With the introduction of Xero +C, Xero (NZE: XRO) is going to make it possible for self-employed clients to automate their Schedule C report. If there ever was a timely product, Xero +C is it, because freelancers now make up more than 33 percent of the entire U.S. workforce.
Xero +C: Accounting for Self Employed Clients
The company says Xero +C was designed to automate schedule C reports by getting rid of the labor-intensive manual process of going through years’ worth of expenses. The app can create a customized chart of accounts, and reporting template to simplify the filing of your taxes.
Many freelancers can be classified as small businesses. And whether they are working regularly for one company or multiple organizations, keeping track of when one worked and for how much can quickly get out of hand. This is especially important for accountants taking on self-employed customers.
Keri Gohman, President of Xero Americas, addressed this specific issue in a release announcing the new service. He said, “In the past, many accountants have been hesitant to take on self-employed clients due to the cost-intensive nature of collecting receipts and other information for this category of workers,” said Gohman. “With Xero +C, accountants can now focus more time on delivering advisory services that will help these self-employed clients succeed.”
What Does Xero +C Provide?
Freelancers and accountants can use Xero +C to manage banking data more accurately with greater speed. Accountants can receive daily transactions from the client from bank feeds to map the Schedule C report.
Cash flow statements, balance sheets, and other financial records can be accessed by leveraging existing workflows. The freelancer and the accountant can work together to create an accurate Schedule C report using other Xero tools, such as Xero HQ, Find & Recode, bank rules and cash coding.
If additional applications are needed, Xero +C allows customization by extending the functionality with third-party apps to their Xero workflow. And if users need to upgrade to a more powerful platform, they can do so using other Xero solutions without having to migrate or upgrade existing data.
Availability and Price
Xero +C is now available for distribution from Xero’s partner channels. As for the price, it is going to be free for customers with Xero Cashbook and Xero Business Edition for a limited time. The company hasn’t revealed the price after the limited time trial.
More Innovations for Xero
In addition to Xero +C, the company has announced some more innovations to improve how small businesses and their advisors can use its online accounting software. These announcements are taking place in conjunction with XEROCON AUSTIN 2017, December 5 to 7.
Keeping with the freelancer theme of Xero +C, the company has formed a partnership with MileIQ. This is going to allow independent contractors to track mileage, classify their drives, and report their activity with greater accuracy automatically.
The next partnership is with Plooto, an electronic payment solutions provider. Xero announced it is extending the current partnership with a new feature for automatic payment updates. The software integration will allow accountants and bookkeepers to send and collect payments electronically as well as syncing all payment data into Xero HQ.
Keeping track of expenses is definitely necessary for the self employed. Since there is no company accountant involved, they really have to list down everything by themselves.