On 11th September 2013 the Inland Revenue Department announced that Xero is now legally allowed to store taxpayers’ records outside New Zealand on behalf of its customers (click here for article). Xero was the first cloud-based accounting software company to become street legal and we understand that MYOB has also recently been approved.
The growth of Xero has been phenomenal with revenues hitting $39 million to 31 March 2013, up from $19.4 million on the prior year. Clearly the ‘software as a service’ model is popular with small businesses, Xero’s primary target market. Hopefully as their customer numbers continue to build they will eventually turn their $14 million loss into a profit.Details