Xero Ltd (Xero) is a cloud-based accounting software platform that provides online accounting solutions, bank reconciliation solutions and invoicing solutions for small businesses. It provides access to financial services, and an ecosystem of more than 300 connections and more than 1,000 connected apps to banks and other financial institutions.

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Xero’s R&D arm strives to develop new cloud-base software for accounting applications. It invests in product design and development and enhancing the business platform and customer experience. It carries out R&D to strengthen the AI-powered planning and forecasting suite. In FY2023, the company incurred expenses of NZD597 million on R&D, which as a percentage of revenue, stood at 42.6%.