TL;DR: We're moving your accounting from Xero to Collective's integrated platform over the next few months. This means faster bookkeeping, built-in reimbursements, seamless invoicing, and everything in one place. Migrations start November 15th at the earliest—you'll get at least two weeks' notice with your specific date.
What's Happening
Over the next month, we’ll be upgrading your accounting experience from Xero to
Collective’s integrated platform, the same one our team uses every day and that’s quickly become a favorite among members. This shift will make your accounting faster, simpler, and more connected to everything you already do with Collective.
This isn't just a platform swap. It's about making your accounting faster, simpler, and more connected to everything you're already doing with Collective. No more juggling multiple logins or waiting for data to sync. Your financial picture, tasks, and tools will all live in one place.
Why We're Making This Change
Our goal has always been to make running your business as effortless as possible. By bringing accounting fully into Collective, you can:
- Get your complete financial picture in one place. See your cash flow, recent transactions, and overall financial health in one unified view. With integrated accounting, key tasks automatically appear in your dashboard, so you can stay organized without wondering what’s next.
- Unlock new tax-saving features. Our built-in Accountable Plan Reimbursements tool helps you calculate and document tax-free reimbursements for home office, internet, phone, and more.
- Speed up your bookkeeping. With direct bank connections and AI-powered categorization, we'll automate more of your books as expenses come in. That means monthly financials arrive sooner.
- Simplify tax season. Full integration means your tax team can start preparing earlier, making your year-end review faster and smoother.
- Keep invoicing seamless. Create and send invoices directly from Collective, with Stripe payments still working exactly as they do now.
What You Need to Know
Right now: Keep using Xero exactly as you have been. Send invoices, track expenses, do your thing. Nothing changes yet.
In the coming weeks: We'll share more details about your specific transition, including exactly what to expect and how to prepare.
Starting November 20th: Migrations begin. You'll receive a personalized notification with your transition date at least two weeks in advance.
If you have questions at any point, reach out via the message center. We're here to help make this transition as smooth as possible.
Frequently Asked Questions
Data & History
What happens to my existing invoices, bills, and quotes in Xero?
Those will remain in Xero and will not be transitioned over.
Timeline & Process
When is the transition happening?
Migrations will start no sooner than November 15th. You'll receive a personalized notification with your specific transition date at least two weeks in advance.
What do I need to do to prepare for the transition?
For now, keep using Xero as normal. When your migration date approaches, we'll send you a detailed guide with any prep steps you need to take.
Will someone help me with the migration, or is it automatic?
We'll handle the technical migration for you. You'll receive guidance on what to expect, but the heavy lifting happens on our end.
Can I stay on Xero?
No. All members will be required to transition to the new system. We understand this may be an adjustment, but the new platform will allow us to provide improved service, insights, and automation.
Features & Functionality
Does your system have all the same features I currently use in Xero?
Collective Accounting includes the core features most members use: invoicing (integrated with Stripe), bank/card connections, automated bookkeeping, expense tracking, and financial reporting. This is the same system 80% of our members already use. If you rely on specific Xero features, reach out via the message center and we can talk through your setup.
What features does your internal system have that Xero doesn't?
- Accountable Plan Reimbursements: Calculate and document tax-free reimbursements for home office, internet, phone, and more
- Integrated dashboard: See your financial health, tasks, and to-dos all in one place
- AI-powered categorization: Smarter, faster expense categorization
- Faster monthly financials: Deep integration with your payroll and banking speeds up bookkeeping
- Smoother tax prep: Your tax team can access everything in one system and start earlier
Support & Costs
Who do I contact if I have problems after the transition?
Reach out via the message center. Our team is here to help troubleshoot any issues.
Still have questions? Contact us via the message center. We'll keep updating this article as we get closer to migration and have more details to share.
Rationale and value
Why are you moving away from Xero?
Our vision for Collective is an all-in-one platform that makes running your business seamless. We're moving away from Xero to improve your experience by reducing the number of platforms that you need to use. It's the end of an era for all-the-tabs! Now you can run payroll, search documents, send invoices and receive payments, and see financial insights all in one place.
What's the benefit of Collective Accounting?
Besides creating a streamlined member experience, your Dashboard is more powerful than ever! With Collective Accounting you'll see your income, expenses, and other financial insights in your Dashboard. Plus, you'll have more powerful reporting capabilities. With easy-to-read graphs and the ability to adjust reporting filters in real time, you can make well-informed decisions that help you grow your business.
