“Xero continues to lead the way in FinTech by providing new and innovative ways for small businesses to overcome one of the most complex regulatory challenges — sales tax,” said Steve Johansson, Managing Director, FinTech Breakthrough. “Sales tax is notoriously difficult to manage with more than 13,000 jurisdictions and states’ increasing reliance and focus on sales tax revenue. Managing tax compliance has become resource-intensive and error-prone for small businesses. Xero is empowering small businesses by solving this critical pain point through intuitive design and strategic partnerships. We’re pleased to be able to recognize this breakthrough solution with the award for ‘Best Overall Accounting Platform!'”
Innovating against pain points: Automated sales tax innovation
By seamlessly integrating advanced tax technology, Xero has enhanced its ability to provide a comprehensive and effortless accounting experience for its customers. In partnership with Avalara, an industry leader for US tax compliance, Xero’s automated sales tax solution offers users a native, intuitive calculation experience embedded within the platform, providing real-time sales tax rates.
Xero’s platform automatically calculates appropriate sales tax rates on invoices based on the location of sales and the taxability of items in each jurisdiction, and these rates and associated rules are automatically updated with the latest information, helping ensure businesses remain compliant with the dynamic sales tax landscape. In addition, Xero also provides access to detailed sales tax reporting capabilities, making it easier for customers to file sales tax returns.
“We are thrilled to be recognized for addressing a key pain point for small businesses and enabling them to concentrate on growth,” said Ben Richmond, Managing Director, Americas, Xero. “Sales tax compliance can be a major burden, and our partnership with Avalara allows us to offer a truly innovative solution that saves businesses time, reduces risk, and frees up internal resources to focus on business-building activities. This award validates our focus on delivering powerful tools that make the lives of small businesses owners and their advisors better.”
The FinTech Breakthrough Awards recognizes the innovators, leaders and visionaries driving the global Fintech industry across a range of categories, including Digital Banking, Personal Finance, Cryptocurrencies, Lending, Payments, Investments, RegTech, InsurTech and many more.
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About Xero
Xero is a global small business platform with 4.2 million subscribers. Xero’s smart tools help small businesses and their advisors to manage core accounting functions like tax and bank reconciliation, and complete other important small business tasks like payroll and payments. Xero’s extensive ecosystem of connected apps and connections to banks and other financial institutions provide a range of solutions from within Xero’s open platform to help small businesses run their business and manage their finances more efficiently.
About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring breakthrough innovation in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the standout achievements of FinTech companies and products in categories that include Payments, Personal Finance, Cryptocurrency, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.
Tech Breakthrough LLC does not endorse any vendor, product or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
Media Contact
Diandra Binney, Xero, 1 201-575-5987, [email protected], https://www.xero.com/us/
SOURCE Xero
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