Jan 7, 2019 - One of the most important parts of running your business is managing the finances. Here are tips on how to set up your bank accounts and pay.
Xero Cloud Accounting Software
Xero.com has tons of accounting features for a self-employed individual and beyond should your business grow. Log on and you'll see a dashboard with an overview of recent sales, bills that are coming due, and bank account balances. There are modules for inventory, paying bills, and contact management tools. You can create depreciation adjustments, or use the online collaboration to work with an accountant to get this done.
Xero offers many add-ons, but other than those for tracking time, most of the add-ons are more useful for businesses that are larger and not so much for the self-employed individual. There are over 25 financial reports included.
The lowest cost option at $19 per month is very limited but adequate for many self-employed individuals who work on just one or two projects a month, with support for only five invoices, five bills and the ability to reconcile 20 bank statement items per month. The next level up costs $29 per month and supports hundreds of invoices, bills, and bank transactions. Add another $10 per month for multiple currency support.
- Cost: $19 per month / $29 per month / $70 per month
- License: Unlimited users
- Free Trial: Endless, as long as you only create five invoices and bills, and have under 20 transactions in your bank account.
- Mobile Apps: iPhone, Android