5. Xero

Company: Xero

Founder(s): Rod Drury

Website: https://www.xero.com/uk/

Description: Provides businesses and their advisors a user-friendly, cloud-based accounting service.




Founded in 2006, Xero helps businesses to run a range of different essential features, connecting users to the right numbers at any time, from anywhere. So far, Xero have over 2 million subscribers, utilising online collaboration to help build up its trusted relationship with clients.

The company state on their website that “Small business makes the world go round – it’s the heart of the global economy. We want millions of small businesses to thrive through better tools, information and connections. Like all great challenges, we can’t do it by ourselves: we work closely with our customers, partners, and other friends to push innovation forward, turning Xero into the online business platform for the world.”

The company was founded in New Zealand, and is claimed to be one of the fastest-growing SaaSs in the world. The service helps to provide the following features:

  • Pay bills.
  • VAT returns.
  • Bank connections.
  • Claim expenses.
  • Track projects.
  • Accept payments.
  • Bank reconciliation.
  • Payroll.
  • Capture data.
  • Inventory.
  • Reporting.
  • Multi-currency accounting.
  • Send invoices.
  • Quotes.
  • Purchase orders.

With Xero, plans offer 24/7 online support, and can be cancelled with just a month’s noticed required. The service offers three plans, these being Starter, Standard and Premium – the Started (£10 per month) most appropriate for new businesses, sole traders and freelancers, the Standard (£24 per month) best for small, growing businesses, and the Premium (£30 per month) being great for established businesses of any size.

Xero have so far raised a total funding amount of $681.4 million, completed over the course of 9 funding rounds.