There was an exciting new product announced at XeroCon (the annual conference held by Xero). It’s called Xero Go, and it’s a mobile app that’s been developed specifically for sole traders in the UK. Its purpose is to reduce the hassle financial admin can place on a sole trader. Given all of our experience working with small businesses, we know just how valuable a financial tool this will be!
What is Xero Go?
There are approximately 2.6 million sole traders in the UK, who are trying to navigate their way through self-employment, which can be challenging enough. Xero Go aims to streamline the manual and time-consuming elements of online accounting, e.g., managing expenses, scanning, storing, and categorising receipts. Getting this right will only become more important as we move towards the introduction of Making Tax Digital for Income Tax Self Assessment (MTD ITSA) in 2024. There’s no harm in preparing early to avoid the last-minute rush. In fact, we encourage you to prep for your deadlines well in advance.
If you’re more of a visual person, Xero has a short video that explains Xero Go well.
Why should I use Xero Go as a sole trader?
There are many benefits to using Xero Go as a sole trader. The primary benefit is that it is (predominantly) free to use, which, as a small business, is hugely beneficial given that money is often tight and predicting future work can be tricky. Individual landlords, for example, can use Xero Go at no cost, as they won’t need to use the invoicing feature that comes at a small additional fee.
The free version offers many essential features:
- Fast receipt capture with Quickscan (built-in rather than a separate app).
- Business dashboard available at a glance.
- Track expenses and income.
- View cash flow.
- View simple reporting.
- Categorise expenses.
- Compliance with MTD.
- Connect with your accountant.
The only feature that you will have to pay for is the ability to create and send easily customisable invoices on the go. You can include a ‘pay now’ button on these invoices to help with prompter payment via Stripe using Apple or Google Pay. It also allows you to keep track of overdue or unpaid invoices, which can be a time-consuming task in itself.
Xero has committed to introducing additional features in the coming months so the app can only get more beneficial to your business.
Imagine how much more straightforward it will be to manage your finances with everything available at a glance on your phone.
How can I get Xero Go?
Xero Go is available now on the App Store for iPhone. Sorry Andriod users, you’re going to have to wait a few more months to get started. Keep an eye out as it’s going to be something you’re going to want to trial.
If you’d like any personal guidance about how Xero Go can work for your business, please feel free to get in touch.