UK Volume 22 Superbrands UK Vol. 22 Xero is a cloud-based accounting software platform for small businesses with more than 2.7 million subscribers globally. Through Xero, small business owners and their advisors have access to real-time financial data anytime, anywhere and on any device Market Xero is one of the fastest growing software as a service (SaaS) companies globally. Founded in New Zealand in 2006, Xero’s goal is to help small businesses around the world thrive. It does this by providing cloud accounting software to help accountants better serve their clients, and for small businesses to easily manage their finances. Small businesses make up 90% of all companies in the markets Xero operates in. They are the backbone of the global economy and will be critical to post-pandemic recovery. During the pandemic, Xero introduced tailor-made new products and services to help small businesses navigate a period of unparalleled disruption, strengthening its market position as an innovator. In 2021, Xero grew its app ecosystem to more than 1,000 connected apps and 300 connections to banks and financial service providers. It undertook a significant capital raise, enabling strategic investments, starting this year with the acquisitions of Waddle, Planday and Tickstar. Xero is well positioned to drive digital transformation among small firms, as cloud software becomes increasingly important across industries. Product Xero offers a beautiful, easy-to-use platform for small firms around the world, delivering access to accounting, compliance and business management solutions in one place, at any time, on any device. What makes Xero special is its much-loved user interface and thriving app store, allowing a completely customisable experience. Xero also boasts 70,000 users of its API and developer tools. By connecting the information businesses need – from their financial institution or vendor – Xero can deliver insights to help small businesses and their advisors make data-driven decisions and set them up for growth. Xero’s cloud accounting software enables accountants and bookkeepers to build trusted relationships with small business clients through online collaboration. Xero empowers them to automate tasks, simplify compliance and improve practice management, as well as offering easy access to client records anywhere, at any time. More than 2.7 million Xero subscribers worldwide have now transformed the way they do business through better tools, information and connections. Achievements In the past year, Xero increased subscribers by 20%, while operating revenue increased by 18%. Xero was included in the Bloomberg Gender-Equality Index in 2020, and this year joined The Climate Pledge – demonstrating its commitment to reducing carbon emissions and consciously managing its environmental impact. Xero also launched the Xero Community Appeal, raising funds for charities that help the most vulnerable and marginalised people to build resilience and mental wellbeing in the wake of the pandemic. With the support of its community, Xero donated funds to charities around the world, including Samaritans in the UK. In addition, Xero hosts what has affectionately been coined ‘Glastonbury for accountants and bookkeepers’. Xerocon, held in London and other cities around the world, welcomes thousands of accountants for inspiring talks, product updates and the opportunity to reconnect with others in the industry and celebrate accomplishments. Other achievements include being named Accounting Software of the Year at the UK’s Digital Accountancy Awards. Recent Developments The Xero App Store was launched to offer small businesses, accountants and bookkeepers an easier way to discover and purchase apps to help run their business. The store also helps app partners grow on the Xero platform. Xerocon has been coined as ‘Glastonbury for accountants and bookkeepers’ DID YOU KNOW?