Going digital with your taxes and why it will save you a serious headache

79_Pr3TT-o0.b00p@Business Systems, Tech How To0 Comments

The T word.  It’s enough to make any business owner recoil, especially if you’re a creative, and numbers are not your thing.

If you’re anything like me, you want someone to do it all for you – to work out your monthly profit, talk to your bank, send your invoices…send thank you emails…the whole shebang.

Well I’ve found my knight in shining armour, and it’s arrived in the shape of digital accounting software, Freeagent.

Here are five of my favourite features:

  1. Fill and file your tax return

FreeAgent automatically calculates your Self-Assessment liability as your work on a day to day basis.  When it’s time to submit your tax return, you can submit it all from within FreeAgent direct to HMRC.

Favourite feature:  Direct online submission to HMRC for your tax return – FreeAgent does all the maths so you don’t have to.

  1. Invoicing

Freeagent provides good looking, easy to use templates for invoicing that you can personalise with your company logo and colours.  Setting up an invoice is quick, and once you make your first you can save that as a template for future invoices, so invoicing becomes even quicker.

Favourite feature: Automated invoice reminders (because chasing up late invoices is my least favourite thing!)

  1. Time tracking

If you work on an hourly basis, Freeagent provides a great time tracking feature, allowing you to add recorded time to an invoice.

Favourite feature:  Timesheet reporting – so you can actually see what’s taking you the longest!

  1. Expense tracking

Got a receipt?  Take a picture with your phone, upload it to FreeAgent, and you’re done.  You can create expense categories, which makes submitting your tax return even quicker.

Favourite feature:  This one sells itself – what’s not to love about a snap and go feature?

  1. Automatic bank feed

Connecting your bank account allows you to automatically import transactions straight into your account on a daily basis.  FreeAgent will automatically detect payments received against invoices rather than you manually having to tick things off – saving you even more time!

Favourite feature:  Saves time on having to mark out payments – FreeAgent will detect and mark invoices paid accordingly.

FreeAgent offers much more but those are just my favourite points.

You might be thinking to yourself, especially if you’re a sole trader, how hard can it be?  Well even if you’re a whizz with numbers, HMRC has plans to make tax digital for everyone – bottom line – everyone will have to use accounting software to submit their taxes.

I really couldn’t imagine life without using a digital accounting software now, or why I gave myself such a headache struggling without it in the beginning!

If you’d like 10% off your FreeAgent subscription you can make use of my FreeAgent referral link (and I’ll get 10% off too!)  Alternatively, you can head directly to FreeAgent and check them out!

Share this Post

Leave a Reply

Your email address will not be published. Required fields are marked *