Xero delves into practice market

ONLINE ACCOUNTANCY technology company Xero moves into the practice market.

The internet-based IT business is introducing software that will allow practitioners to manage their time and fees more efficiently.

Xero’s latest announcement follows on from an acquisition made in February of IT company Max Solutions. Previously Xero concentrated on software for accountants’ clients; however, this software is just for accountants.

In its latest financial statement, released this week, Xero UK customers grew from 5,000 to 11,000 in a year and revenues in its global operations increased from $9.3m (£5.8m) to $19m, although no information on profit margins has been released.

Earlier this month Xero announced it hoped to treble its UK operations in the next 12 months.

Full audited accounts at Xero will be available at the end of June.


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