Every year I vow that I am going to get on top of my accounts and submit my tax return early…and if the scrambling around last night is anything to go by, every year I lie to myself! Submitting my tax return is one of those jobs that I absolutely hate and seem to have a “bury my head in the sand” approach to.
I knew that I needed extra help with doing my accounting, so I visited a local accountancy firm for a free consultation. I was then quoted £1,000 + VAT per year to take charge of my tax return if I kept my records up to date. That was an insane price and something that we definitely could not afford in our first year of being self-employed. We are also branching out and earning money from eBay reselling, which means that we have a lot more transactions to keep track of.
I have recently been looking at Xero, which is an easy-to-use online accounting software for small businesses. There were lots of things that attracted me to Xero, and the first one has to be the price. Firstly, there is a free trial so you can decide if Xero is for you. Then following on from the trial, if you decide that you like Xero, there are 3 great packages to choose from, ranging from £10 a month to £27.50 a month depending on what you need,
Firstly, there is a free trial. This 30-day free trial helps you to decide if Xero is for you. Then following on from the trial, if you decide that you like Xero, there are 3 great packages to choose from, ranging from £10 a month to £27.50 a month depending on what you need, which is a heck of a lot cheaper than what I was quoted by an accountant.
Xero is trusted globally, with over 862,000 subscribers in more than 180 countries. It operates in the cloud, meaning that you don't have to install it on a computer and you can access if anywhere at any time.
There are lots of fiddly jobs that I hate, and invoicing is one of them. Being able to invoice easily from within Xero is one of the features that I am really looking forward to using to help me to get on top of my invoicing. You can easily add a Paypal option onto your invoices with Xero, making it easier to get paid.
We are also debating starting a Limited Liability Company, which means that we would need to run payroll every month – something that Xero can help with!
Another great feature that we need is the inventory – our eBay business has started to gain traction, meaning that we have a lot of inventory that we have never had to account for before. Xero provides simple inventory tracking, including useful things like how much we paid for an item of stock and how much it sold for.
Another useful feature is the Xero U training, which is jam packed with live and online courses, webinars and events where you can learn more about Xero as well as how to use the features included with it.
If you want to try an easier way to keep track of your accounts and online money earning then sign up for a free 30 day trial at Xero.
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