 weeks and we aim to continue this rapid pace of innovation,” Ridd said.
Xero has grown to more than 1000 staff globally and US$100 million in annualised revenue in the past 12 months.