Collective Accounting also includes invoicing and digital payments. Simplify your workflow by invoicing directly from your Dashboard and receiving payments through credit card or ACH transactions.
How does Collective Accounting make my life easier?
Collective Accounting is designed to make your Collective experience more integrated than ever. With Collective Accounting, you'll have just one login to access your bookkeeping, accounting, invoicing, payroll, documents, and tax information - saving you time and the headache of logging into different services.
Plus, Collective Accounting makes it easier for you to understand your business's financial health without leaving your Dashboard.
Migration
What's going to happen to my historical Xero data?
All of your historical Xero transaction data will be entirely accessible once you reconnect your bank account(s) in Collective Accounting. Collective will take care of migrating your information from Xero to Collective Accounting. The first time you open Collective Accounting, you'll see all of your financial transactions.
How far back will you migrate my information?
We are migrating all of your Xero transactions.
What data will you migrate from Xero? Is it everything, including my contacts and suppliers?
We are migrating all of your transaction history from Xero. The transaction information will include the following details: date, vendor name, amount, category, and any notes about the transaction.
One note - only your transaction history moves across automatically. To include your contact and supplier lists, you'll simply need to manually upload them to Collective Accounting.
How long will I have access to Xero?
Your financial information within Xero will remain secure and accessible for a transition period. Collective will continue providing bookkeeping services in Xero until [Cohort Deadline].
After this, Collective will discontinue Xero subscription support. But, this doesn't mean your financial information will be inaccessible. You'll have read-only access to all your financial information through Xero for 2 months. You will not be required to purchase a subscription to Xero, and your data will be maintained in Collective Accounting once migration is complete.
After this 2-month grace period, Xero will permanently delete your account and financial information, unless you purchase a separate subscription.
How do I backup my Xero data?
Xero allows you to export your financial information to a .csv. Here are the steps to back up your data:
- Login to Xero.
- Click on Accounting in the main menu and select Reports.
- Find and run the reports you'd like to back up (such as Account Transactions, Profit and Loss, Balance Sheet).
- Click Export and choose CSV format.
- To export your contacts list, go to Contacts, click the filter icon, select All Contacts, then click Export.
- Download and save the files to your computer.
Do I have to do anything to start the migration process?
We'll send you an email notification letting you know that it's time to connect your bank accounts. You'll be prompted to accept the Terms of Service and connect your bank accounts via Plaid in the same place to start using Collective Accounting.
When will I migrate?
The migration period will begin in [Month] and end in [Month]. You can expect to be migrated during that time period.
How will I know that I've migrated?
We'll send you an email notification letting you know that you've been migrated and that Collective Accounting is available in your Dashboard. This notification will also prompt you to accept the migration and connect your bank accounts via Plaid, which you'll need to do before you can start using your new features.
What will happen to my Xero bank connections?
Any bank accounts you have connected to Xero will need to be reconnected in Collective Accounting via Plaid. We will transfer all your historical banking transaction data to Collective Accounting and record them in your books as normal. The migration will not impact the money held in your accounts.
Accepting the Migration
What happens if I don't accept the Migration? Can I opt out?
It's important to accept the migration in a timely manner for several reasons. First, if you don't accept the migration, you will not be able to access Collective Accounting through your Dashboard.
Second, our accounting team cannot resume your bookkeeping services, like categorizing your transactions and reconciling your accounts, until you accept the migration and link your bank account. Delays in your bookkeeping services could cause a delay in receiving your quarterly tax estimates and closing your books at the end of the year, in preparation for tax season.
If you choose to opt out of the migration, we will need to off-board you from Collective, as Collective will stop supporting Xero after the migration period ends.
Linking bank accounts via Plaid
What is Plaid?
Plaid is a third-party tool that enables you to securely connect your bank accounts to Collective Accounting. Connecting your accounts enables Collective Accounting to download your transactions in real-time, making it easier to keep your bookkeeping up to date. Plaid uses best-in-class encryption protocols, secure cloud infrastructure, multi-factor authentication, and around-the-clock monitoring to protect users' data.
Why do I have to link my bank account?
Linking your bank accounts to Collective Accounting through Plaid is just like linking your bank accounts in Xero – it ensures that your business transactions are downloaded to Collective Accounting. Having your bank accounts linked also enables our bookkeeping team to categorize your transactions quickly and for you to see your financial transactions in real-time.
What happens if I don't link my bank account?
