Upstart cloud accounting software developer Xero is introducing a conversion tool that makes it simpler for small businesses to migrate QuickBooks data into its service.
The service was created in response to numerous customer requests, said Jamie Sutherland, president of Xero U.S.
"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, in a press release about the tool, which will be demonstrated during a series of U.S. workshops during October.
The pricing for Xero starts at $19 per month, which lets you send five invoices and receive five bills electronically, as well as reconcile 20 banking line items.
This doesn't appear to be a do-it-yourself conversion. In order to request the service, you need to contact Xero via email and provide some information, along with your QuickBooks file. The Xero team takes care of the set-up. The conversion will bring over all of the information, including the chart of accounts, contacts, inventory items and transaction history, according to Xero.
The cloud accounting market continues to undergo a rapid transformation, and arguably Xero's biggest rival, Intuit, is rapidly evolving its own online accounting service. Most recently, the company announced plans that will make it easier for other developers — including Square — to integrate their applications with QuickBooks Online. In so doing, it hopes to transform QuickBooks Online into a broader platform small business can use to manage all of their financial processes.
In late August, Xero said it had reached a milestone of 200,000 paying customers globally (in more than 100 countries), up from 157,000 at the end of March and just 100,000 about a year ago. For comparison, there are about 500,000 subscribers to the QuickBooks Online service, representing about 1.3 million users.