Xero named Frost & Sullivan’s 2021 Asia-Pacific SME Accounting Software Vendor of the Year

Xero recognised for its exemplary performance and valuable contributions in shaping new trends across Asia-Pacific in its 2021 Best Practices Awards

SINGAPORE – Media OutReach – 9 June 2021 – Xero, the global small business platform, has
been named the 2021 Asia-Pacific small and medium enterprise (SME) Accounting
Software Vendor of the Year by global research and consulting firm, Frost &
Sullivan in its 2021 Best Practices Awards. The awards celebrate best-in-class
companies that have accomplished innovative or disruptive breakthroughs in
their industries and continually demonstrate excellence.

Winners were selected based on their
performance against three key strategic imperatives: disruptive technologies,
transformative mega trends and new business models. Successful companies
overcame the challenges posed by these imperatives and leveraged them to drive
innovation and growth. Winners were also assessed against criteria including leadership focus, brand equity, financial performance,
dedication to continued innovation and addressing customers’ unmet needs.

Krishna
Baidya, Director of ICT Practice at Frost & Sullivan commented: “Xero’s
cloud-based accounting software platform provides SMEs with a comprehensive
solution to handle their accounting functions and have real-time access to
their financial data. The platform’s global business network addresses the
segment’s needs beyond pure accounting, providing access to critical business
apps and bank feeds. By bringing together all financial information in a simple
and easy-to-navigate space, Xero empowers SMEs to make smarter and faster
decisions.”

In its Best Practices report, Frost
& Sullivan also commended Xero’s commitment to helping SMEs work with their
closest allies: accountants and bookkeepers. “Whether it is doing taxes,
understanding finances, or making plans to grow, Xero brings all of the
necessary data and information together in one place so that small businesses
and their advisors can collaborate and speak the same language. This close
partnership with accountants and bookkeepers is driving Xero’s subscription
growth while benefiting small business customers,” the report stated.

Xero was further recognised for leading
the way in creating visionary scenarios through the mega trends shaping long
term sustainable growth and driving a culture of innovation through the
adoption of cloud accounting solutions and creating a thriving ecosystem. The
report cited Xero’s work embedding Hubdoc’s machine learning technology into
its platform to help small businesses process bills and receipts faster.
Together, with the addition of duplicate detection, one of the most commonly
asked for features from customers, Xero Expenses with Hubdoc can ensure small
businesses and their consultants will spend less time on manual data entry
activities and fewer hours spent gathering and handling bills, expenses, and
other documents each month so that they can concentrate on helping businesses
expand.

“Xero’s
focus on innovation to enhance customer value is evidenced by its facilitation
of an open platform with more than 1000 apps in the marketplace, recent
acquisitions of invoice lending platforms, and deep strategic partnerships with
payment service providers. The company’s robust financial performance is
commensurate with its growing user base and global footprint, all of which are
a testament to its ambition in building global scale and innovation,” added
Baidya.

Kevin Fitzgerald, Managing Director
Asia, Xero, said, “We are humbled to have been honoured by Frost & Sullivan
as its Asia Pacific SME Accounting Software Vendor of the Year. The award is a testament to Xero’s
hard work and ongoing commitment to the SME ecosystem and community in Asia
Pacific. We are focused on our commitment to be the most insightful and
trusted small business platform and make lives better for SMEs throughout the
region.”

Frost
& Sullivan follows its proprietary, measurement-based methodology combined
with extensive research, in-depth interviews, analysis, and benchmarking to
shortlist deserving companies in each category. The selection process utilises
real-time performance indicators such as market share, revenue growth, customer
acquisition, product/service value, and technology innovation, and the winners
represent the best of the best in Asia-Pacific.