We Are Certified Xero Accountants

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Quick Guide – Xero Cloud Based Accounting

Freelancers should always try and stay on top of their accounts. This isn’t an easy feat considering the amount of other jobs that need to be completed everyday. You should ensure that your accounts are maintained in an orderly fashion and are kept up-to-date. One of the best ways to achieve this is to use a Cloud based online software package like Xero.

Organising your accounts

To organize your accounts the following should be performed to ensure that your accounts are maintained up-to-date. If you maintain this system, then in the long run Xero’s functions can help you produce reports which will help you run your business.

  • Set time aside to complete your accounts every week
  • This will prevent them piling up and they will continue to be up-to-date
  • An exact date and time in your planner should be set to complete accounts
  • Enter all documents into Xero’s software

Documents needed to maintain organised accounts

These documents are needed to maintain an organised accounts system. Note that by entering all these documents, your accountant will be able to complete your end of year accounts easily and quickly.

  • Client invoices
  • Business expenses
  • Personal expenses
  • Bank transactions and transfers
  • Payments from clients
  • Expenses paid to suppliers
  • Money owed to you
  • Total hours worked per project
  • Cost per hour per project
  • Client details
  • Materials used for each project

Expenses for Freelancers & Contractors

Self-employed freelancers may claim expenses and a record of them should be maintained.

  • Rent
  • Telephone bills
  • Travel expenses
  • Power bills
  • Computer hardware i.e. printers, PC’s or laptops
  • Some entertainment expenses

Collect Payments Efficiently

An up-to-date system will allow you to collect payments in an efficient manner, ensuring that late-payers are invoiced on time.

1. Invoices should include your cost per hour, hours per project and materials used per project.
2. Always send invoices via email given you written proof of date and time sent
3. Identify late payers by using an ageing summary report
4. Xero will indicate which invoices are unpaid and outstanding
5. Reminders are a great way to notify your clients when an invoice is due
6. Send automated emails to notify clients via Xero
7. Be professional but resolved with late payers

Planning for tax

A Self-Assessment needs to be completed each year and any tax owed needs to be paid to HMRC. Planning for this in advance will help you to cover any owed tax when it is due. A separate savings bank account should be used for this purpose.

Xero has a built-in function which will estimate your Self-assessment tax account. Xero will calculate what percentage of your monthly earnings you should set aside in your bank account. Note that a record of money put into your saving account for this purpose should be recorded in your accounts system.

Certified Xero Accountants

Pearl Accountants are Certified Xero Accountants, get in touch today for a Free Consultation

 

online.invoicing

Run your business on the go

Use our mobile app to reconcile, send invoices, create expense claims and view reports – from anywhere.

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Get paid faster

Xero cloud accounting allows you to send online invoices to your customers – and get updated when they’re opened.

accounting software on a laptop

Reconcile in seconds

Xero imports and categorises your latest bank transactions allowing you to make the best use of your time. Just click OK to reconcile.

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Understand your real-time cash position

Know how you’re doing financially with daily updates from your bank accounts and credit cards.

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Protect your business data

Xero backs up your data and protects it with multiple layers of security including industry-standard data encryption and secure data centres. We also offer two-step authentication as an additional layer of protection for your Xero account.

Frequently Asked Questions

 

Below are some common questions about Pearl Accountants and the various services we offer.

Is Xero right for my business?
Well this normally depends on the business you operate in. We would review your current business model at the point of signup and advise you what accounting software is best, however we have noted that Xero is normally a good choice for most businesses.
What is the cost of Xero licence?
Joining Pearl Accountants means you get your Xero licence for free. We review your business requirements and suggest the right Xero licence package for you.
Can I link Xero to other apps?
Yes, this is what we love about Xero! We can help you link Xero to other cloud apps with open API to ensure you are fully integrated and productive.
Will my accountant be Xero certified?
Yes, we will only allocate an accountant to you once they have undergone robust training with Xero. This means that not only your accountant will help you with your compliance but also with ensuring your bookkeeping, payroll and VAT is well looked after within Xero.
Is Xero right for my business?
Well this normally depends on the business you operate in. We would review your current business model at the point of signup and advise you what accounting software is best, however we have noted that Xero is normally a good choice for most businesses.
What is the cost of Xero licence?
Joining Pearl Accountants means you get your Xero licence for free. We review your business requirements and suggest the right Xero licence package for you.
Can I link Xero to other apps?
Yes, this is what we love about Xero! We can help you link Xero to other cloud apps with open API to ensure you are fully integrated and productive.
Will my accountant be Xero certified?
Yes, we will only allocate an accountant to you once they have undergone robust training with Xero. This means that not only your accountant will help you with your compliance but also with ensuring your bookkeeping, payroll and VAT is well looked after within Xero.

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staff@pearlaccountants.com

020 8582 0076

LONDON ACCOUNTANTS

We have offices all over the London area, including Covent Garden, which gives you a central accountancy hub in London’s famous West End district. As a London accountants, we offer professional accountancy services to clients all over the nation’s capital and the surrounding areas, working with a range of businesses, sole traders, startups, landlords, and contractors in order to streamline their tax liability and bookkeeping procedures.

