EDINBURGH, Scotland April 25, 2012
FreeAgent has launched a unique record keeping iPhone app designed to help self-employed people and very small businesses in the UK to stay on top of their finances and tax commitments.
Under HMRC guidelines, many micro-business owners and self-employed people only have to file three-line accounts: recording income, expenditure and profit for the year. However, many of these people still find it difficult to manage their accounts – which prompted HMRC to request software companies to develop an app that would provide assistance.
"Our hope is that very small businesses will receive the support they require from Earnest – and as they grow and start to require more in-depth features for their finances, their experience with the app will encourage them to ‘trade up’ to use FreeAgent. We’re essentially trying to create a hassle-free journey that small and early-stage businesses can follow when it comes to managing their finances and bookkeeping."
The Earnest app enables users to:
– Record income and expenses
– See their bottom line profit or loss
– Get estimates on how much tax they owe
– See upcoming tax deadlines and dates with a "Tax To-do" list
– Capture and store image receipts using their iPhone camera
– Create alerts to remind them of important tax dates and as they near the VAT Threshold
– Categorise transactions by payment method
– Record cash and non-cash transactions
– Add notes to entries
– Record CIS deductions made on income
– Back up their data by email
http://www.earnestapp.com App Store
40 Torphichen Street