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10 reasons why you should be using FreeAgent if you own a small business

Running a small business is a busy job. When it comes to the financial side of affairs, it can be time consuming. Manually filling out spreadsheets or handling everything in psychical copy takes time and can easily become unorganised.

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Nimble Jack Accounting specialises in helping small businesses manage their finances in a quicker, simpler and more convenient way. We can set you up with the certified online accounting system, FreeAgent and a personal accountant to assure your finances are dealt with no difficulty. Your personal accountant will also be on hand to offer guidance and advice on how the system can work best for you.

Here’s out top ten reasons to use FreeAgent to stay on track of your business finances.

1. Keeping track of your cash flow has never been easier

FreeAgent allows you to synchronise your bank accountant(s) with the system so all the information you need is kept on the Dashboard. This way you can manage your cash flow with ease. FreeAgent also calculates your profit and loses so you know exactly how to keep your business on the right trajectory.

2. Payroll is easier to manage

FreeAgent takes away the stress of having to manage your payroll. The software can generate payslips for your employees each month automatically. At the end of each tax year, the system can even generate your employee’s P60s and allows you to print them off. You don’t need to import endless data and numbers from another system, just run your payroll and your books update automatically for you.

3. Make life easier with online invoicing

FreeAgent creates stylish invoices that you can send online or print out to send by post. The system lets you set up recurring invoices that can send themselves automatically. FreeAgent even automatically sends reminders to any customer who hasn’t yet paid an invoice.

4. All data is securely stored

Paper-based accounting systems expose small businesses to the risk of sensitive information being stolen or misplaced. Your financial data is much more secured with FreeAgent. Not only this, but retrieving data is much easier and all data is backed up automatically.

5. Minimise tax and always have it paid on time

FreeAgent gives you a tax timeline so you know all the dates for when and how much is due for your VAT and Corporation Tax. This way you will never miss a deadline. FreeAgent can even automatically generate VAT returns and send them directly online to HMRC. Your personal accountant chosen for you from Nimble Jack Accounting can also access all your tax information to ensure you aren’t paying a penny over than what you should be.

6. All customer data and history is in one place

FreeAgent can store your customers purchase history and payment habits. This way you can track what are your most popular items and adapt how you run your business accordingly.

7. Audit-proofing the books becomes a quicker process

When you hand over your books to auditors they will see you have kept everything on a professional and organised accounting system. Instead of going through things line by line like they would have to with other manual systems, audits will match your statements with information on the software. This tends to help the auditing process go a lot quicker.

8. Multi- currency and multi-language options

With FreeAgent invoices can be translated and sent in over 10 different languages. That means your business can trade on an international level. Invoices can also be sent in the currency of your customers preferred choice. FreeAgent takes current exchange rates from xe.com to ensure all currency dealings are up to date.

9. The handy App so you can manage your money on the go

You can start doing business wherever you are. Simply download the FreeAgent app on your IPhone or Android available through Google Play and the App Store. You can see expense statements; create invoices and track cash flow all from your smartphone.

10. Save time!

Creating an Invoice with FreeAgent takes less than 60 seconds. The main dashboard of your system holds all financial information you need. Having all your data at your fingertips makes things a whole lot quicker. Instead of wasting time on filling spreadsheets and paper documents you have lots more time for you and your business.

Change the way you handle your businesses’ finances today. Simply speak to one of our friendly accountants on: 020 7969 2793.

About Hardeep Mangat

Hardeep is a down to earth accountant, who loves helping contractors, freelancers and small businesses save tax and make more profit. He also has a particular interest in IR35 . Hardeep attended University College London and is a Chartered Certified Accountant, who previously worked for Credit Suisse Investment bank and at a local accountancy practice.

Hardeep on Linkedin and Google+

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