Cloud accounting service Xero has purchased practice management suite provider WorkFlowMax, effectively adding tools for accountants to track leads, jobs, invoices and time.

Xero will offer WorkflowMax free of charge to accounting partners who add 20 new Xero Business Edition clients by June 30, 2012. 

“Cloud solutions are fundamentally changing the way accounting professionals work today— enabling unparalleled collaboration with clients and opening up new business opportunities.” said Xero U.S. president Jamie Sutherland. “Xero’s addition of WorkflowMax expands the scope of online accounting services to include practice management, making it faster and easier for accountants to run their businesses in the cloud.”

In addition, Xero recently commissioned an online survey via IBOPE Zogby International that found 30 percent of the 501 U.S. accounting professionals polled plan to move their clients online in 2012.  The research also found that 47 percent said they would save a minimum of five to 10 hours a week if clients could reconcile their finances daily. 

For more information, visit http://blog.xero.com/2012/04/where-small-businesses-go-wrong-at-tax-time/.