Ground Floor, 90 Long Acre Covent Garden, London WC2E 9RZ

EAST LONDON ACCOUNTANTS

Our East London accountants firm gives those in East London access to some of the finest accountants around. Our accountants in Canary Wharf is right in the heart of London’s financial district. We work with clients of all shapes and sizes, including small-to-medium-sized businesses, startups, landlords, and contractors. Our professional East London accountants pride themselves on their expertise and work ethic, providing you with stellar customer service every time.

29th Floor, One Canada Square, Canary Wharf, London, E14 5DY

HOUNSLOW ACCOUNTANTS

Pearl Accountants has offices all over London, with one of our most prominent offices being located in Hounslow, West London. We are experienced accountants in Hounslow, acting as business growth accountants for the majority of our clients due to our ability to scale businesses and help to drive their growth. We are dedicated to serving companies of varying sizes, from individual sole traders to small and medium-sized businesses across the UK.

Quest House, Ground Floor, 125-135 Staines Road, Hounslow TW3 3JB

KINGSTON ACCOUNTANTS

We have over 30 years of accounting experience in the Kingston area, using our eclectic combination of traditional accounting processes and innovative accounting software in order to bring our customers the very best in accounting and customer service. We act as business advisory accountants, providing our customers with consultations that advise them on the best ways to grow their business while keeping their accounts and tax liabilities in order.

Causeway House, 13 The Causeway, Teddington, Kingston TW11 0JR

HARROW ACCOUNTANTS

We are one of the most prominent accountancy firms in London, with offices all over London. As a result, one of our offices is based in Harrow, and is located around the Park Royal area. Pearl Accountants has over 30 years of experience as Harrow accountants, serving our clients and helping them to succeed in their personal and professional lives.

Suite 618, Crown House, North Circular Road, Park Royal, NW10 7PN

STAINES ACCOUNTANTS

Our accountants in Staines are here to serve you, with our 30 years of experience in providing bespoke accountancy services for landlords, businesses, contractors, startups, and much more. Here at Pearl Accountants, we specialise as business advisory and business growth accountants, meaning that we have the accountancy knowledge, expertise, and experience to provide commercial consultations and advise you on how to grow your business whilst minimizing your tax bills simultaneously.

Rourke House Watermans Business Park The Causeway Staines TW18 3BA

LONDON ACCOUNTANTS

We have offices all over the London area, including Covent Garden, which gives you a central accountancy hub in London’s famous West End district. As a London accountants, we offer professional accountancy services to clients all over the nation’s capital and the surrounding areas, working with a range of businesses, sole traders, startups, landlords, and contractors in order to streamline their tax liability and bookkeeping procedures.

Ground Floor, 90 Long Acre Covent Garden, London WC2E 9RZ

EAST LONDON ACCOUNTANTS

Our East London accountants firm gives those in East London access to some of the finest accountants around. Our accountants in Canary Wharf is right in the heart of London’s financial district, making it an ideal home for our accountancy firm. We work with clients of all shapes and sizes, including small-to-medium-sized businesses, startups, landlords, and contractors. Our professional East London accountants pride themselves on their expertise and work ethic, providing you with stellar customer service every time.

29th Floor, One Canada Square, Canary Wharf, London, E14 5DY

HOUNSLOW ACCOUNTANTS

Pearl Accountants has offices all over London, with one of our most prominent offices being located in Hounslow, West London. We are experienced accountants in Hounslow, acting as business growth accountants for the majority of our clients due to our ability to scale businesses and help to drive their growth. We are dedicated to serving companies of varying sizes, from individual sole traders to small and medium-sized businesses across the UK.

Quest House, Ground Floor, 125-135 Staines Road, Hounslow TW3 3JB

KINGSTON ACCOUNTANTS

We have over 30 years of accounting experience in the Kingston area, using our eclectic combination of traditional accounting processes and innovative accounting software in order to bring our customers the very best in accounting and customer service. We act as business advisory accountants, providing our customers with consultations that advise them on the best ways to grow their business while keeping their accounts and tax liabilities in order. Our accountants in Kingston upon Thames are dedicated to helping you exceed with your business.

Causeway House, 13 The Causeway, Teddington, Kingston TW11 0JR

HARROW ACCOUNTANTS

We are one of the most prominent accountancy firms in London, with offices all over London. As a result, one of our offices is based in Harrow, and is located around the Park Royal area. Pearl Accountants has over 30 years of experience as Harrow accountants, serving our clients and helping them to succeed in their personal and professional lives.

Suite 618, Crown House, North Circular Road, Park Royal, NW10 7PN

STAINES ACCOUNTANTS

Our accountants in Staines are here to serve you, with our 30 years of experience in providing bespoke accountancy services for landlords, businesses, contractors, startups, and much more. Here at Pearl Accountants, we specialise as business advisory and business growth accountants, meaning that we have the accountancy knowledge, expertise, and experience to provide commercial consultations and advise you on how to grow your business whilst minimizing your tax bills simultaneously.

Rourke House Watermans Business Park The Causeway Staines TW18 3BA

Accountants London
Company Registration No. 07078392