Our accounting team cannot provide bookkeeping services until you link your bank account. To avoid disruption to your bookkeeping and quarterly tax estimates, it's important to link your bank accounts in a timely manner. If your bank accounts are not connected by the completion of the migration period, we'd love to have a conversation about any concerns you have around your migration and determining the best path forward for you and your unique situation.
General product features
Is this still Xero in the Collective Dashboard?
Collective Accounting is separate from Xero. This means that rather than having to log into Xero for your bookkeeping needs, everything will be conveniently located in your Dashboard.
To ensure a smooth transition and uninterrupted bookkeeping services, we will be migrating all of your Xero transactions to Collective Accounting.
Am I getting the same level of service with bookkeeping or am I expected to do my own bookkeeping now?
Your level of bookkeeping service isn't changing and monthly bookkeeping will still be part of your Collective membership. The most significant change that you'll see is a more convenient experience. Previously, you had to log into a separate platform to review your bank activity, access financial statements, and send invoices to your customers. Now, all that information has been centralized in one easily accessible location - your Collective Dashboard.
What features do I gain with Collective Accounting?
Collective Accounting enables you to access your bookkeeping, invoicing and financial reports and insights right from your Dashboard- making it easier for you to run your business.
We're also excited about the interactive reporting capabilities, like the ability to filter your reports by custom dates, view income and expense trends over time, and compare your expenses by category.
Can I integrate with my third party tool to Collective Accounting?
At this time, Collective Accounting doesn't support the integration of third-party tools or applications.
Does Collective Accounting support accounting features like basis, and such?
Collective's Accounting services use the cash basis method. Our accountants recognize your revenue and expenses as your funds enter & leave your account. At the moment, Collective only supports businesses using cash-based accounting.
If I leave Collective, how would I transfer my bookkeeping and accounting info?
We hope you'll stay with us for years to come, but, if you do decide to leave Collective, you will have the ability to download your financial reports.
If I am not pleased with Collective's Accounting system, what support is provided for exporting ALL Collective Accounting data so it can be imported back into Xero or some other accounting system? What will all that involve?
Our team can help you export your general ledger (Journal entries) in .CSV format. These entries can be adjusted as needed and used to upload to other accounting platforms, like Xero, or any other accounting platform that allows for transaction import.
I've had past issues with Dashboard bugs, how will you ensure that this product works as expected?
I'm sorry to hear about the issues you've experienced with your Dashboard. We value your experience and have taken several steps to ensure Collective Accounting runs smoothly. Collective Accounting has undergone a multi-stage testing process, including several rounds of functional, performance, and user testing. We also monitor feedback from our members to identify potential problem areas and resolve them promptly.
We're committed to making ongoing improvements to our platform and I'm here to support you if you have any further issues.
Categorizing questions
Some of my transactions are categorized differently in Collective Accounting than they were in Xero. Why?
As part of the migration process, we've mapped your accounts and transactions to a standardized list to help improve the bookkeeping services we offer our members. For most members, this will amount to small wording changes like "Sales" in Xero to "Sales Revenue" in Collective Accounting. If you have questions about a specific transaction, start a conversation in your message center and we're happy to help look into this for you.
Does Collective Accounting allow me to enter additional information when I am categorizing expenses for future reference? For example, noting that a flight was for a particular client for a particular travel month, or who I met with during a client lunch.
Yes, Collective Accounting allows you to enter additional information, such as assigning a client to any income or expense transaction, uploading a receipt or other attachment, and adding a memo. You can see how this works in our Expenses video.
Does Collective Accounting have the ability to memorize certain transactions (i.e. set up "rules") that allow certain kinds of expenses to be automatically categorized in the future? If so, can I choose to memorize or not memorize certain kinds of transactions?
This feature is coming very soon! Just like Xero, you'll be able to create rules that will automatically categorize expenses in the future. You'll also be able to create rules that will automatically apply a vendor name and client to the expense. You'll have full control over which transactions you'd like to create a rule for.
Reporting questions
How do I view reports & transactions in the Dashboard?
Viewing your reports and transactions is easy! Here are a few quick videos on how to access your transactions and reports. If video isn't your thing, here's an overview of where you can see your financial information.
- Bookkeeping Dashboard: Go here for a quick snapshot of your business and to view your profit and loss, cash flow, income, and expenses. You can even filter these snapshots by date.
- Reports: Go here for a more detailed view of your business. You'll be able to run your Profit and Loss, Balance Sheet, Cash Flow Statement, and Trial Balance.
