Hero to Xero, page-147

It's actually free and not that time consuming to switch from MYOB or Quickbooks to Xero.

Xero will become more and more of a small business financial platform, not just an accounting platform. They'll really take advantage of the big data / analytics wave in the next few years. And the fact Xero already has 540,000 customers, including dominant market share in New Zealand and a significant, and still quickly growing market share in Australia shows that people are willing to migrate.

Keep in mind that Xero is the disrupter in this market, and with a purely cloud based platform can adapt their product very quickly. They're making improvements and updates all the time. In a few years everyone will do their accounting in the cloud and Xero will have a pretty good cut of that in multiple markets. Plenty of people that use desktop MYOB or Quickbooks look at alternatives when they switch to cloud based software. And Xero will always be at the top of that list. They won't win every time but they don't have to. Then, as people are getting a lot of value from their ever improving platform and it's so integrated with their business (and other online software and tools they use) there would need to be a pretty compelling reason to switch. Xero has a very low churn rate.