Document Management

Low-cost accounting software vendor Xero plans a significant expansion of features in its online product in 2013. The broader capability is designed to bring the product more to the level of those from other players in the field, according to CEO Rod Drury.

Drury says the goal is to be "a full competitor to the incumbents but with much more delight." Those remarks followed a recent item on the Xero website that came in response to inquiries about recent growth in its share price. Investors were told that in  2013 Xero, "expects to complete the breadth of functionality to fully compete with the incumbent desktop software providers while delivering significant new innovations. A key focus for the business for the year ahead is building out the global in-market teams."

In a later interview, Drury says that means concentrating on functions "from order to cash workflow" that entails adding features such as purchase orders, quotes and simple stock [inventory].

The prepared remarks also ruled out a stock offering in the United States anytime soon. While he told investors that is the goal of any company with worldwide aspirations, Xero has been advised it would not make sense until the company achieves revenue of at least $100 million. Its current revenue level is well below that, although rapidly accelerating.

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