- Expenses: Go here to see and edit your expense transactions. You can search your expenses or filter them by vendor, expense category, and client.
- Income: Go here to see and edit your income transactions. You can search your income or filter it by client.
What are the reporting capabilities of Collective Accounting?
Collective Accounting includes two of the most important reports that every business needs: the Profit and Loss Statement and Balance Sheet. You also have access to the Trial Balance, giving you a birds-eye view of the closing balance of all your accounts for the selected time period.
Report customization is another exciting feature of Collective Accounting. Not only can you filter your reports based on months or years, but you can also choose custom ranges based on specific dates to suit your needs.
Collective Accounting goes beyond basic reporting. It also shows you snapshots of your business' financial health. Within the Bookkeeping Dashboard, you can see a snapshot of your Profit and Loss, Cash Flow, income, and expenses. In the Income and Expenses sections, you'll see snapshots of your income and expense trends over time, giving you valuable insights about your business.
Can I customize the financial reporting views that I see on my Bookkeeping Dashboard?
At this time, the default data views within the Bookkeeping Dashboard cannot be customized. We're always looking for ways to improve our Dashboard and we'll pass this feedback on to our product team. We'll be sure to let you know if and when we roll out new features!
My reports aren't available until the end of the month. Will Collective Accounting increase the delivery speed of my monthly financial reports?
While Collective Accounting offers many benefits, it doesn't impact the delivery speed of your monthly reports. Your reports are available once your bookkeeping is "closed," which means all your monthly transactions are categorized and reconciled. The timeline of this process is based on several factors, like when we receive your bank statements and when questions we need your input on are resolved. If you have more questions about your monthly reports, we’d be happy to help! Start a conversation in your message center and we'll assist
Can reports be generated by quarter, or other time frames?
Reports can be generated by quarter or for any custom date range that you select. At this time, the reports do not display period-over-period comparisons, but this is a feature that we plan to add in the future.
Can I create my own reports and save them?
At this time, Collective Accounting does not support saved views of custom reporting. We'll be sure to let you know if and when this functionality exists!
In addition to the standard reports, does Collective Accounting have reports for A/R aging in detail or summary?
Yes, Collective Accounting comes with an Accounts Receivable Aging report that provides the same information as the Accounts Receivable Aging summary in Xero.
I'm not sure how to use the new reports I have. Can you help me understand what I'm looking at?
We're working on additional documentation about each report available in Collective Accounting that will be available prior to your migration. We'll follow-up when those are ready
Invoicing questions
Does invoicing come with my Collective subscription or is this an add-on I'll need to purchase?
Collective Accounting's invoicing features are included with your Collective membership.
What invoice data will you migrate from Xero?
While Collective will manage the migration of your historical transactions, we won’t migrate your invoice data, such as your customer list, product or service items or copies of your historical invoices.
What about my recurring invoices in Xero?
Recurring invoice templates won’t be migrated from Xero, so you'll want to recreate your recurring invoice templates directly in Collective Accounting. The good news is that setting up recurring invoices in Collective Accounting is straightforward, and you can customize the frequency and duration to match your needs.
Will the invoicing links I send to my clients need to change?
Yes, the invoice links generated in Xero are specific to Xero's platform. Once you migrate to Collective Accounting, you'll need to send new Collective-generated invoice links to your clients. These new links will allow your clients to view and pay their invoices through Collective's system.
What invoicing features will I have access to?
With our newest invoicing addition, you'll be able to create and send invoices directly from your Dashboard as well as collect payments from your clients through credit card and ACH. Other invoicing features include:
- Customize invoices with your logo and brand colors
- Email invoice reminders
- Setup automatic invoice reminders
- Setup recurring invoice payments
- Add multiple invoice recipients as CC or BCC
- Securely save client payment information for future processing
- Issue refunds for payments
- Track open, overdue, and paid invoices
What is the payment processor for credit card and ACH payments?
Credit card and ACH payments will be processed through Stripe, which employs best-in-class security tools and practices to maintain a high level of security for your customer payments. Stripe is a certified PCI Service Provider Level 1, the most stringent level of certification available in the payments industry.
To collect payments, you'll need to create your own Stripe account (or link an existing one). This account will be owned and maintained by you, and Collective won’t have access to it.
What is the transaction cost for paying by credit card? ACH?
Credit card and ACH payments will be processed through Stripe. You can learn more about Stripe payment processing costs here.
When payments are made, does Collective automatically associate a payment with an invoice based on the amount? If two invoices have the same amount, does it allow me to select which invoice was paid?
