Cloud accounting software provider Xero has announced that the company hit monthly recurring subscription revenues of $8.6 million in May this year, taking it past the $100 million mark in annualised subscription revenue.

The company also posted full year operating revenues of $70.1 million up to March 2014.

CEO Rod Drury said, "Passing the $100m annualised revenue mark is a huge milestone for any tech company. We're proud to have got there so quickly."

Around 70 per cent of the firm's annualised subscription revenue comes from outside NZ, with more than 120,000 Australian and upwards of 50,000 UK customers. Xero counts more than 800 personnel currently, and continues to hire locally and globally.