Xero
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The gig economy has grown exponentially over the last two decades. In the past 20 years alone, the number of gig economy workers - those who operate as independent contractors, often through apps - has increased by about 27 percent more than payroll employees, according to a report by the Metropolitan Policy Program at the Brookings Institution. In response, Xero has announced the launch of Xero+C for self-employed independent contractors.
Designed for the freelance workforce, Xero+C eliminates the need to manually sift through a year's worth of expenses by providing an easy, automated way to create Schedule C reports with a customized chart of accounts and reporting template. With Xero+C, accountants and their clients can:
● Manage banking data quickly and accurately: Accountants can use bank feeds to receive their clients’ daily transactions. The Schedule C chart of accounts data is then mapped to the Schedule C report for their Xero Organization.
● Access a host of reports: Accountants can use what they need to get the work done, including cash flow statements, balance sheets and more.
● Leverage existing workflows: Accountants and their clients can work in a familiar setting with the tools they already use – such as Xero HQ, Find & Recode, bank rules and cash coding – and can quickly produce an accurate Schedule C report.
● Customize the work: Users can extend functionality by seamlessly adding popular third-party apps to their Xero workflow.
● Upgrade their account, not their data: Accountants can be more active advisors as Xero+C scales in line with their clients’ business. Users can easily upgrade to the next Xero solution without having to migrate or upgrade the data.
“Xero+C opens up a huge market opportunity for accountants,” said Keri Gohman, President of Xero Americas. “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. With Xero+C, accountants can now focus more time on delivering advisory services that will help these self-employed clients succeed.”
Xero+C will be initially distributed through Xero’s partner channels. For a limited time, Xero+C is included for free with Xero Cashbook and Xero Business Edition.