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Xero Go is a new app to help sole traders access online accounting

21st Jul 2022
Brought to you by
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Xero is an easy-to-use platform for businesses and advisors.

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Xero’s new app enables UK self-employed businesses and their advisors to digitise financial admin and prepare for MTD for ITSA.

Xero has announced the early release of Xero Go, designed to serve the large rise of sole traders over the last two decades. With HMRC reporting that there are around 2.6 million sole traders in the UK, the freemium app will make it easier to access accounting software for small self-employed businesses including sole traders, tradespeople, freelancers and gig workers.

The app expands Xero’s offering and provides a more cost-effective entry point into cloud accounting and digital record-keeping. 

The release of Xero Go, announced at Xerocon London 2022, will help businesses streamline the manual, time-consuming elements of being self-employed, while also providing accountants with accurate financial data to service these clients. In addition, it will support the self-employed as they prepare for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA).

The app will give those impacted by the government legislation a single, easy-to-use tool to record expenses digitally on-the-go and manage invoices. Expenses are recorded throughout the year and available in one place at tax time.  

With Xero Go’s Quick Scan feature, the self-employed can record expenses on the fly, all powered by machine learning. The feature extracts expense information from receipts, imports them into Xero Go and auto-suggests tax categories for them. 

The self-employed can use Xero Go to create, send and track customised invoices. This includes customer reminders for late payments. They can also add Stripe payments to invoices to streamline invoice management, get paid faster and achieve greater control of their finances.

The app is complemented by the Xero Go Partner Plan, an edition for accountants and bookkeepers that hosts all financial data they need to service their clients using the Xero Go app. 

Advisors receive accurate, tax-coded financial data, as well as income data gleaned from invoices. This supports them in spending less time on the manual, time-consuming financial admin of servicing self-employed clients and more time on higher-value work. 

Alex von Schirmeister, Managing Director, UK, said: “With MTD for ITSA also coming soon, we want to support our accountants and bookkeepers by removing the time-consuming workload associated with its increased reporting requirements, so they can work smarter, not harder, to help customers prepare. Accountants and bookkeepers can remain compliant while focusing on what they value the most – providing the best service and experience they can for their clients.”

The app launched as an early release for UK subscribers on iOS from 20 July 2022. An Android app and additional functionality to be added in the months ahead in the lead-up to MTD for ITSA. The sole trader Xero Go app will be free to download with paid add-ons that bring additional capability available within the app. 

For more information on Xero Go and prices, please visit our sole trader page here and our partner plan page here

Xero is an approved MTD for ITSA software provider, and is currently running a Xero Go beta which is also available to accountants and bookkeepers wanting to support their clients through this change.