Xro - xero

[Baa_Baa]

Hardly new news or a secret, Drury from Feb 2013 answers a few of the questions raised here today http://www.computerworld.co.nz/artic...ates_big_data/ .
Google "Xero Big Data" and fill your boots, it is the grand plan.

I wonder if XRO would have got the buy-in from SME's if they had provided full disclosure of their data sharing intentions? Funny really, SME's are paying XRO monthly fees to provide XRO with their own (very valuable) financial information - straight from the bank - to apparently do with what they want. In return, XRO is providing some monthly reports that a number of SME's probably don't fully understand anyway and at the same time, making some Accountants redundant in the process.

With all that valuable financial information from SME's they hold, I imagine XRO will become quite valuable to some very interested third parties (think IRD for a start). I can certainly see another potentially valuable revenue stream for XRO.

And it all started quite innocently for some....an accounting platform in the sky. Whatever is the real grand plan? No doubt that will be disclosed at some future point....

[Dentie]

Hardly new news or a secret, Drury from Feb 2013 answers a few of the questions raised here today http://www.computerworld.co.nz/artic...ates_big_data/ .
Google "Xero Big Data" and fill your boots, it is the grand plan.

Thanks BaaBaa - never saw this. However, a couple of subtle differences in regards to what the real grand plan may be. A couple of Rod's quote's...

“It would be very valuable to our customers if we could give that insight back to them, so that they can use it to improve their businesses.”...and...

“Our plan is to be able to demonstrate to [our customers] that we can give them insights that are valuable to them,”.

Back then, Rod is making it clear the data (or "fantastic insights") will be "valuable to their customers" (which the customers are happy to pay for). He didn't mention anything about also providing other interested parties with those "fantastic insights" - so I'm not convinced there is not actually a "grander plan". Rod's an entrepreneur remember.

I would suggest the info captured by XRO (& other like accounting systems) would be absolutely priceless to some parties.....for example, I believe XRO has been pitched very strongly to Government agencies right from the starting blocks. Actually makes me feel quite uncomfortable.

[Harvey Specter]

I would suggest the info captured by XRO (& other like accounting systems) would be absolutely priceless to some parties.....for example, I believe XRO has been pitched very strongly to Government agencies right from the starting blocks. Actually makes me feel quite uncomfortable.

XRO cant provide your specific info to anyone without your consent. I am in no doubt this will come but it will be via out in (actually most likely to follow Facebooks lead and do opt out). You will have a choice and the ultimate choice will be to switch suppliers.

The IRD scenario is the most interesting. They have more powers than the police and already could demand info from Xero (as they have done in the past from Trademe and the Land Transfer Office). But what if they used Xero big data to their advantage. They could ask Xero for a list of businesses that aren't as profitable as their peers (ie. could signal lots of cash jobs) or those that spend a lot of money at Glengarys (might signal private expenses) etc. Note, this can be done under existing law!

[skid]

I would be uncomfortable as well--A few examples would have been beneficial.
If you combine that relatively vague statement with the fact that they say they ''own''your data(and you apparently cannot have it back if you leave) it sounds a bit scarey--There are of course privacy laws about that sort of thing ,but those are increasingly being infiltrated with ''exceptions''--One small mention of terrorism and even Google and Facebook are spilling the beans to the NSA it is rumored.
New Zealands government has certainly shown it is happy to play that game as well.
Having said all that ,I would imagine it would be rather general information though.

[skid]

XRO cant provide your specific info to anyone without your consent. I am in no doubt this will come but it will be via out in (actually most likely to follow Facebooks lead and do opt out). You will have a choice and the ultimate choice will be to switch suppliers.

The IRD scenario is the most interesting. They have more powers than the police and already could demand info from Xero (as they have done in the past from Trademe and the Land Transfer Office). But what if they used Xero big data to their advantage. They could ask Xero for a list of businesses that aren't as profitable as their peers (ie. could signal lots of cash jobs) or those that spend a lot of money at Glengarys (might signal private expenses) etc. Note, this can be done under existing law!

Not only that ,but they can completely ignore privacy laws by giving tax information to a foreign government as is the case with their agreement with USA.
I have heard of them doing this with some who have never set foot in America but had a parent they never knew who was from there.
Sometimes it boggles the mind!--(guess we shouldnt be surprised after the NSA tapped the phones of European heads of state(Germany etc.)

[Harvey Specter]

Not only that ,but they can completely ignore privacy laws by giving tax information to a foreign government as is the case with their agreement with USA.
I have heard of them doing this with some who have never set foot in America but had a parent they never knew who was from there.
Sometimes it boggles the mind!--(guess we shouldnt be surprised after the NSA tapped the phones of European heads of state(Germany etc.)

Sounds like a bit of conspiracy theory here.

Maybe justified if you are a large aeronautical manufacturer but if you are a sparky from Grey Lynn or a burger bar in Tawa, I wouldn't be to concerned.

[gv1]

The IRD scenario is the most interesting. They have more powers than the police and already could demand info from Xero

Certainly they have great powers, but they don't have to ask Xero because they have their own systems to do so.

[Harvey Specter]

The IRD scenario is the most interesting. They have more powers than the police and already could demand info from Xero

Certainly they have great powers, but they don't have to ask Xero because they have their own systems to do so.

They may have the systems, but not the data. That is why they asked Trademe for those that appear to be trading. And likewise, the land transfer office for those that appear to be habitual buy and flick speculators.

[mikeybycrikey]

Sounds like a bit of conspiracy theory here.

Maybe justified if you are a large aeronautical manufacturer but if you are a sparky from Grey Lynn or a burger bar in Tawa, I wouldn't be to concerned.

This isn't actually a conspiracy theory. Law change was brought in last year.

Skid is exaggerating a little in that applies to US citizens and other U.S. taxpayers. You'll probably know if it applies to you, even if you're not happy about it. There has been an increase in people trying to get rid of US citizenship.

https://www.ird.govt.nz/international/nzwithos/fatca/

[Dentie]

The IRD scenario is the most interesting. They have more powers than the police and already could demand info from Xero (as they have done in the past from Trademe and the Land Transfer Office). But what if they used Xero big data to their advantage. They could ask Xero for a list of businesses that aren't as profitable as their peers (ie. could signal lots of cash jobs) or those that spend a lot of money at Glengarys (might signal private expenses) etc. Note, this can be done under existing law!

Yes it can....but look at the sheer efficiency factor by having the likes of XRO (& its peers) provide you with neatly packaged, real time, highly relevant & accurate data - all in the blink of an eyelid!!

Not trying to be a conspiracist here...just a potential realist unfortunately.