Xero Personal turns one
After 12 Months, 6 Releases and lots of great new features, look at how we’ve grown!
Planned Payments – plan your expenses, don’t just track them
Labels – tag where you spent your money, don’t be restricted to categories
Manual Transactions – add a cash account
Splitting – mark how you actually spent that wad of cash
Financial Snapshots – how you’re doing, right now, in your inbox
Advanced Search/Export – find exactly what your looking for and export it to play with numbers
The Xero Personal team is only small but each and every one of us shares in the vision and direction of Xero Personal (If you haven’t seen it yet try it for free). As a developer on the team I get very caught up in the detail, especially where we’re headed with each aspect of the functionality. I also use the product myself regularly, so I too often have the same requests that people post on our answers site.
How it all began
Xero Personal sprung from a real need we saw for people to better understand their personal finances – a lot of people just don’t do very well at tracking their spending. We also wanted to provide an easy way for business owners to separate their company finances from their personal finances.
When we started out on the journey we had a good hard look at existing software in this space and there were some obvious flaws:
- Most people find the initial setup of data quite daunting – we realised early on that we had to get people through this initial step as quickly as possible.
- Users are forced to categorise each individual transaction which is unwieldy and time consuming – we sped up the process by grouping transactions together by where the money is spent
- Most existing personal finance managers are limited to tracking transactions from a single bank – we thought it would be good to see all your bank accounts in one place
Another big problem with existing personal finance software is that while categories are great for budgeting they are really bad for tracking. Offering limitless categories leads to software that is hard to use (budgeting becomes easier if people concentrate on the bigger picture rather than the minutia of spending). When there are limitless categories to choose from it becomes difficult to maintain consistency. Instead of long lists of categories, we decided to focus on a small set of budget goals and separate out tracking (where money was spent over time) using free form labels.
We’re not done yet
There’s still much to do to realise our vision and being part of the journey is amazing. Xero Personal is like a child to each of us and we’re really proud of what we’ve achieved in only a year. It’s a great journey to be part of so why not join us – we’re hiring!
So here’s to you Xero Personal. Like you my daughter turned one this month – here’s the Very Hungry Caterpillar birthday cake my wife baked to celebrate.
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