Accounting software firm MYOB has been adding online customers at more than twice the rate of arch-rival Xero but its total subscriber numbers are still two-thirds of Xero's numbers for Australia and New Zealand.
MYOB added 229,000 online subscribers in calendar 2018, a 57 per cent increase, taking total online customer numbers to 628,000 and chair Justin Milne says the company is on track to reach 1 million online subscribers in 2020.
That compares to Xero's Australasian customer numbers of 981,000 at Sept. 30, a 24 per cent increase, but that means only 192,000 customers were added – Xero's total customers at that date were 1.58 million but MYOB doesn't compete outside of Australasia.
Xero's growth rate used to be faster when it had fewer customers and MYOB's rate of growth is also starting to slow a little now - subscriber numbers grew 60 per cent in 2017.
"The superior growth we've seen in online subscribers has placed us in the leadership position in the online accounting market," says chief executive Tim Reed.