Accounting software

Online Accounting software for contractors

Running your own company as a contractor can be hugely rewarding, but it also comes with its fair share of responsibilities. One of the most important is keeping accurate and up-to-date accounts, so you know exactly how your business is performing financially. This can be time-consuming and challenging if you don’t have the right tools at your disposal. At No Worries we have always developed our own cloud based accounting software specifically for the contractor market that makes light work of this task. Its called Simplifi and you can learn more about this accounting software here.

Choosing the right accounting software for small business is an important decision. Whether you work in the finance, creative, healthcare, or construction industry, there are a number of factors you need to consider, such as cost, ease of use, features and integrations. We have put together a list of what we believe to be the best features an online accounting software solution should provide for contractors.

Top 6 Features Contractors Should Look for in an Online Accounting Software product

We may be a biased group of contractor accountants, but we think Simplifi ticks all the boxes better than everyone else.

 Bank Feeds

One of the most important features for all small businesses is bank feeds. This means your transactions are automatically downloaded from your business bank account saving you hours of manual data entry. This also reduces the risk of human error, so you can be confident your banking transactions and your accounting transactions are accurate. And it means you no longer have to carefully collect and store the bank statements your bank sends you.

Our accounting software comes with bank feeds as standard, so you can be up and running quickly and easily with all vast number of banks right across the UK and Europe.

 Receipt Scanning

Another time-saving feature that is essential for limited company contractors is receipt scanning. This allows you to take a photo of your receipts and have them automatically added to your expenses in Simplifi. No more fiddling around with paper receipts or keeping track of them in a shoebox! With receipt scanning, all you need to do is snap a photo of your receipt and upload it to the app. The date, amount and VAT will be extracted automatically so you can categorise it and add it to your expenses with just a few taps. This is an incredibly useful accounting software feature if you are claiming expenses against your business, as it makes it quick and easy to keep track of everything in one easy place.

 Easy Invoicing

Invoicing is an essential part of running a business, and it’s important to have an invoicing system that is easy to use and understand. Simplifi includes a simple yet powerful invoicing system that allows you to create and send professional invoices in minutes. You can also easily track who has paid and who hasn’t, so you can chase up any outstanding payments quickly and easily. The invoicing system is fully integrated with the rest of the accounting software, so you can see at a glance how much money is coming in and going out of your business. This is vital for cashflow management and ensures you always have a clear picture of your financial situation.

 Tax Dashboard

As a limited company contractor, it is important to stay on top of your tax affairs. This can be a complex and time-consuming task, but our accounting software makes it easy with our Tax Dashboard. The Tax Dashboard gives you an overview of your tax situation at any given time, so you can see how much corporation tax, VAT, and personal tax you need to pay. This information is updated in real-time as your financial situation changes, so you can be confident you are always up-to-date with your tax affairs.

 Multi Currency Support

If you are a limited company contractor who works with clients overseas, it is important to have an online accounting solution that supports multiple currencies. Simplifi allows you to create invoices and track expenses in any currency, so you can easily manage your finances if you are working in multiple countries. This is a valuable feature for contractors who often travel for work, as it makes it easy to keep track of your finances no matter where you are in the world.

 Financial Reporting

As a limited company contractor, it is important to have access to accurate and up-to-date financial reports. Our accounting software financial management system gives you the ability to generate reports of your profit & loss, and balance sheet, as well as drilling down into the numbers for further details. This is an essential tool for understanding the financial health of your business, and helps you make informed decisions about where to invest your time while monitoring your cash flow.

As you can see, there are many benefits to using online accounting software for your business. Simplifi offers all of the features and functionality you need to run your business smoothly and efficiently. If you are looking for an easy to use, yet powerful online accounting solution, Simplifi is the perfect choice for you.

Our Accounting Services

All our accountants are experts with our Simplifi accounting software, and are on hand to immediately help you navigate your way around, especially if you are new. The software is intuitive and simple to use, and has been specifically designed to have a very shallow learning curve. Whether you need help with project accounting, or advice on tax efficiency, the team of experts at our accountancy firm are here to help.

Simplifi is provided free of charge to all our clients and it does not matter what accounting package you have with us. As a small business owner we understand you just need a software that is simple to use and fast to understand.

Want to talk to someone? Give us a call now on 020 7731 1117 or
request a call-back here!