Xero Has Just Processed $1 Billion In Monthly Australian Payrolls

Sam Griffiths of Australia celebrates on board Paulank Brockagh after winning on day five of the Badminton Horse Trials in Badminton, England. (Photo by Dan Mullan/Getty Images)

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.

Xero is listed in on the Australian and New Zealand exchanges and has its eye on a future US listing.

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