Why Xero Accounting Software is a Great Choice for Self-employed

If you’re self-employed you should invest in accounting software, but there’re a lot of options out there.

Identifying the right tools will depend on the type of business you run and how it operates, but here at Warr & Co we believe that Xero Accounting software is an ideal solution for sole traders and other small businesses.

In this article, we’re going to take a look at six reasons you should consider it.

Project planning tools

With Xero Accounting software you can track the financial life cycle of entire projects, from planning and budgeting through to invoicing.

Project accounting automatically integrates with Xero, so it’s easy to create a project and set up job tracking within that project. You can also view project dashboards to easily view your project’s progress against the budget.

Create professional looking online quotes

Every customer touchpoint impacts how people view your business, including your quote and invoice documents.

With Xero you can send professional looking quotes and invoices quickly and easily, including your logo and payment terms automatically. You can even link Xero with trusted payment providers to make online payment simple.

Not only does this make your business appear more professional, but it also saves a huge amount of time creating spreadsheets or chasing overdue payments.

Schedule and track bill payments

Xero allows you to automate your bill tracking and payments, tracking your outgoing payments so you know how much cash you have available. You can also pay multiple bills at once, schedule bill payments for future dates, and see upcoming bill payments at a glance via the Xero dashboard.

This helps to eliminate manual errors, with Xero’s AI functionality extracting the key details to create draft bills ready for approval.

Easy to reconcile bank transactions

Carrying out bank reconciliation is a necessary part of running any business, but Xero allows you to quickly and easily keep your financial records up to date.

With Xero you can:

• Import data from your bank regularly so it’s there to reconcile when it suits you
• See suggested matches for your transactions, further reducing the time it takes to reconcile
• Carry out multiple bank reconciliations on the go and across multiple devices.

Record bills and receipts with a picture

Keeping track of all your expenses can be time-consuming, and when you have lots of smaller costs it can sometimes seem more hassle than it’s worth to log it.

However, Xero makes this much easier by cutting out that manual data entry. Simply take a picture of a receipt and Xero will capture all of the key details and log it in the system.

Integrations with other business apps

If you use multiple applications in the running of your business, it’s often helpful to integrate them together so everything runs more smoothly. The Xero App Store boasts lots of different platforms that help you to reduce admin time, improve the accuracy of financial tasks and deliver better customer service. You’ll also be able to view ratings and reviews from other Xero users so you can identify the best solution for your problem.

If Xero Accounting software can transform your businesses financial planning and day-to-day operations, an experienced accounting firm can take it to the next level. Here at Warr & Co we offer services specifically designed for the self-employed, including guidance on tax matters and how to reduce your tax liability, ensuring you’re claiming all of the tax relief available, and much more.

To find out more about how we can help you can book a free consultation with our dedicated and experienced team here.