Oct 10th 2013
By Jason Bramwell
San Francisco–based online accounting software provider Xero launched a free conversion platform on October 8 that will enable small businesses to migrate their Intuit QuickBooks data into Xero's Cloud accounting service.
Xero US President Jamie Sutherland said in a written statement that the company created the QuickBooks conversion tool in response to industry demand.
"With this service, we're removing the last barrier for small businesses and their accounting partners to realize the power of the Cloud in building a strong financial foundation," he said. "We're thrilled to make this long-awaited industry demand a reality and spread the news to small businesses and accounting professionals across the United States during our national road show."
The conversion service will be demonstrated nationally during Xero's upcoming road show, which begins in Baltimore on October 21 and spans twenty cities over the next month.
According to Xero, the service is designed to transfer nearly every component of a small business' QuickBooks financial landscape directly into the conversion platform, including charts of accounts; contacts; inventory items; and transaction history, such as invoices and payments.
Also on October 8, Xero announced it experienced 89 percent global growth in customers for the year up to September 30.
Xero's main online accounting software rival, Mountain View, California–based Intuit Inc., announced on September 23 it will be launching a new QuickBooks Online operating system for small businesses and accounting professionals in late October for new users and in January 2014 for existing users.
The QuickBooks Online platform offers a range of collaborative tools, such as:
- Access to Intuit's accounting, payments, and payroll add-on solutions through one login, from any computer or mobile device.
- Real-time data updates enabling immediate accountant or bookkeeper collaboration.
- Large-scale app integration and access to Intuit's Apps.com.
"We rebuilt QuickBooks Online from the ground up to deliver a simple, yet powerful, platform that goes beyond accounting and offers small businesses an unprecedented business management solution," Dan Wernikoff, senior vice president and general manager of Intuit Small Business Financial Solutions, said in a written statement. "The online version of QuickBooks is built to take advantage of the Cloud and is an open platform that sets our foundation for future growth in the United States and globally."