Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
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Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#2Xero’s unique selling point is its slick and simple user interface
This worked for Mint. I am less confident it will work for Xero, even though many startups/small businesses (myself included) want an alternative to Quickbooks.
The article didn't mention this, but one of the most important selling points is not how it looks to SMBs, but whether or not banks and accountants will work with it. I remember reading somewhere that 90% of small business accountants integrate with Quickbook files or Quickbooks Online. Getting accountants to start using a new system will be a tough sell, especially if only a small number of early adopter clients are there to begin with.
While it may be possible to encourage SMBs to switch to Xero-based banks or accountants, that's a large step for some. I use a neighborhood bank for business banking services (augmented by Dwolla) and a local accountant team that is pretty sharp. Switching is not only a PITA, there's also the risk that a new bank and accountant may be lacking in other areas, even if they support Xero.
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#3Xero’s unique selling point is its slick and simple user interface This worked for Mint. I am less confident it will work for Xero, even though many startups/small businesses (myself included) want an alternative to Quickbooks. The article didn't mention this, but one of the most important selling points is not how it looks to SMBs, but whether or not banks and accountants will work with it. I remember reading somewh…
I use Xero.
I showed it to my accountant and we now regularly use it to cooperate on my accounting. I don't have to bring a MYOB file in to her, I just send her an email with a question and she can log in to look at my books.
She's now recommending it to her other clients.
(n=1)
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#4Xero’s unique selling point is its slick and simple user interface This worked for Mint. I am less confident it will work for Xero, even though many startups/small businesses (myself included) want an alternative to Quickbooks. The article didn't mention this, but one of the most important selling points is not how it looks to SMBs, but whether or not banks and accountants will work with it. I remember reading somewh…
You've identified the issue around transition. It's not good enough to be simply better, it has to be great for the accountant and the transition has to be easy.
Xero figured it out - although it 2-3 years after they launched (they are now 7 years old). Their key to paid customer growth is not the UI (which is great) but that they focus on helping accountants improve the way they do business with their clients. Their marketing focuses on the accountants, and includes extensive training and so on, and they offer free practise management software. It changes the relationship accountants have with their clients and creates evangelists.
To help in the US Xero has just launched a Quickbooks --> Xero tool.
Of not for HN is the comprehensive and rapidly growing ecosystem of add-ons and complementary cloud products, many out of NZ, but many (more?) from offshore. It's a very fast growing area with a lot of opportunity.
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#5As a public investor, I was wondering why my ticker wasn't ticking last Friday. I'd encourage anyone in AU/NZ to take a look at Xero - we don't have many public tech stocks here, so it'll be interesting to see what happens to this one and its effect on the scene here.
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#6I was trying to find a breakdown of Freshbooks, Xero, and Quickbooks. Found this: http://accounting-software.findthebest.com/compare/64-157/Xe...
Anyone have any thoughts on features/prices of these?
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#7I was trying to find a breakdown of Freshbooks, Xero, and Quickbooks. Found this: http://accounting-software.findthebest.com/compare/64-157/Xe... Anyone have any thoughts on features/prices of these?
I don't think Freshbooks really counts...
They do great marketing, and the name being a play on Quickbooks is simply brilliant, but it's not at all an accounting system. No double entry, no general ledger...it's just invoices.
Granted, they are incredibly successful, so are doing something right, but I find it fairly annoying that their marketing positions themselves as a Quickbooks alternative ("cloud accounting") when they are not, IMO.
Perhaps I'm being pedantic.
So, Freshbooks aside, Xero is not Quickbooks, so I think that means it wins. :-)
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#8Xero’s unique selling point is its slick and simple user interface This worked for Mint. I am less confident it will work for Xero, even though many startups/small businesses (myself included) want an alternative to Quickbooks. The article didn't mention this, but one of the most important selling points is not how it looks to SMBs, but whether or not banks and accountants will work with it. I remember reading somewh…
The "slick and simple user interface" stops with their marketing site in my opinion. I used it for about 3-4 months but had to switch to Quickbooks Online and I can't stand Intuit. I actually find QBO to be better designed & easier to use.
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#9Xero is one of a number of companies that are helping to modernize the backoffice for SMBs. While the article focuses on Xero's UI as a selling point, another key value proposition is their integration with other modern back-office software such as ZenPayroll for payroll and bill.com for billing. These sorts of things are providing a more integrated and seamless back office for businesses and accountants.
Re: Xero Raises Another $150M to Do Battle With Intuit in Online Accounting Software
#10I was trying to find a breakdown of Freshbooks, Xero, and Quickbooks. Found this: http://accounting-software.findthebest.com/compare/64-157/Xe... Anyone have any thoughts on features/prices of these?
Freshbooks is great for small design/dev contracting. As 1 guy running a bunch of contractors for several clients, it fit my needs perfectly.
Quickbooks Online is mainly for very small businesses. QuickBooks Windows can run a 20M a year business QuickBooks Mac has basically be abandoned.
XERO has a killer API, but I never run into businesses on the platform. We see more people on AccountEdge (MYOB usa).