Xero has announced it has more than 400,000 small business customers operating on its cloud platform and in 2014 processed NZ$250 billion (AU$236 billion) of transactions and 95 million invoices globally.
Chris Ridd, Xero Australia’s managing director, told AccountantsDaily that the time is now right for the company to utilise data and provide better insights to customers.
“The big data play for us has always been a big part of the strategy and now that we are gaining scale it just makes so much more sense for us to be delivering upon some of those opportunities,” he said.
“We are building a business intelligence capability with widgets that allow you to provide these standard insights into different parts of the business, like cash flow, profitability and a whole range of standard business metrics.
“That’s an obvious place for us to go given that we have a lot of very detailed information. Whilst business owners love to look at P&L and balance sheet reports, probably what is more useful for them is to look at trend data and be able to look at different business metrics that provide an indicator of the health of the business at a snapshot,” said Mr Ridd.
Xero is utilising more than half a petabyte of data collected to provide these insights.
Rod Drury, Xero’s chief executive, said the company is thrilled to be playing a role in igniting the small business economy.
“Our customers are adding employees and growing revenue and margins by having clear visibility of their numbers and easy access to advisers,” he said.
“At the same time, the vibrant ecosystem around Xero, including the growing adviser channel, is also creating jobs worldwide."