Xero releases Files; MYOB launches Xero conversion tool
Another day of dueling has seen Xero release a new feature called Xero Files, while MYOB has launched a "Xero conversion service," plus a six months' free offer, in a bid to win customers from its arch rival.
The new Xero Files feature (or X-Files, if you will) allows financial documents to be stored online, inside the same Xero system as your transactions.
A recent law change has helped here. IRD can now grant a provider a blanket exemption to store its customers' financial records offshore (in Xero's case, "the cloud" means a Rackspace datacentre in the US; Xero and MYOB have now both been granted exemptions, although only the former is on IRD's public list).
MYOB says its new conversion tool can be used to easily migrate files from Xero or Intuit's QuickBooks. Customers who take up the offer get six months’ free access to AccountRight Live, MYOB's hybrid online-offline product.
And naturally the companies' war of words continues, too.
Launching its conversion service MYOB billed itself as New Zealand's largest accounting provider.
Xero CEO Rod Drury was not impressed, telling NBR ONLINE, "How can they claim 'New Zealand’s largest accounting software provider'? They don't disclose how many paying customers to they have and more importantly how many cloud accounting customers."
In a recent NZ filing, Xero said it had 211,300 paying customers as of September 30, an 89% annual increase. The total included 85,500 in NZ.
Privately-held MYOB has declined to comment in any detail on customer numbers.
Meanwhile, Xero shares [NZX:XRO] have cooled following their bull run last week.
In mid-afternoon trading they were down 1.48% to $26.60.