If your client pays via credit card or ACH, the payment will automatically be associated with the invoice and the invoice will be immediately marked as paid.
This is true even if multiple invoices exist for the same amount, as the client payment is linked to the invoice via the digital payment link.
If your client pays via cash or check, then you can manually receive payments for an invoice, which will mark it as closed. You can also link income downloaded from your bank account to an invoice.
Will invoicing handle sales tax?
Yes, when you create an invoice there is an option to add a sales tax rate within the invoice to the line item, and based on that tax rate, the sales tax will be automatically calculated. Your customer will see the rate and tax amount.
Please keep in mind that while you can add the sales tax rate to your invoice, Collective isn’t able to determine your sales tax rate or remit sales tax to agencies.
Can invoices be branded in color with my logo? Can I select the colors used to match my corporate brand/identity?
Yes, you can upload a logo to your invoice and select a color that matches your brand identity. Our Invoicing video goes through this, and other ways you can customize your invoices.
Can I add custom “from” email addresses for invoices?
Collective Accounting does not yet support adding custom “from” email addresses for invoices.
Does Collective Accounting allow me to see how many times my invoice has been viewed by the client?
At this time, Collective Accounting does not yet provide the ability to see how many times the invoice has been viewed by the client.
Will Collective create all my product/service line items as they were set up in Xero? All my customers? All my vendors?
While Collective will be migrating your historical Xero transactions, we won't transfer your product/service line items.
For customers and vendors, because we will be migrating your transaction level data, the vendor or customer name linked to a transaction will be migrated. However, any additional customer or vendor details will not be migrated.
What information does Collective Accounting keep on a customer? Do you maintain information about how a client usually pays their invoices?
Collective Accounting maintains the following information about the customer: Client name, email address, CC and BCC email addresses. While Collective Accounting doesn't maintain information about how the client usually pays, you can securely save a client's payment information and use that in the future to process payments on the client's behalf.
What is the max length of the description text box for line items on the invoice? I typically include extensive information in the textbox about services I provided and expenses I incurred so the client knows what they are paying for.
The maximum length for the description of the text box for line items on the invoice is 255 characters. You can also upload an attachment to send with the invoice.
Are you able to send an invoice to more than one person? Can the account be set up so that happens without having to re-enter the second email address each time?
Yes! When you’re ready to send an invoice, you can add additional recipients as CC or BCC. You can also set up your client with default CC and BCC recipients, which will populate each time you send an invoice.
Can I split invoices in Collective Accounting?
Collective Accounting does not formally support partial invoices; however, you can do this by sending two invoices.For example, you can send the first invoice to be due now and the second due upon project completion.
Can I duplicate invoices in Collective Accounting?
Yes, an invoice can be duplicated without being set as a recurring invoice.
Bill questions
Does Collective Accounting support the issuing of very simple "bills" for remitting an expense as opposed to having to create an invoice?
Collective Accounting enables you to assign an expense to a client, and if you want to bill them for the expense, you can add it to an invoice. While you will still have to create an invoice, you can easily track and pass on expenses to clients.
Chart of accounts and bank account questions
Can I view the register for any account connected to Collective Accounting?
You can see all journal entries and transactions in the General Ledger, which can be filtered by the account name in the search bar. You can also view all transactions within a given account in either the expenses or income view. You can filter within these tabs to see only the expenses/income associated with that account for any given time period.
If I click on a line item in the register, does it take me to the invoice, journal entry (JE), bill, payment, etc., that produced that entry?
Within the General Ledger, clicking into an account will show you the transaction details within the same view. It will also take you to related invoices if you click on an invoice.
You can access this by going to All Reports, and then choose your Profit and Loss statement.
Can I run a report for any specific account that allows me to drill down into the details for that account?
Currently, we do not support running custom reports for specific accounts.
Security and privacy
How will you ensure my financial data is secure within the new Collective's experience?
Collective stores and transmits all financial information using the latest encryption standards and access to this information is tightly controlled and monitored. We also have continuous security monitoring in place to ensure that we're following security best practices. See trust.collective.com for an up-to-date report on our current security protocols.
Disclaimer: The information contained in this document is provided for informational purposes only and should not be construed as legal, financial, or tax advice. It is not intended to be a substitute for obtaining legal, accounting, or other financial advice from an appropriate and/or licensed adviser, or for the purpose of avoiding U.S. Federal, state or local tax payments and penalties.