Xero to Wind-up Personal Accounting Product
Xero has announced to end its personal accounting product. The service will come to an end on November 30, 2014. Rod Drury said in a statement to NZX chief executive that the move will cost the company a whopping $700,000.
Xero will now shift its focus on to the core products for small businesses and accountants. Xero Personal is not a major part of the company. According to Drury, it has covered its cost, but added only $600,000 to the $39 million in revenue that was posted in March 2013 for the year by Xero. Market has not been promising either for Xero or any other player. Rod Drury said that Xero Personal has clearly been a distraction from the company's main business. It makes sense for Xero to drop it. On the other hand, the move could be not so good for users. He said that many will be deeply upset by the move.
However, some another company, hopefully, will be able to pick up the business, suggested tweet from Rod Drury.
Drury added, "We've seen huge growth in the number of customers using Xero's core small business accounting and accountant's tools. Unfortunately, by comparison only a small number of people are prepared to pay for an independent personal financial management tool".
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