More features from classic invoicing are being rolled out in the new version of invoicing. This includes the ability to view tax rates and breakdowns in the invoice creation screen, and because of your idea, record overpayments against invoices so that credit can be applied to future invoices. The new fixed assets interface and experience is the default for all regions except Australia which still uses classic fixed assets. Australian organisations can choose to use the new fixed asset experience via the banner at the top of the fixed assets page as long as they don’t use tax pooling.

• Xero CEO Sukhinder Singh Cassidy also delivered her first interviews in Australian newspapers before the conference kicked off.
• The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million.
• Find out about Xero, the emerging global leader of online accounting software that connects small businesses to their advisors and other services.
• This focus was also reflected in our net profit, which increased to $54.1 million compared to a net loss of $16.1 million in H1 FY23.
• For businesses paying supplier bills directly from Xero, this new feature streamlines the payment process by automatically extracting and validating bank details from bill attachments.

New Xero collaboration with Intel brings cloud accounting software to more small businesses

The upfront consideration will be $2.5 billion in cash and equity consideration. Additional contingent consideration, deferrals and rollovers are payable to Melio employees of up to $0.5 billion payable over three years. Cloud accounting platform Xero announced it will acquire payments solution provider Melio. Some note that acquiring a company with complementary strengths and a scalable architecture could fast-track Xero’s product innovation while improving customer stickiness.

July NZ small business data shows consistent growth ahead of the lockdown

• When creating new items in your products and services inventory list, you can now duplicate and edit an existing item.
• Head over to the new navigation and homepage web page to test drive it for yourself using an interactive prototype.
• By subscribing to Xero media releases you can receive updates on our latest announcements sent straight to your inbox.
• On completion, Melio’s CEO and founder, Matan Bar, will be responsible for the combined U.S. business (reporting to the Xero CEO) that will bring together Xero and Melio’s teams across accounting, payments and Melio’s syndication network.

The results highlight our continued strong revenue growth, which contributed to Xero’s emerging profitability. We’ve added history and notes to Inventory Plus to give you a better view of your inventory. You can now see who made adjustments, when they were made, and what changes were made.

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This acquisition solves a critical customer need in the US, uniting Accounting and Payments in one platform for customers. It’s a powerful strategic fit, aligning with Xero’s 3×3 strategy and it brings Melio’s world-class team and platform to Xero. All 600+ Melio employees in offices across New York and Tel Aviv will join Xero. Integration planning will commence immediately as the two companies explore how to bring their businesses together, with existing Xero teams already working closely with Melio. This includes adding Melio’s capability to Xero’s platform and GTM engine, continuing to invest in their standalone product, and exploring syndication opportunities. In what is set to become New Zealand’s most significant outbound deal in over a decade, Xero has agreed to acquire U.S.-Israeli payments provider Melio in a transaction valued at up to $3 billion.

The acquisition is expected to be funded through a mix of cash and equity. The upfront consideration will be US$2.5 billion (A$3.9 billion) in cash and equity consideration. Additional contingent consideration, deferrals and rollovers is payable to Melio employees of up to US$0.5 billion payable over three years.

About MelioMelio serves US SMBs and accounting firms with accounts payable, receivable and cash flow management solutions. Melio’s leading platform integrates with and maintains partnerships with financial institutions, allowing businesses to sync payments data and avoid manual entry. Melio also acts as a technology service provider for vertical SaaS platforms and financial institutions including Capital One and Shopify, and distribution partners including Fiserv through a syndication model. This enables Melio to potentially reach millions of small businesses to provide embedded accounts payable products. «Joining Xero is an incredible opportunity for the Melio team to further our mission to reinvent the way businesses pay each other,» said Bar. Additional informationThe transaction will be effected by way of a merger of Melio Limited and a newly incorporated wholly owned subsidiary of Xero Limited.

The strong operating results saw operating revenue up 21% (20% in constant currency (CC)) to $799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a 90% increase in EBITDA compared xero news to H1 FY23, to $206.1 million. This reflected our ongoing focus on balancing growth and profitability, and resulted in an increase in free cash flow to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the prior period. This focus was also reflected in our net profit, which increased to $54.1 million compared to a net loss of $16.1 million in H1 FY23. Find out about Xero, the emerging global leader of online accounting software that connects small businesses to their advisors and other services. Xero announces enhancements for workpapers, analytics, payments, interface; ADP launches wave of new AI features; Deloitte opens AI Infrastructure Center of Excellence; and other accounting tech updates.

Xero to acquire Melio, a leading US SMB bill pay solution, to accelerate global growth

The transaction will be effected by way of a merger of Melio Limited and a newly incorporated wholly owned subsidiary of Xero Limited. Xero, headquartered in Wellington and publicly listed in Australia, has long held dominance in its home markets of New Zealand and Australia. However, the company has faced challenges scaling its offerings in North America, where it currently generates just 7% of its revenue.

Late payments for small businesses hit a two-year high

Many small businesses start life through social media before making the leap to a bricks-and-mortar shop or other real-life variation. Tax being front and centre on the navigation is great; previously I would have had to go through the reporting menu and star the reports I use the most. I think one way to improve it even further would be if we could turn off or hide the provinces that aren’t applicable, as not all my clients are registered for tax in every region. The good news is you don’t have to be a beta tester to try out the new experience before it’s available later this year. Head over to the new navigation and homepage web page to test drive it for yourself using an interactive prototype.

Positive jobs growth overshadowed by late payments for UK small businesses

For a company with a market capitalization of roughly $19.5 billion, this represents a substantial but calculated investment. Industry observers suggest that this level of integration could significantly improve customer retention and monetization across Xero’s user base. It also brings the company into closer competition with platforms like QuickBooks, which has long offered an integrated financial suite in the U.S. market.

The acquisition of Melio—a fast-growing, B2B payments platform with an active customer base of 80,000—represents a calculated step toward addressing that gap. Xero provides a product customers love and value, as shown by our continued revenue growth and improving profitability. We are committed to evolving our business to deliver on our global aspirations.