Moving your accounts to a new cloud accounting service such as QuickBooks, Xero or Sage can feel daunting, but it’s really very easy with Movemybooks. This page will outline the steps to take, and the benefits of using Movemybooks.

If you’re moving your accounts from another platform, it is tempting to think you will have to start from scratch on your new platform, with zero balances and without any of your customer or supplier information. The solution, you might think, is to undertake hours of manual data entry in order to bring your new accounting platform up to date – but that brings with it the risk of error, and of course you’ll need to consider all the hours required.

Instead, Movemybooks can take care of everything for you, proving a seamless transition that enables businesses to have their past financial data readily available in the new system without starting from scratch. And it often takes just a few hours.

Let’s break down the process and the options available for your data migration.

What are your options?

• Manual Data Entry: You could choose to manually enter opening balances, outstanding invoices, bills, bank balances, and other important data in your new system. However, this is labour-intensive and prone to errors, especially if you have years of historical data.
• Movemybooks: Movemybooks partners with the three leading accounting software providers to help migrate your data from your old system to one of theirs. We can move data from over 95% of SMEs’ accounting systems, from Xero, QuickBooks, Sage, KashFlow and FreeAgent – including both online and desktop versions.

Benefits of using Movemybooks

• Seamless Continuity: You will be able to continue working as if nothing has changed. You won’t lose track of past transactions or balances, so you can run financial reports (e.g., Profit & Loss, Balance Sheet) that span previous fiscal periods.
• Compliance and Reporting: For tax and audit purposes, it’s crucial to have access to your historical financial data. Migrating this data helps to provide accurate records that are better able to meet requirements.
• Historical Data Insights: Having several years of data in your new system allows you to perform historical comparisons, trend analyses, and make more informed decisions based on your past performance.
• Avoiding Errors: Starting from scratch increases the risk of missing out on outstanding invoices, bills, or incorrect opening balances. Migrating with Movemybooks can ensure no data is lost.
• Save Time and Resources: By migrating data with Movemybooks, you avoid the need for re-entering large amounts of information manually, which saves time and labour.

What Gets Migrated?

Here’s what can typically be transferred:

• Opening Balances: Accounts Receivable, Accounts Payable, and General Ledger balances.
• Transaction History: Movemybooks will move up to 2 years of historic data for FREE, but you can move up to 12 years in total (additional years are charged).
• Invoices and Bills: Outstanding sales and purchase invoices, credit notes, and payment terms.
• Chart of Accounts: Your existing chart of accounts can usually be imported.
• Customer and Supplier Data: Contact details, outstanding balances, and credit limits.
• Bank Transactions: Imported bank statement data, reconciliations, and more.

Steps to Migrate Data

• Back Up Your Data: Before starting the migration, ensure that you back up your existing accounting data.
• Get started: Our website at www.movemybooks.co.uk provides all the information you need, and it’s just a matter of clicking to get started in our online app.
• Review and Test: Once your migration is complete, review the data in your new system to ensure everything is accurate. This includes comparing balances, transactions, and running reports to make sure they align with your old system.

During migration, the data will be imported and processed to represent the structure of your new accounting platform. For example, your existing chart of accounts will be mirrored in the new platform. However, no two sets of accounts are identical, and it isn’t always possible to make a precise copy of a business’s existing accounts in their new platform. There may a be a few tweaks needed once your migration is complete, and we provide clear step-by-step guidance of what might need to be done.

Summary

You don’t need to start from scratch when moving to a new cloud accounting platform. By using Movemybooks, you can bring all your historical data with you, ensuring a smooth transition with full access to past transactions and reports. This saves time, reduces errors, and provides immediate continuity in your financial reporting. Always make sure to review the data after migration and verify that everything has been transferred correctly before going live.

To get started, visit the web page for the platform you are planning to migrate to:

Moving to Xero
Moving to Sage
Moving to QuickBooks