Why Every Freelancer’s Finances Should Be Paperless

Freelancing gives you almost unlimited earning potential, putting you in control of your finances as you grow your client base and build a business that works around you. Amazing leaps and bounds in technology, not least in the realm of finance, have paved the way for countless freelancers to join the ranks of the self-employed in recent years.

Whether you’re planning to make the jump or you’ve been freelance for a while, digital bookkeeping and tax returns should be seen as a blessing – not a curse – for any independent professional. Here’s why:

Faster payments
Gone are the days of printing an invoice, sending it by post, waiting for your client to do the same with a cheque and dashing to the bank before closing time to cash it in. Now you could be paid within hours (even minutes!) of creating an invoice thanks to software that makes it easy for everyone involved to handle their finances. Cash flow problems, be gone!

Online accounting can make invoicing a lot quicker and easier.

Ditch the filing cabinet
If you’re a freelancer, the chances are that you’ve either converted the spare room into an office, or you’re hot desking in a co-working hub. In any case, few people have the space to accommodate a huge filing cabinet stuffed to bursting point with bank statements, invoices, tax returns and receipts.

Going paperless with cloud software allows you to store all of this digitally, so that you don’t have to worry about fire, theft, loss or accidental damage. No more squinting at coffee stained receipts to make out that purchase from last November!

Save space by filing everything online. Paper filing requires a serious time commitment and organisation and many self-employed people simply don’t have the time to ensure their filing is up-to-date at all time.

Accurate tax returns
When the dreaded Self Assessment time comes around, many freelancers file theirs at the eleventh hour. It’s easy to see why – tax returns are anything but straightforward. And even if you do have an accountant, you might not remember to share every expense that you’ve accrued throughout the year (Gift Aid, anyone?).

HMRC recognised, SimpleTax makes completing your Self Assessment exactly that – simple. For just £36, this software will cross-reference all of your details to help you file an accurate return, identifying potential tax savings along the way to ensure you pay not a penny more than you owe.

Tax returns can be one of the most time consuming tasks for a self-employed individual.

Save money and hassle
Many self-employed professionals partner with an accountant when their finances become too much to handle. However, not everyone can afford accountancy and bookkeeping fees, especially if you’re relatively new to freelancing.

Getting to grips with paperless accounting might seem alien at first, but with the right software it’s remarkably easy to go digital with your finances. Our free trial and exclusive discounts* for Network Freelance members mean it’s never been a better time to make the switch to online. So why not give our software a go?

You could save time by managing your finances in one place.

For a freelancer insurance quote please call our award-winning team on 0333 321 1403

Disclaimer:
The information in this article has not been written by Caunce O’Hara & Co Ltd or any of Caunce O’Hara’s employees. None of the opinions or views contained within this article are Caunce O’Hara’s nor do we accept responsibility for any financial advice given within the article.

Caunce O’Hara & Co Ltd do not provide Tax advice nor advice regarding Investments. Any commitments are taken solely at the person’s own discretion.

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