Small businesses in Australia have just processed $1 billion payrolls in a single month using Xero.
The cloud based accounting software company, which started in 2006 in New Zealand, reached the $1 billion milestone in June.
“Over 350,000 employees, approximately 3% of the working population of Australia, were managed by Australian Payroll in Xero in the last financial year,” the software company says in its blog.
Payroll has traditionally been labour intensive to ensure compliance with the Australian Tax Office. Xero automatically adjusts new superannuation and tax rates when the financial year changes.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.