Contractors and Freelancers in the UK are embracing cloud computing at a rapid pace. In their 2013 report on cloud computing, the Cloud Industry Forum reported that over half of UK Contractors, Freelancers and Small Businesses surveyed were already using cloud services to run their business, and of those who weren’t, 30% planned to use a cloud service within the year.
Cloud computing is particularly attractive to Contractors and Freelancers, who may have fewer resources than large companies to keep their businesses running well. Of those who are already using cloud services for their Limited Company, their primary reasons for adopting the cloud were the flexibility of the offerings, as well as the reassurance of the 24/7 access.
Contractors, Freelancers and Small Businesses have a particularly healthy appetite for cloud accounting services – even amongst those who wouldn’t want to use cloud services for all aspects of their business, 46% indicated that they would consider using a cloud accounting and finance service.
We’ve outlined 3 major benefits to you, the business owner, on how FreeAgent, our chosen cloud accounting software provider can benefit your Limited Company.
Software designed especially for Contractors, Freelancers and Small Businesses
By using a tailored cloud accounting solution like FreeAgent, you can use software that has been designed specifically to match your day-to-day workflow. You won’t feel like you need to be trained in accountancy to maintain your books – the user-friendly interface lets you easily send invoices, add expenses and manage your projects.
Bookkeeping on the go
By moving to a cloud-based accounting system like FreeAgent, you can access a user-friendly system that you can use wherever you are, even from your phone. Instead of piling up receipts back at the office, you can explain transactions that are automatically pulled through from your bank and you use a smartphone to snap a photo of your receipt, then upload an expense entry immediately.
Automated incomings and outgoings
You can take advantage of powerful online automation features to save time and reduce the potential for error. You can set up automated bank feeds that will download any new transactions daily, and even auto-suggest categories for transactions that it recognises from previous entries. You will appreciate the time saved when you only need to check a list of transactions, rather than keying everything in yourself.
FreeAgent software gives you a real-time overview of your business finances making it easy for you to track your cashflow and other important financial aspects of your business in real-time. This includes showing your dividends available, Corporation Tax estimate, invoices outstanding, and much more.
There are no restrictions on the number of transactions you can process in FreeAgent. You can also choose to give access to as many people as necessary for your business. All our clients have unlimited 24/7 access to FreeAgent, and as your accountants, we’ll also have access which means that we can deliver instant, better and more relevant advice on an up-to-date set of figures.
Contact us on 0330 024 0406 to arrange a FREE demonstration.
Get your finances set up and on the right track with Gorilla: professional contractor accountants and limited company formation experts. Get in touch to talk to a member of our team about how we can help!