How the cloud accounting ecosystem has paid off big time:

And how Xero has become the preferred accounting software for Aussies and New Zealanders (Part 2 of 2)

FOR YEARS, MYOB was the Australian market leader in accounting software. Small businesses and accountants spent hundreds of dollars to buy its clunky, obtuse software and load it onto their computers so they could mind their own business (hence, the MYOB) or the business of their clients.

In 2008, the tide began to roll the other way, when an upstart — and a Kiwi upstart, no less — entered the Australian market, two years after it was founded. That upstart was Xero, and it revolutionised the industry, with its software- as a -service approach to accounting systems.

Continue reading MYOB, Xero, Quickbooks and the Cloud Accounting Ecosystem