Being self-employed means that you can be your own boss. You can work anytime and anywhere you want. However, it also means that you will have to manage everything yourself, including financial information.
Using accounting software can greatly ease the task of keeping a record of financial information. It can help you in running your business more efficiently. And one of the best accounting software for the self-employed is Xero.
Why Self-Employed Individuals Should Choose Xero Accounting Software
Here are some of the reasons why self-employed individuals should select Xero accounting software for managing their finances.
1. Cloud Accounting Software
Xero is a cloud accounting software. This means that you can use the software while on the go. The accounting software allows you to balance the accounts and keep track of your finances anytime anywhere.
Since Xero is cloud-based software, you don’t have to worry about making updates. The company automatically updates the software at the back end. Every three to weeks, a new update is released that adds more functionality and security features.
Also, you don’t need to worry about keeping a backup on your hard drive. All financial information can be stored and accessed online. The account data is encrypted using SSL encryption that ensures maximum protection of data.
2. Powerful Accounting Features
Self-employed individuals can benefit from the features included in Xero. Using the accounting software, you will be able to send invoices to clients who can make payments using a credit card or PayPal. In addition, the software allows you to record expenses, tax payment reminders, invoice reminders, among others.
Other useful features of the software include automated bank feeds, recurring invoices, and credit card integration. The software is designed to simplify the process of recording expenses and managing financial resources. It allows you to spend less time managing your finances and more time on your business.
3. Get Insights About your Business Anytime
Xero accounting software provides an up-to-date view of business information. With other accounting software, you need to manually enter the data and there is little automation of the bookkeeping process. As a result, the numbers that you see on the screen is more likely to be outdated.
With Xero accounting software, you can view real-time information about the present financial position. You can view updated information in the Xero dashboard. It presents the present picture of your bank balance, cash flow, and payable bills and invoices at the current moment.
4. Mobile Application
You can use Xero accounting software on your smartphone or tablet. The mobile app allows you to capture expenses, reconcile bank transactions, and send invoices with an Android or iOS mobile device. There is no additional payment for using the mobile accounting application.
5. Convenience in Managing Financial Information
Xero makes it convenient for self-employed individuals to manage financial information. Multiple redundancy technologies are used for networks, hardware, infrastructure, and data centres. You can select from more than 700 applications that make the task of managing information more convenient. You can select time tracking, invoicing, expenses, inventory management and many different types of apps.
6. Unlimited Software Support
After you have set up Xero, you will get unlimited account support. The knowledgeable and expert staff at the company offer advice whenever required. The online support is offered 24/7, so you can get support anytime you face any difficulty in using the software.
7. Affordable Accounting Software
One of the best things about Xero accounting software is that it is cheap. The price of the software ranges from £10 per month to £27.5 per month. You can add an unlimited number of users to provide them with insights into your business performance at no added cost.
Xero is a great affordable software for self-employed individuals in the UK. You can hire cheap Xero accountants to better manage your financial information using the accounting application. Accountants in London can make the task easier in managing and recording financial information. They can also guide you in maximizing your tax savings.