Accounting software maker Xero, which counts more than 500,000 subscribers across 180 countries, said Thursday (July 9) that it has expanded its payroll support for businesses based in the U.S.
The company said in a release that its software also has enhanced inventory management features in place, with tracking tied to cloud-based features.
States supported by the Xero payroll functions now include Nevada and Illinois, adding to a base that includes California, Colorado, Florida, Indiana, Maryland, New Jersey, New York, Tennessee, Texas, Utah and Virginia. The company said that roughly half of the nation’s 28 million small businesses have access to Xero’s payroll software.
The company said in its release that firms with less than five employees will receive payroll support at no additional charge. Near-term state expansions will include Alaska, Hawaii and New Hampshire, among others.
Through the payroll functions, employers can pay their staff using Xero and can set up direct deposit. Through the inventory tracking feature, the software offers users the ability to glean a “real-time” snapshot of inventory numbers and values. There is also the option to track stocks that have not moved and reconcile inventory to a general ledger.
In reference to the importance of software as a platform for tracking operations in real time, Xero cites an IDC study in its release announcing the payroll and inventory tracking enhancements.
According to a June 2015 report from the research firm, stated Xero, ”demand for cloud-based payroll systems is driving growth of the payroll accounting software market, and Xero Payroll was named the fastest growing company in the space, demonstrating 74.7 percent year-over-year growth.”
IDC analyst Christine Dover stated in the report that “payroll accounting is a complex, mission-critical business application … and small and medium-sized businesses are looking to the cloud to simplify the process of paying employees.”
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