Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Xero reaches 147,000 Australian customers

Xero reaches 147,000 Australian customers, will offer free trial through Telstra

By Suze Metherell

Aug. 22 (BusinessDesk) - Xero, the cloud-based accounting software, says it has more than 147,000 paying customers in Australia and plans a free trial offer of its service through Australia's largest telecommunications provider, Telstra.

The Wellington-based company had 109,000 Australian customers at March 31, as well as 5,328 current partners, according to chief executive Rod Drury's annual general meeting presentation to shareholders in July. The company is pushing to take market share of small business accounting in New Zealand and across the Tasman, where it has had the advantage of early adoption.

To sign up further Australian customers Xero will offer a free six-month trial of its online accounting software through its partner, Telstra. The company has also secured a partnership with CGU, a subsidiary of Australia's largest general insurer, IAG, to help calculate insurance premiums for workers' compensation.

Xero's ultimate goal is a million global customers, and it is targeting growth in the US where it sees the potential to take market share of an estimate 29 million small to medium sized business owners. According to Drury's July presentation Xero had 18,000 customers in North America at March 31.

Globally tech stocks have pared gains made early in the year as investors questioned high valuations relative to earnings. Xero's own shares recently traded down 0.5 percent to $23.40 and have fallen some 48 percent from their March record of $44.99 as analysts weigh the company's stock price against its ambitious US plans and the ability to take market share from incumbent Intuit.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Business Research And Development Up 29 Percent

Computer services and machinery manufacturing firms led the way in an almost 30 percent lift in business spending on research and development (R&D) in 2016, Stats NZ said today. Businesses spent $1.6 billion on R&D in 2016, up $356 million (29 percent) from 2014. More>>

ALSO:

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:

Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news