Xero Ltd (Xero) is a cloud-based accounting software platform that provides online accounting solutions, bank reconciliation solutions, and invoicing solutions for small businesses. The company offers accounting and compliance software, software for small business operations, accountants and bookkeepers, access to financial services for small businesses, and integrations that provide access to third-party software.

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Xero R&D initiatives are focused on engineering, product development, and delivery, with a priority on initiatives that align with the company's FY25-27 strategic goals. The company employs a disciplined approach to product design and execution, emphasizing meeting customer needs and accelerating value. This is supported by investments in targeted customer and market research programs. Xero Ltd's research and development and innovation strategy heavily focuses on artificial intelligence (AI), strategic acquisitions, and expanding its platform capabilities through a robust partner ecosystem. In FY2025, the company incurred expenses of NZD713.3 million on R&D, which as a percentage of revenue, stood at 33.9%.