Published on the 04/02/2016 | Written by Beverley Head
Cloud accounting software company Xero has announced a slew of updates for its Australian tax module, along with a changing of the guard at the pointy end in both Australia and New Zealand…
Xero, which is currently in the midst of a round-Australia roadshow which it claims has attracted 8,000 accountants and bookkeepers, says it has already underpinned more than 1 million tax lodgments through its online tax service.
Xero Tax, developed in Melbourne is now installed in 1,370 accounting practices according to the company.
The latest features announced this week include integrated worksheets for GST calculations; support for electronic signatures through Adobe’s Document cloud for tax returns and activity statements; integration with DropBox for Business; and support for the ATO’s cloud based authentication process.
The other significant change for the company is the replacement of Chris Ridd as managing director. Ridd will step down from the role at the end of March (though he will retain a consulting role through 2016) and is replaced by Xero’s former national sales director Trent Innes.
Xero has also changed managing directors in New Zealand, where Victoria Crone resigned in December to run for the position of Mayor of Auckland. Anna Curzon has been appointed as her replacement.
In Australia the appointment of a former sales director as managing director points to a continued focus on driving sales and market share. The company has continually indicated it is far less interested in turning a profit than it is on growing the business and succeeding in a land grab for the fiercely fought cloud accounting market.
According to Innes Xero is now the “engine room” of Australia’s small business economy; “with more than 40 million invoices created worth $A76 billion in 2015, and more than 500,000 people paid through Xero payroll.”
Despite the lack of corporate profits Xero remains financially healthy however and reported to the Australian Stock Exchange last week that it had cash and deposits on hand worth around $NZ202 million.
Perhaps less rosy is the company’s share price. In March last year it was trading on the ASX at around $23.50 a share – today it’s fetching a more sober $15.
