The software provider announced it recently processed more than $1.5 billion in payroll to 375,000 small business staff across Australia, after hitting the $1 billion mark just six months ago.
The company said the record amounts being paid to employees each month through Xero show how small businesses are looking to ensure they remain compliant with legislation, and no longer need to worry about things like changes in superannuation rates, group certificates or tax file number declarations.
Rod Drury, Xero CEO, said that as a result of the success, the company is now expanding these features around the world to customers in the United States, New Zealand and the United Kingdom.
“Xero’s global platform and approach allow us to develop and learn from other countries and we’re excited to launch these innovations in the vast US market. We’re building on our success in Australia where we process over AU$1.5 billion of payroll transactions monthly to over 375,000 employees.
"Plus we're building on the recent acquisition of Monchilla in the US and the scaling of our development teams globally. This is the start of a wave of product innovations launching early this year. These innovations will deliver on our vision of a fully integrated platform for small businesses to work and collaborate on,” said Mr Drury.
Xero said its cloud accounting platform is now evolving into a broad business management solution, exceeding the functionality provided by legacy desktop software vendors.
"Payroll is usually the biggest expense for small business owners, with time-consuming process. So integrated accounting and payroll is compelling and inevitable. Over 40 per cent of our customers already use our payroll software in markets where it is available,” Mr Drury said.
Are you thinking of expanding your offering into SMSFs to grow your client base? Become a pro at SMSF fundamentals and make your clients bulletproof with the SMSF Foundations course. Learn directly from Aaron Dunn from Smarter SMSF as he deep-dives into the fundamentals you need to know to successfully undertake your work as an SMSF practitioner. Earn up to 21 CPD hours! Learn more