Xero partners with US counterpart BILL
Make us a preferred source
Make us a preferred source on Google
The news: Xero has announced a strategic partnership with US counterpart BILL, as the New Zealand accounting software company looks to double the size of its business.
The numbers: Xero said that partnering with BILL, a financial operations platform with more than 470,000 small and midsize businesses on its books, will strengthen its US payments offering and add more value for US customers.
Meanwhile, the ASX- and NZX-listed SaaS company reiterated its existing FY24 guidance for for an operating expense to operating revenue ratio of 75%.
The context: Xero and BILL's embedded solution is being developed to allow customers to manage, approve and pay bills through Xero, powered by BILL, using a variety of payment options without leaving the Xero platform. The solution is aimed at removing the need for manual bank processes and making it easier to reconcile transactions, while providing more visibility and control over cash flow.
The Wellington-based company also said it will preview '"Just Ask Xero", its new generative AI solution, designed to be a smart business companion that helps customers complete and automate accounting tasks.
What they said: Xero CEO Sukhinder Singh Cassidy said: "As we continue to build Xero for the long term, we aspire to be a world class SaaS business, and believe we have the opportunity to double the size of our business and deliver Rule of 40 or greater performance over time".
BILL CEO and founder René Lacerte said: "Xero is a leader in defining accounting for SMBs and we are excited to embed BILL's innovative and powerful payment capabilities into their customer experience, allowing us to serve and transform the lives of more SMBs".
The source: ASX announcement
