FreeAgent Accountants

Running a small business or working as a contractor carries a lot of responsibility. Not only are you working for yourself and having to find different projects to work on, but your finances are your own to control too.

You must make strategic decisions about the direction of the business and the work you undertake whilst staying on top of the day-to-day tasks – getting the work done whilst making sure the admin is taken care of too.

It can often feel as though you’re juggling multiple plates and trying to keep everything afloat at once. It’s difficult, and if you start to overlook important details such as balancing the books and making the right tax contributions, that’s when cracks begin to show.

Particularly at the start of your self-employed journey, you want to get your teeth into getting everything set up exactly how you want to work. Whether that be with programmes to help with your job or your productivity, different pitch documents to find new work or setting the hours you want to be the most productive during the day.

It’s natural to want to do it alone, considering you’ve been aiming to set up and work for yourself probably for a long time. However, you might find as the business grows that you’re struggling to keep up with all the tasks on your to-do list.

Sometimes, asking for help from a third party is the best thing to do to maintain the standards you’ve already set for your business. Delegating an area such as your finances just makes sense. If anything, it’s a strategy for success. Surrounding yourself with individuals who can guide you so you can focus on your strengths and passions can be the most effective way of doing business.

When looking at your priorities, there are a handful that stand out above anything else within your business.

1)        Managing your time

When you’re self-employed, your time is precious. If you have a team to delegate work to, then always do so. There are always more things to do than hours in the day, so prioritising tasks and being efficient with your time is incredibly important.

2)        Creating relationships

As a small business owner, networking is incredibly important. You need to build yourself as a recognisable brand that people can trust. Building strong professional relationships can help you stay on top of industry news, find new customers and learn new skills. They say word-of-mouth is the best way to find business after all! Make sure you’re connecting with people on LinkedIn too to keep on top of your game.

3)        Good marketing

You could be the very best at what you do, but if nobody knows about you and your skills, your business will never grow. Marketing is so important for your business and promoting yourself through streams such as social media, a good website, advertising and trade shows is a must. It’s good to look at what’s out there and the opportunities that will be the best for your business, then test different marketing strategies to see what works.

4)        Great service

As a business, no matter what industry you’re in, you need to be seen to be giving a service that is above and beyond any of your competitors. Providing excellent customer service means you will then harbour fantastic reviews, recommendations and referrals. Good service isn’t just about price or the time it takes to complete a job, it’s being on hand when clients need you, responding to questions, queries and feedback promptly. Leaving a positive impression means more business down the line.

5)        Finances and cash flow

It’s so important as a small business owner or a freelancer to prioritise your finances and manage them accordingly. You should have a clear understanding of your income and your cash flow, as well as any expenses that you have. Doing so means you can make informed decisions about the business.

Working with an accountant that you can trust means handling your finances can be even easier, especially when it comes to staying on top of tax obligations. The last thing you want to do is be issued penalties or fines for paying the incorrect tax.

Working with Gorilla, a FreeAgent Accountant

Whether you’re a contractor, freelancer or you’re running a small business, at Gorilla our accountancy packages all include the full use of FreeAgent online accounting software. FreeAgent is a simple, cloud-based accounting software solution that is designed to support sole traders and small businesses, offering a range of features to help businesses manage their finances efficiently.

What is accounting software?

FreeAgent is a cloud-based solution used by business owners to manage their finances but also used by accountants and bookkeepers to support clients. Having a piece of software not only keeps everything in one place, but it also prepares you for Making Tax Digital.

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. According to gov.uk, it will:

  • Make it easier for individuals and businesses to get their tax right.
  • Mean customers can integrate tax management with a range of business processes through software.
  • Contribute to wider productivity gains for businesses by encouraging digitalisation.

It will help reduce the amount of tax lost to avoidable errors due to the:

  • Improved accuracy of digital records
  • Additional help built into many software products
  • Digital records being sent directly to HMRC

It’s a great tool to be able to analyse transactions and run reports, helping you stay in control of your finances whilst being more tax efficient.

Is FreeAgent easy to use?

FreeAgent has an incredibly user-friendly interface, which is why we love it as much as our clients. It’s easy to navigate and find all the most important features.

It also has a range of automation features, helping businesses save time and reduce errors. These include being able to set up automated invoice reminders, so you don’t have to remember to chase for payments.

Can I run reports with FreeAgent Accounting Software?

Running your own business often means making informed decisions, and to do that you will often need to take a clear look at your finances. One huge advantage of using FreeAgent is the powerful reporting capabilities it holds.

It offers a range of reports for you to use, providing valuable insights into the financial performance of your business. This includes balance sheets, cash flow statements and profit and loss statements. These are all customisable to meet your own specific needs.

On top of the key features, FreeAgent offers a range of different add-ons to extend the functionality, making it even easier for you and your accountant to work together on your finances.

Can I use FreeAgent on the go?

We know that being a contractor means you could be working on jobs up and down the country – or even further afield! With FreeAgent you can access all your information wherever you have an internet connection, without any worry.

FreeAgent is known for its excellent security features, ensuring financial data is always safe and secure. With encryption to protect the data and the ability to set up two-factor authentication, you can rest knowing your information is safe and accessible, wherever you are.

Using FreeAgent accountants at Gorilla Accounting

At Gorilla Accounting, we understand that no two businesses are the same, which is why we’re a great choice should you be looking for an accountant as a freelancer, contractor or small business owner. Your day-to-day workload can be varied and busy, meaning you need an accountant who understands you and your business and financial needs.

Your dedicated accountant aims to know your business inside and out to alleviate any stress when it comes to your finances. We also offer a client service guarantee, meaning we aim to get back to you the same day should you need to get in touch with your accountant, as long as you contact us before 3pm.

Our Accountancy Packages

No matter what industry you work in, or what your annual turnover may be, our all-inclusive accountancy packages have a set price so you always know where you stand month on month. Within our accountancy packages, you get full access to FreeAgent as standard, along with all the benefits of working with a Gorilla Accountant.

With the new financial year just a couple of months away, it’s a great time to appoint Gorilla and start getting your financial affairs in order using FreeAgent. Trusted by thousands of other freelancers, contractors and small businesses, it really can transform the way you work.

To find out more about signing up to Gorilla Accounting, request a callback from one of our new business team through our website, or if you’re ready to get started, join us today!

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