As an accountant in practice I totally agree with you.
Xero have made people think that it is beautiful accounting software and all that Jazz.
For what it's worth I find the functionality flawed. The basics like Bank reconciliations do not flow around the package. Reporting is tedious.
Imo myob had caught Xero in the cloud world and surpassed them especially for speed.
Xero sends that many emails and runs so many road shows to accountants trying to grab market share .. The marketing department works overtime. I'll never forget sitting on a Xero partner seminar... The presenter had nfi what he was doing as he was from a merchant banker background. All he focused on was the added value features such as taking photos of receipts and uploading them to xero so the expense can be automatically allocated. Big woop. Then the system crashed and he was lost for 30 mins.
i saw right through the package - it's hilarious seeing mostly new small business owners using the software telling you how good it is because their mate told them to use it.
You then go into their file and the accounts are an absolute mess. Nothing is reconciled properly. But it's such a great package!! Xero had first mover advantage in the cloud but I think there is still a long way to go... They blew it. Myob caught up easily.
The company should have been profitable by now but I'm not surprised with the wasted marketing spending like the very seminar I saw.
Good luck to anyone going long - you will need it!
XRO Price at posting:
$23.60 Sentiment: None Disclosure: Not Held
(20min delay)