By James Poyser

More than 150,000 freelance professionals run their own limited company in the UK today, which is no surprise when you consider that operating as a limited company is without doubt the most tax-efficient means of managing your finances. The downside, of course, is that the day-to-day administration of running a company can be a significant burden on time and resource, especially for busy independent business people.

In order to free themselves of this burden, freelancers are increasingly choosing to sign up to online accountancy services. Using online accounting software removes the complexity and hassle associated with financial management and the most online accounting programs include an impressive array of features: users can record their expenses, track billable time, create invoices and pay slips, and even complete important documents such as PAYE and VAT returns. What’s more, online accounting technology is growing ever more sophisticated as providers seek to offer their customers increased accessibility and ease of use.

inniAccounts, a company that offers online accountancy services for contractors and freelancers, recently announced a series of updates to their service designed to provide their customers with a jargon-free view of their finances that is even accessible via mobile phones. Their latest update marks the introduction of two innovative features: Live Cash and inniAccounts Mobile.

LiveCash is a new online feature that provides freelancers with a real-time view of their finances, such as live forecasts of upcoming tax bills, presented in a jargon-free interface. Instead of talking in accounting terms (such as ‘profit and loss’ or ‘trial balances’) LiveCash communicates financial information using familiar terms such as ‘what I have’, ‘what I owe’ and ‘cash available’, so users always know exactly where they stand.

inniAccounts Mobile securely brings freelancers’ finances to their iPhone or Android mobile and also allows them to enter billable time, expenses and mileage on the go, using a familiar interface.

LiveCash and inniAccounts mobile are both available to any freelancer who subscribes to inniAccounts Plus, a software only service, or inniAccounts Premium, an all-inclusive, fixed-fee accountancy service.

Like most online accountancy services, inniAccounts is designed for freelancers who choose to operate using a limited company – at the moment it’s not suitable for freelancers who choose to operate as sole traders. High-earning freelancers who are currently sole traders would be wise to investigate the benefits of incorporating a limited company as these offer a number of tax-saving opportunities.

In summary, online accounting programs can be an ideal solution for busy freelance professionals who want to remove the hassle from their day-to-day financial management. With the help of online technology it is easier than ever before for business owners to connect with the information they need and organise their finances with ease.

About the Author

James Poyser has been Product Director at inniAccounts since 2006. Over the past decade James has held a number of senior positions in many industries, including running a digital creative agency and managing mobile broadband marketing for Vodafone.

About inniAccounts

inniAccounts is an industry leading online accountancy service that provides both web-based software and personal accounting support to contractors and freelancers, allowing them to manage their entire business online quickly, easily and securely. Formed in 2006 by two engineering contractors, Matt Poyser and Dean Foster, the mission of inniAccounts is to remove the administrative burden of staying in financial control. You can visit inniAccounts at http://www.inniaccounts.co.uk.