Xero, the creator of Xero accounting software and a newcomer to the United States, has taken the number one spot on Forbes Magazine's 2014 Top 10 Innovative Growth Companies list. This list spotlights companies with innovation and growth potential throughout the business world. Many businesses and accountants are taking notice and considering Xero accounting software to meet their accounting needs.
Forbes Magazine takes innovation seriously and uses a complex algorithm to determine business innovation and growth potential. The annual innovative growth list recognizes companies with at least seven years of public financial records and less than $10 billion dollars in market capitalization. Presence on the list shows that a company has high potential to offer new products or services, or to expand into new markets in the future. Xero, a New Zealand-based company, currently offers a handful of financial products in addition to its popular Xero accounting software.
Xero founder Rod Drury is no stranger to innovation. He built Xero with minimal funding to fill a particular niche: cloud-based accounting software for small businesses. Drury's team observed small business owners to determine their needs firsthand and, as a result, and developed the Xero accounting software specifically to fulfill those needs.
The company's first software innovation enables integration with bank transactions. Xero keeps financial sheets up-to-date, adding real-time transactions to records as they occur. This innovation to meet a practical business needs characterizes Xero's commitment to developing out-of-the-box solutions that help small business handle accounting challenges and improve business processes.
Drury's commitment to innovation has made Xero accounting software significantly different from traditional business accounting programs. Most obvious is the low entry cost, which makes the software a viable accounting option for new business start-ups. The cloud-based program gives users complete access to financial data through mobile devices and at remote locations. This functionality allows for instant updates and easy collaboration between offices, other business sites, and business professionals while they commuting or traveling. The interface is highly intuitive and streamlined for easy use, but the program is also robust and equipped to handle most of the accounting tasks that a small- to mid-sized business requires. These innovations have fueled investor confidence in Xero as a business that is expected to perform well in the future, making it no surprise that Xero has landed in the top spot on Forbes' list of innovative growth companies.
Xero accounting software is growing in popularity as the accounting software of choice for start-ups and other small businesses. With a nod to its innovative growth potential from Forbes Magazine, Xero's investment base is likely to grow. Expect to see more accountants using Xero accounting software and more products from this company as it continues to grow.
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