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Xero: Read Our Exclusive Report

By Neil J. Squillante | Wednesday, May 13, 2015

Today's issue of TL NewsWire covers accounting software to which you can migrate from QuickBooks (see article below), a legal research service with a modern take on secondary authorities, an online forms library for New York practice, and software that assists with due diligence. Don't miss the next issue.


QuickBooks remains as popular as ever among law firms. However, most law firms continue to use the desktop version according to legal technology consultant Caren Schwartz who specializes in financial software. Given the benefits of the cloud such as easier multiuser access, a shift seems likely to occur. Competing products must offer a QuickBooks migration tool if they hope to attract switchers.

Xero … in One Sentence

Xero is a cloud accounting system that integrates with more than 350 products, including legal applications such as Actionstep, Chrometa, and Clio.

The Killer Feature

Earlier this week, Xero began offering do-it-yourself QuickBooks migration. After signing up, you can import your QuickBooks data instead of starting with a blank slate. The conversion takes about three hours after which Xero notifies you by email. The migration tool supports QuickBooks Pro, Premier, Online, and Mac versions.

Other Notable Features

Xero takes advantage of running in a web browser in a number of ways. You can import bank and credit card statements, and then automatically reconcile them. Clients can pay the invoices you send with a credit card after which Xero enters the payment. You can give your accountant access, and also give limited access to colleagues. Android and iOS apps enable you to use Xero on your smartphone and iPad.

Xero includes integrated payroll with direct deposit and federal and state tax filings. Integrations with third-party products enable you to handle retirement plans, HSA and FSA distributions, and fringe benefits. Xero supports fixed salaries as well as timesheet-based compensation, including overtime. Your employees can update their address, withholdings, and more on their own. Xero also enables you to create and file 1099 forms for independent contractors.

Xero's core accounting features include purchase orders, bill entry and payment, expense reporting and reimbursement, and a general ledger. Reports include balance sheet, profit and loss, cash flow, and more.

Xero offers "bank-grade" security and encryption, as well as redundancy by storing your data in several locations. The company offers 24/7 email and telephone technical support. Xero contains contextual help within the app. You can take advantage of video tutorials and webinars for more in-depth training.

What Else Should You Know?

Xero offers Starter, Standard, and Premium plans for $9, $30, and $70 per user per month respectively. The Starter plan imposes limits on transactions and lacks support for payroll. The Standard plan provides payroll for up to 5 employees, while the Premium plan accommodates 10 employees and also handles multiple currencies. Learn more about Xero.

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Topics: Accounting/Billing/Time Capture | TL NewsWire
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