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From Xero to One

A global small business platform which offers cloud-based accounting software can enable SMEs to have better control of their business.

Managing cash flow is always a headache for small businesses. Finding a trusted accounting partner who understands cash flow and financial management is essential. Xero offers real time visibility of a company’s financial position and performance in a simple, smart and secure method.

Established in New Zealand in 2006 and now with offices in Australia, Canada, Singapore, South Africa, United Kingdom and United States, the company set up their Hong Kong branch in 2018 after seeing an increasing trend in demand. “Hong Kong is home to about 330,000 SMEs. We see an abundance of opportunities arising, especially from the increased government-funded initiatives to nurture the small business economy,” Kevin Fitzgerald, Regional Director – Asia, said. 

Xero is connected to over 700 third party applications including some of the most in-demand business management tools such as inventory, time tracking, payroll and expenses processing. This effectively alleviates the daily administrative tasks so that SMEs can focus on running their businesses. 

The requests they get from SMEs and accounting firms are very similar across the world, and Hong Kong is no different. “Accountants want to forge trusted relationships with their clients by obtaining access to better insights and reducing administration hours spent on data entry. On the other hand, SMEs hope to get paid faster, be better informed and have better control and visibility on their financial health,” Fitzgerald commented. 

Through Xero’s banking partnerships, users can also connect Xero to their banks to facilitate bank reconciliation, online invoicing and direct up-to-date bank feeds. In Hong Kong, SMEs who bank with Xero’s partnering banks can securely get their bank transactions flowing seamlessly into Xero, saving up to 15 hours of administration time per month, according to Fitzgerald.

 “We have proven that SMEs who use Xero are able to shorten the number of days in between invoicing and getting paid, from 42 days to 32 days. The cash flow cycle is also much shorter for our customers as compared to other SMEs (6 percent late payment vs 24 percent). That is effectively reducing the cash flow gap for small businesses,” Fitzgerald said.

With more than 1.38 million global subscribers, Xero places a strong focus on nurturing a strong relationship with their existing and potential customers by creating a community through events, workshops and training sessions. The company wants to play an instrumental role in pushing forward technological adoption in Asia. 

Fitzgerald finds Hong Kong people smart, hardworking, eager to learn and adaptable to evolving market needs. A huge talent pool in the accounting sector is a critical success factor to Xero’s business growth in Asia.

04.01.2019

Fast Facts

  • Established in New Zealand in 2006 and with offices in Australia, Canada, Singapore, South Africa, United Kingdom, United States and Hong Kong
  • Offers a cloud-based accounting platform for SMEs, accountants and bookkeepers
  • Xero is used in over 180 countries by 1.38 million paying subscribers and integrates with more than 700 add-on solutions

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From 19 April, 2019, our Hong Kong head office is temporarily relocated to below address:
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