H&R Block, Inc an American tax preparation company announced that they have entered into a definitive agreement to acquire Wave Financial, Inc. which is a  rapidly-growing financial solution platform that provides bookkeeping, accounting, invoicing, payroll, and payments processing services to more than 400,000 small business.

According to Jeff Jones, President, and CEO of H&R Block, the acquisition will improve the growth trajectory and will expand the organizational reach to the growing small business market.  The customer base of Wave includes freelancers and small entrepreneurs, who will have to look at other alternatives.

So, if you are a Wave user outside the US and Canada, what you can do?

Changes like this can be challenging because these decisions not only impact the organizations but most importantly they can impact their users. So to have a streamlined functioning for your business, you have to identify another accounting software that is a good fit for your business, and then you can easily shift from Wave to Xero 

It is web-based accounting software designed for small and growing businesses all around the world which can be accessed from any device with an active internet connection. A Xero user can access cash flows, transactions, and account details from any location. 

To understand more about Xero let’s take a look at its features

• Easily accessible

Xero is easily accessible due to its compatibility in both Windows and Mac. A Xero mobile application is also available for both  Apple and Android OS. The mobile application is fast and easily accessible from any location. 

• Easy to use

One of the key features is a customizable dashboard where the user can get a quick idea about the current financial situation with charts and graphs. A user can easily monitor their bank account, credit card, and PayPal accounts and can quickly how many invoices are outstanding.

• Continuous Reporting

Xero allows the users to run multiple reports, they don’t have to wait until the end of the month to check the performance of the business. They can share and view sales, inventory, budgets, statements of income, cash flow, and balance sheet. Currently, there are 55 accounting reports available which the user can customize according to the need of the business. 

• Multi-Currency

Xero’s Premium Plan allows users to perform their transactions in 160 currencies. You can easily make and receive payments in different currencies. All the transactions in foreign currency are converted into Australian dollars. Hourly Xero updates Foreign exchange rates through XE which easily allows the users to understand how foreign income and expenses are affecting the cash flow.

• Security

The security of accounting information is the priority of any business, so accounting software needs to have a high level of security and Xero is excellent in its security system. 

It has a high level of online security:

Xero is certified with ISO/IEC 27001:2013 which is globally recognized as the premier information system management system (ISMS) standard.

They have also produced a Service Organization Control (SOC 2) report which is the result of an independent auditor’s examination of Xero’s cloud-based accounting system.

It also complies with the Payment Card Industry Data Security Standard (PCI DSS) to level 3 (PCI DSS v3.2, SAQ A)

How can you migrate your data from Wave to Xero:

So, migrating your historical accounting data from Wave to Xero is easy. All you require a conversion partner like MMC Convert who is an exclusive migration partner with Xero Aisa and an expert in historical accounting data migration. We offer a seamless migration from Wave to Xero just in 48-72 hours, all you have to do is reach out to Xero. We try to provide you a mirror image of the data from Wave, along with the accuracy.