Rod Drury, XeroXero, which markets low-cost online business software, said it intends to continue investing in the company to fuel growth. That came as the New Zealand-based company reported that its loss for the year ended March 31 widened by 5 percent on a 107-percent increase in revenue.

In his company's annual report, CEO Rod Drury outlined plans. He wrote that "'To maintain momentum the company must continue to invest in its internal infrastructure, systems and personnel around the globe, and this will result in continued losses for the year ending 31 March 2013."

The still small publishing company lost just under $6 million on $14.6 million in revenue. The percentage change from 2011 results was calculated on the results in New Zealand dollars. Last fall, Xero introduced its accounting product into the United States and this month it brought in its practice management offering, Workflow Max, which it acquired in January.

The company says it has 3,600 accounting firms that use Xero and that providing accountants with a full line of products "makes it more likely that they will use our products to manage their client bases."

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last modified on Sunday, 02 June 2013
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