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29 Mar 2012 Accountancy Age
By Rachael Singh
ONLINE ACCOUNTANCY technology business Xero is set to triple its UK operations in the next 12 months following a buoyant UK market.
The IT business said it has record UK sales of its online accounting software in 2011, with the company hoping to grow its 35,000 UK userbase.
The success has been bolstered by Xero's tie in with banks which allowed users to have live bank feeds into their accountancy software - with about 14,000 accounts synchronised every day.
As part of the deal Xero, which was the first online software provider to receive an ICAEW accreditation, hopes to increase its accounting partners, with Top 50 firms Moore Stephens and Kingston Smith already using the software and reselling to their clients.
The latest announcement follows on from previous investments of £12m into Xero from its stakeholders including Paypal co-founder and one of the original Facebook investors Peter Thiel; and accountancy software business MYOB co-founder Craig Winkler.
Xero has also completed its acquisition of Max Solutions, the company behind the popular online practice management software, which will now form part of Xero's plans to further extend its range of cloud based practice software to accountants.
"We think 2012 is a landmark year for us," said Xero managing director Gary Turner (pictured).
"The availability of Xero Practice Management as a free cloud application for UK accounting firms who support their clients running Xero's award winning online accounting software will disrupt what is a stagnant sector, under-served by inflexible and more costly PC based software."
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