There are an increasing number of online accounting packages available for contractors/freelancers and small businesses. At Nimbus Accounting we evaluate all cloud accounting products regularly to ensure we are only recommending the best for our clients. Currently, the majority of our clients use either Xero or FreeAgent.
The key feature that our clients find invaluable in FreeAgent is the informative homepage. It includes an integrated tax time line, snap shot of your bank balances, outstanding debtors and creditors. This information is essential for any business owner who wants to keep an eye on future cashflows and plan for them accordingly.
FreeAgent is very user friendly, probably because it wasn’t designed by accountants, so the interface and language is targeted at the end user, something that contractors/freelancers or small business owners have not had in the past from other software providers. FreeAgent delivers everything you would expect from an accounting package, with many additional features designed to assist in the day to day management of a business. For instance, you can track your time spent on a project and create an invoice directly from this data. Once you have customised your invoice template, you can email invoices directly from FreeAgent straight to your customers.
FreeAgent enables you to upload your bank statements directly into the software and hopefully soon they will also support live bank feeds. Analysing your bank transactions couldn’t be simpler with FreeAgent, everything is completed with a click of the mouse, saving you time and removing the need for spread sheets.
If you are a contractor/freelancer or small business owner and don’t understand where you are with your business finances, then you should consider FreeAgent. As soon as you have uploaded and processed your bank statement, FreeAgent can automatically estimate your VAT liability, your PAYE payments, your future corporation tax and what personal tax you could be liable for. All of this information, including payment dates, are displayed on your fully customisable homepage.
If you are not sure what software you should be using, then please contact us and we can help you understand the benefits of Xero and FreeAgent. It may well be that some other software may be more appropriate for your business. If this is the case, we can assist you with implementing another solution. We recommend, if you are switching to an online software provider, that you seek an accountant with the relevant experience to assist in the transition.
Nimbus Accounting was set up exclusively to support clients who want to use online accounting software. We are experts in the market and we are confident that we can help you select the best package to help you grow and develop your business. Why not call us today to discuss how Nimbus Accounting can help you.