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Strategic Information System : Individual Assignment

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HOLMES INSTITUTE
FACULTY OF HIGHER EDUCATION
HI5019 Strategic Information System: Individual Assignment

Topic:

Accounting Software
Used in Australia

Name: Teo Kok Leong
Student ID: EDI 2187

History
Accounting has existed since the ancient civilisation, from three thousand years ago in Egypt all the way to the modern world today. It always has been applied and done enormously. As growing in global business trade, accounting has come to a stage where it cannot be managed by single owners. Besides that, when a business is run by more than one person, a system for documenting transactions is needed to monitor the cash. In the mid of 1980, IBM launched the PC. The consequent is rapid evolution of paperless monitor…show more content…
In Australia, there is $2.9 billlion revenue annually for accounting software market. The major players are Atlassian Corporation Pty Ltd (27.8% market share, $806 million), followed by MYOB Group Limited (14.1% market share, $409 milliom), Xero Limited (12% markets, $348 million). (Footer, no date)

Xero Limited is the third largest accounting software in Australia. It was founded by Rod Drury and his personal accountant because they felt that traditional desktop accounting software had become obsolete and determined to create a modern cloud-based product. Xero Limited was officially established in 2006 in Wellington, New Zealand’s capital where its global headquarters are still located. The company then entered the Australian market and the United Kingdom in 2008 and United States in 2011.
Today, Xero is a New Zealand-based software company and its core business is cloud-based accounting software for small and medium-sized businesses. The company has offices in New Zealand, Australia, the United Kingdom, the United States and Singapore. It is also listed on both the New Zealand Exchange and Australian Securities Exchange. Its products are based on the software as a service (SaaS) model and sold by subscription, based on the type and number of company entities managed by the subscriber. Its products are used in over 180 different countries. In 2015, Xero has achieved a subscription revenue $115 million, which is 81% increase in revenue from the previous
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