Should I use Xero for my Uber ride share business?

Uber drivers can use Xero accounting software to record all the costs associated with running the Uber business like motor vehicle costs and business running costs such as administrative overheads such as office expenses and phone expenses.

Xero is a cloud based system that can be used on your phone or laptop to capture invoices, record expenses and enter Uber receipts.  You can even connect Xero to your bank account so it automatically imports all the bank transactions to make reconciliation easy each week.

Each quarter your accountant can connect to Xero to produce the Business Activity Statement (BAS) for Uber drivers.  By using a cloud accounting system like Xero saves a lot of time that would otherwise we spent trying to calculate the amount of GST tobe paid to the ATO.  As we know thanks to the taxi industry all Uber drivers must have an ABN and be registered for GST.