Accounting Software for contractors from FreeAgent

Why do contractors need accounting software?

Contractors need an easily accessible and manageable way of accounting for their business, and with FreeAgent, you are joining over 100,000 small business owners and contractors who are already using accounting software. Accounting software for contractors is a great way to organise your invoices and manage your profits and losses all in one place.

FreeAgent has 4 key features to help contractors set up their accounts which include:

• Connecting your bank account
• Creating an invoice
• Keeping track of expenses
• Managing your projects

Contractors that use accounting software to manage their finances can save a lot of time and money, and is a great way to quickly access your accounts rather than looking through pages of files. 

What are the benefits of using accounting software?

Voted the UK’s #1 bookkeeping software and Client App of the Year 2021 at ICB Luca awards, FreeAgent is known for its dependable accounting software as it shows contractors a real-time overview of their accounts and projects.

Accounting software is great for contractors if they want to hire an accountant, or even do their own finances. Depending on which option you choose, by using accounting software from FreeAgent, contractors can invite accountants to view invoices, with easy access to spreadsheets as well as being able to store information in one place.

Using accounting software from FreeAgent you can generate automatic invoices, set up automated reminders about different projects, and show live stats of your expenses. Uploading data through accounting software is not only rapid and efficient, but can also reduce errors through minimal data entries and no human error. By syncing data, it can also simplify payroll and give you an overview of your business, all located in one dashboard. Having one dashboard keeps your business accounts looking professional and as a contractor using accounting software, you can take your business anywhere with it being digitally accessible on your phone, tablet, or laptop. Professional documents must be kept neat and presentable otherwise you may face a penalty, so using accounting software is a great way to store all your information.

What does FreeAgent offer contractors?

Launched in 2007, FreeAgent offers a variety of benefits for contractors using their accounting software. If you have a business current account with either NatWest, Ulster Bank NI, Royal Bank of Scotland, or a business account with Mettle, you are eligible to use FreeAgent for free for as long as you have one of the business bank accounts.

To select FreeAgent as your accounting software, you can sign up for a monthly subscription of £14.50+VAT for your first 6 months, and £29+VAT after. Annually, you can pay £145+VAT for the first 12 months and £290+VAT after.

FreeAgent offers a referral scheme for those who have a ‘direct’ subscription. By referring someone who then subscribes, you will both receive 10% off of your subscription until you cancel your subscription. By referring 10 people, your FreeAgent account will then be free.

FreeAgent offers a drag and drop customisation so you can personalise your key KPIs. This resource is beneficial to contractors as you can prioritise your goals. FreeAgent also includes:

• Powerful double-entry accounting system
• Flexible reports including: Profit & Loss, Balance Sheet, Trial Balance, Capital Assets, Aged Debtors and Creditors
• Keep financial records up to date with accounts payable and receivable automation
• View and print out dividend vouchers for your business
• Journal entry support for power users and accountants with custom reports that allow you to dig deeper into your sales and expenditure
• Comprehensive transactions view for all of your accounts

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