Most accountants offer packages that include a Xero account. Xero plans start at $27.50+GST a month ($330 a year), and the price you pay for your accountant or bookkeeper depends on how much support you need. Xero has a payroll module, and an app marketplace with many programs that integrate into Xero designed for certain industries and circumstances, including inventory management software such as Vend. Again, you will need to manually pay your GST to the IRD when it is due. Either you or your accountant will use Xero to submit and calculate your GST, depending on the level of support you have agreed with your accountant. If you are registered for GST, this is calculated via Xero based on your business transactions. You will need to set aside money to pay this tax, but your accountant should help you to plan and understand how much this will be. Using the information entered into Xero, your accountant will calculate and submit your income tax returns. What happens with my tax calculations, returns and payments? A good accountant will also give business and general advice, which can be invaluable. In addition to the Xero program, most people will need an external accountant to review their transactions, provide support, and calculate their tax returns. Xero makes the bookkeeping process easy with its intuitive interface, and by ‘Linking’ the business bank account. Bookkeeping is the process of recording every transaction the business undertakes, including recording the day-to-day invoicing, cash collection, expenses and bank reconciliations. ![]() Small businesses that use Xero tend to do their own bookkeeping or get an external or contract bookkeeper. However, it is this reason why it is sometimes seen as more complicated than necessary for small sole-trader businesses such as contractors. It is intuitive and easy to use, it is well known and accepted, and it has full accounting features and reporting.Īs Xero is a full accounting program, it can be used for sole traders, companies or other business structures such as trusts. QuickBooks Self-Employed is downloadable from the Apple App Store or Google Play and is available for a 30-day free trial.Xero is a cloud-based accounting program. To date, 85,000 customers use QuickBooks Self-Employed (web or mobile app) across the US and UK. Invoice effortlessly – invoices can be prepared and sent on the go, facilitating faster payment.Įasily track expenses – business and personal expenses are easily categorised by swiping left or right on the phone, making it easier to claim every deduction. Profit and loss – expenses, mileage and invoices are all in one place, so customers readily have cash flow insights on their business. Snap and store receipts – everything is stored in one place, which makes things easier for tax time. QuickBooks Self-Employed enables customers to:Īutomatically track mileage – all travel is automatically tracked with a phone GPS, so there is no need to touch a logbook again! Plus claim the maximum tax deductions, as every 1,000 business kilometers equals $660 in tax deductions. ![]() “I predict the launch of QuickBooks Self-Employed will put an end to people storing receipts in shoeboxes! Also, it will eliminate the need for keeping a paper logbook and the hassles associated with recording business trips, thanks to the auto-mileage tracking which is a global customer delighter,” she added. ![]() QuickBooks Self-Employed does just that and so much more, even enabling customers to untangle business and personal expenses, a key roadblock for the self-employed,” said Maury. “The self-employed use their time to make money and so they want a simple platform to track income and expenses, without the hassle of time-consuming data entry. It also shows that 83% of self-employed say the ability to remotely access information positively impacts their business. Maury said that QuickBooks Self-Employed helps sole operators to “get things done” and while on the move. improved flexibility in where on when work gets done (44%)Īccording to the research, majority of those who are self-employed use mobile to access business information, and over half of those surveyed (60%) want to do more business tasks on their phone, with the three most popular being storing receipts, tracking expenses, and creating and sending invoices.being able to respond to clients faster (45%).easy access when away from the office (47%).The same research also shows that people are increasingly taking advantage of the technology-driven on-demand economy and turning to self-employment for three main reasons: New Australian research ** on the self-employed, released by Intuit, shows that 82% of those surveyed say the availability of technology is “making it easier to become your own boss,” a trend that is expected to rise, according to Vice President and Country Manager of Intuit Australia Ms Nicolette Maury.
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