Why you should have Xero in your business

It’s so important to have an accounting system in your business. It doesn't matter how small you are or how big you are, everything is made easier by having an accounting system.

I am Xero certified because I love it, and I highly recommend Xero. I find QuickBooks really clunky, so if you're choosing between QuickBooks and Xero, I'd say Xero every time.

Why do I need an accounting system?

Having an accounting system will save you lots of time in the long run. It will also save you time in the short term by having all your invoices sent from the system, help you collect money via GoCardless and seamlessly match it all. Plus If you have an accounting system like Xero, you can connect up your bank, Stripe and PayPal. This makes it very easy to keep track of your numbers, because every business needs to know what their numbers are.

You can also take photos of your receipts when you are out and about (when that can happen again!) and then all receipts and invoices are in one place...

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Being a sole trader

There is often a lot of talk about whether you should be a sole trader or a limited company.  There are circumstances when being a limited company is a really good idea, such as having people on the payroll or being in business with someone else.  The main reason for most service businesses is that they want to save tax.  Once you take home more than £30,000 from your business (sales less costs), it is worth considering.  But it isn’t always the right thing to do and you should consult an accountant first.  More information is here
 
You must make sure you have sufficient insurance in place.  When you are a sole trader, liability if a client sues you is unlimited (hence Limited company) and you need to have solid insurance in place to ensure they can’t take your house.
 
Being a sole trader, if you have been in business for more than a couple of years, has also been much easier to claim from the government in recent...
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