The value of a small business ecosystem
Cloud technology has revolutionized the way small businesses operate on a day-to-day basis, significantly reducing the costs involved with starting and running a business.
The way a small business functions daily has dramatically changed. By establishing an ecosystem of more than 500 add-on integrations, we’re a big believer that connecting powerful tools makes us all better.
The small business owner
For most small business owners, you’re the CEO, CMO, head of HR, sales director and receptionist. You wear many hats, and at times it’s incredibly overwhelming.
The Xero ecosystem is made up of hundreds of software apps that are specifically designed to either complete or assist with the many tasks involved with running a business.
Automated systems might seem like something that only the big businesses use, but the ecosystem is tailored for small businesses. They’re all user-friendly and are aimed to make things easier in the long run. Once you find the app solves the business you have all you have to do is select it and load it up.
The tech partner
More than a quarter of Xero’s customers use at least one add-on partner. It can be anything from a time tracking app like TSheets to an e-commerce platform like Shopify.
By building your business in the cloud, you can work from anywhere, at anytime on any device. It also means a small business owner can work on one platform, using one set of data and communicate directly with their trusted advisor.
Investing heavily in maintaining an open platform has been one of our key competitive advantages. It’s also opened up a world of possibility for our partners that have integrated to connect with over 700,000 Xero subscribers.
Being part of the ecosystem means that each and every Xero user is a potential customer, which is a huge untapped market for partners.
One partner who experienced the power of the Xero ecosystem was UK based add-on Receipt Bank. After being nominated as emerging add-on of the year at Xerocon, they then found themselves thrust into the Xero community limelight. It put the growing startup into a unique position where they needed to rapidly expand as they went from 100 users locally to exploring the possibility of opening international offices. This is just one of the hundreds of success stories that have emerged from the Xero Marketplace.
Receipt Bank co-founder Michael Wood says, “We share tens of thousands of clients with Xero, there’s no question, that’s helped our business immensely.”
Cloud technology and the ecosystem is also an important tool for accountants. When it comes time to balance the books and crunch the numbers, the life of an accountant is very different in the cloud accounting world. By working in a single ledger, accountants can see what’s going with a business without having to physically sit down with a client. It also gives accountants more tools to offer insights and advisory services to help their clients grow.
By going all-in on cloud technology, it also opens up an accountant’s total addressable market. You’re no longer limited to working with the small businesses in your zip code. Cloud technology has smashed down the barriers of physical boundaries, enabling advisors to work from where they want to live, not live where they need to work.
Understanding the Xero Marketplace and the benefits that you, as accountants, small business owners or tech partners, can take away from it can open up a world of opportunity. If you are wanting to know more about the benefits of the ecosystem joining us at Xerocon South is the perfect way to get acquainted and potentially become an ecosystem pro!