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Xero is probably one of the most recognised accounting tools in the world, and for good reason. It’s excellent. We actually use it here at Nuts About Money (among millions of other businesses).
It’s a tool (software) where you can easily manage all your business finances. You connect your bank account(s), or add manual bank transactions, and then Xero will produce pretty much every financial report you’d need, whenever you need, such as how much profit you’re making, and your end of year accounts, among other accounting essentials.
You’ll be able to create invoices for customers, and manage all your bills and expenses too.
You can also manage your team’s salaries (payroll), such as set up connections with HMRC to notify them of payment, create payslips, and manage all the financial side of your team.
And, it will even determine things such as VAT and connect to HMRC to file the returns.
That’s just scratching the surface. Different businesses will use it in different ways, and it’s definitely worth checking out if it’s worth it for your business, and make sure to make the most of our exclusive 50% off for 3 months!
To claim your 50% off for 3 months, first you’ll need to click the link above for the offer to be activated, and you’ll then need to sign up at the same time (with your name and email address).
The offer will be automatically applied to your account once you’ve registered. You don’t need to set up your whole Xero account until you’re ready, you just need to register.
Note: you can cancel any time you like. There’s no contracts, so you don’t need to sign up for a 12 month plan, for instance.
You could think of Xero as your personal accountant for your business. It pretty much does everything an accountant would have done for you, all in a great software package you can access on your desktop and mobile app.
We should probably say a bookkeeper rather than accountant (so we don’t offend anyone). A bookkeeper would keep all your transactions in order, so that’s all your payments and sales etc (e.g. all your transactions in your bank statements).
It manages your transactions all automatically by connecting to your bank account, and when there’s a transaction, such as a customer paying an invoice, it will automatically come through to Xero.
With your books up-to-date, you can view things like your profit and how much tax to pay. And everything you need for your end of year accounts too. You’ll also be able to view or download your accounts and file these directly with Companies House and HMRC (using other software to file).
Alongside that, there’s features to help you manage the finances in general. For instance, you can create invoices and issue these directly to the customer (e.g. via an email sent by Xero).
Xero can handle your VAT payments too. Working out exactly how much you need to pay based on all your sales and purchases. You can then file your VAT return with HMRC with one click too.
There’s payroll as well, managing employees and their payslips and filing these with HMRC each month too.
Anyway, we won’t go into every single feature, but it’s pretty much essential for any sized business these days, from those self-employed, to multi-national businesses. Even if you do have an accountant, they’ll likely be using Xero too!
If it wasn’t obvious by now, we think Xero is pretty awesome. It’s super handy for most businesses to get a handle on their finances. No more spreadsheets that get out of date (or more likely not having a clue what’s going on!). You simply connect your bank account to Xero and it will automatically manage your accounts and create the reports you need (such as how much profit you’re making).
It’s got all the features you need to run your business finances, such as filing payroll and VAT returns. It’s easy to get set up and start using (as long as you know the basics), and the more you use it, the more features you’ll really appreciate, there’s a range of features for all types of businesses.
We highly recommend checking out Xero for your business. And don’t forget your 50% discount for the first 3 months!
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