Accounting Software for Sole Traders & Freelancers

Xero is a cloud-based accounting software product that’s easy to use and integrates with more than 1,000 apps. Check out the Xero App Store to find, try and buy business apps that connect easily to Xero online accounting software. Choose the best apps to make running your business even easier. Apps like Stripe, GoCardless, Shopify, and WorkflowMax connect seamlessly and sync data with Xero business accounting software. Easy online accounting for freelancers, sole traders, and the self-employed with Xero software. Connect your bank account to track the cash coming in and out, and save time on admin.

• Check out the Xero App Store to find, try and buy business apps that connect easily to Xero online accounting software.
• Apps like Stripe, GoCardless, Shopify, and WorkflowMax connect seamlessly and sync data with Xero business accounting software.
• Keep your practice a step ahead with Xero accounting software.
• Explore Xero accounting software and its tools for small businesses, accountants, and bookkeepers.

All three of these offer the ability to scale their accounting for larger businesses and both Xero and QuickBooks offer specific training for accountants. These companies offer Gusto integration for the same price—$40 per month and $6 per month per person. On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate.

While human error will always play some role in security breaches, you can be confident in your accounting platform when it comes to keeping your information safe. After a 30-day trial period, Xero will bill a monthly charge of $13 per month for the Early plan, $37 per month for the Growing plan and $70 per month for the Established plan. For free invoicing platforms, consider Zoho Invoice, Square Invoices or PayPal Invoicing, although these platforms provide fewer capabilities.

With your accounting software and data stored online in the cloud, you can access your up-to-date accounts anywhere there’s an internet connection. Your Xero data is backed up regularly and protected with multiple layers of security. Xero is a great option for large teams and small- to medium-sized businesses that need high-level accounting systems. It’s also a good fit if you want to integrate Gusto Payroll to your accounting platform.

Understanding the Limitations of Xero Accounting Software

Integrating and analyzing your data from a huge set of diverse sources can be challenging, this is where Hevo comes into the picture. Hevo is a No-code Data Pipeline and has awesome 100+ pre-built integrations that you can choose from. Whenever you hover the mouse over the chart, you will see more information about balances. The dashboard is the first page that you will see once you log into your Xero account. The dashboard has a lot of data that you can see at a glance as well as a number of shortcuts. Use Hevo's No-code Data Pipelines to integrate data from Xero(free source) or multiple other sources to your destination Warehouse with ease.

• And if you don’t like how the dashboard looks, you can reorganize panels and hide the ones that aren’t useful.
• Use Gusto payroll to calculate pay and deductions, pay employees, simplify compliance, and update the Xero accounts.
• For Payroll with Gusto (US), pricing is based on the number of users who are paid each month.
• Work smarter and faster online with business clients if they’re using Xero.
• The “Daily Bank balances” is shown in the form of a line chart.
• Account holders are able to customize online invoices to add a logo, accept payments instantly through the invoice, set automatic reminders for clients to pay and invoice directly from the Xero app.

By automating the process of tracking expenses, it is easier to collect and categorize tax-deductible expenses, which allows for major tax savings each year. Xero Accounting Software comes with robust accounting features, allowing small businesses to view their cash flows, account details, and transactions from any location. It has an online bill payment feature that helps businesses to track their spending and know their bills due and maintain a good relationship with business vendors who supply critical business materials.

The 5 Best Accounting Software of 2023

We’ve compared Xero with its competitors to help your search. Sync Xero with software you already love or easily find and try new apps designed to save your business time and money at the Xero App Store. This website is using a security service to protect itself from online attacks.

Understanding Xero Accounting Software

For a business to run smoothly, its owners must be aware of its financial position at any given time. This can help the business managers to make sound financial decisions, which is key for business growth. The business managers should have access to transactions that detail how cash flows in and out of the business. The business managers also need to stay aware of how the business spends on different areas. Being aware of any pending bills from suppliers is also key for the smooth running of a business. These ratings are meant to provide clarity in the decision-making process, but what’s best for your business will depend on its size, growth trajectory and which features you need most.

Better your cash flow

We're committed to the security of your data and provide multiple layers of protection for the personal and financial information you trust to Xero. Find out more about Xero’s commitments to data protection and data security. While Mint is less robust when it comes to retirement and investment tracking, the website does have some resources for personal loans, retirement options, investing, and credit cards. The bill payment and budgeting trackers are powerful tools that will remind users when payments are due and show how spending is aligning with the budget goals on a daily basis.

It allows three users for its Essentials plan ($55 per month) and 25 users for its top plan, the Advanced ($200 per month). Xero, on the other hand, offers unlimited users for all plans. This can be helpful if your company is growing fast, or you simply want the reassurance that there’s no limit to how many people can be part of the team. Xero’s accounting software is highly rated among small businesses. Read our 2024 Xero review to find out if it’s the right solution for your business.

For $40 per month plus $6 per employee or contractor, Wave offers full-service payroll in 14 states. The software is downloaded onto a computer and data is stored locally, however, most key features can also be accessed using a web browser or the Quicken mobile app. The Simple Start plan is a great entry point for basic small businesses. As a business grows and has more needs, it is easy project accounting software for services to upgrade to the next level. The upgraded levels offer features like more users, bill management, time and project tracking, inventory, more customizable reporting, and more automation for efficiency. Includes project tracking tools in most expensive plan; has transaction tracking tags; lacks industry-specific reports; users with multiple businesses must pay for separate subscriptions.