We had a team of 5 attend the Xero conference on Friday 22 February 2013 and I would like to share some of the interesting statistics that came out of that conference.
The infrastructure around Xero is huge. It is no longer seen as a couple of people having an idea and then selling it to the market.
There are 160 servers throughout the globe, 5TB of financial data stored, 1.3 million requests per minute for information, 320,000 bank feeds imported daily, $84B worth of invoices processed globally last year of which $34B related to NZ – this represents from NZ’s point of view about 20% of GDP.
What’s doing it for Xero clients is the single ledger concept. No longer is there data fragmentation of receiving a client’s backup, working out what version they are using, installing it, running off reports, analyzing those reports and then getting back to them. In today’s standards by the time this is all done, the data is probably 3 days old and the system the client uses will have had another 3 days of data entered, so we report on old data - not a good look!
Xero currently has 135,000+ customers and is aiming for 1 million. Even more impressive, is the money they have in the bank for future development which is in excess of $80 million. Another popular accounting software company has in excess of $600 million in debt – I wonder who the markets will deem to be the strongest!
From a user perspective consider the amount of people involved in the Xero ecosystem. There are:
• 4,500+ accountants
• 4,000+ banks
• 150+ developers
• 100+ trainers
• 200+ add-on products
There is no doubt Xero is the way of the future, so if you are not yet a user please feel free to give me a call to talk about how to become part of this excting future.
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