As a busy self-employed contractor, we know that the easier managing your accounts is, the sooner you get back to doing what you do best.
Here at inni, we like to keep things simple. That’s why every aspect of our service (from our intuitive software to our crack team of friendly experts) has been created with contractors in mind; so you can keep on top of your finances with very little effort.
From mobile apps to live financial forecasts and minimising your admin – here’s how you can use inniAccounts to automate your limited company’s finances.
1. Streamline your admin and automatically sort and reimburse your expenses
Got an iPhone or Android smartphone? Our app’s give instant access to our software, so you can quickly check on your available cash and any upcoming bills – perfect for if you’re out and about and want to make a purchase. You can use your commute or a caffeine pit stop to capture your expenses, timesheets and mileage in seconds. With your day to day records effortlessly logged, you can create invoices with a single click and any out of pocket expenses will automatically be reimbursed on your payslips.
If you’re using the desktop version of our software, you’ll also find our built-in AI (Brian) ready to help by automatically selecting the correct category for your recorded expenses. We’re already working to introduce this functionality to the app too.
2. Always have a clear picture of your available cash and tax, without needing to be an expert
LiveCash is the engine room behind inniAccounts: it provides a real-time forecast of your current financial position based on the transactions you’ve entered and your upcoming taxes. LiveCash takes into account the various outgoings in the company to provide you with an available cash figure – so you have a minute-by-minute view of what can be withdrawn while leaving the company with enough funds to cover all its tax liabilities. It’s jargon-free and always up to date with the latest tax changes. No more waiting for your accountant. You’ll always know what’s available and have the peace of mind of that you’ll never be caught out by an unexpected bill.
3. Set up automatic regular savings and payments
Whether you’re building your warchest or saving towards a goal, you can automatically set aside a certain amount of money each month. If you have regular transactions on your bank statement (like payments for mobile phones, broadband, memberships), you can also use inniAccounts’ to set up recurring transactions to simplify your bookkeeping. These payments and savings will all instantly be considered in your LiveCash.
4. Automate your bank feeds to limit your bookkeeping admin
No more manual entry! With secure bank feeds we can automatically import your business bank transactions each working day without having to log in to your bank or upload any files. Alternatively, you can download statements from your online bank and simply drop them into inniAccounts. The intelligent features of the statement importer will save you time by allowing you to quickly match your records in our software against your bank statements. The intuitive system will learn your habits and automatically help you to categorise your transactions; so you can complete your bookkeeping up to six times faster.
5. See exactly how much you have available in dividends and how it will affect your tax
Dividends are one of the main methods of withdrawing funds from a company and sometimes accountants are not able to advise accurately or frequently on how much of a dividend you can take. Here at inni, we don’t have that problem as all our calculations are based on live data. As long as your bookkeeping is up to date, the available profit of a company is automatically calculated. Meaning, that there will always be an updated figure letting you know how much you can issue. So you never have to wait to hear back from us, it’s all there in the system and you can issue dividends as frequently as you like.
As well as automating with our software, our team of experts are here as often as you need them. No matter how many questions you have, they’re here to deliver a comprehensive service that’s second to none. You’ll know exactly where you stand, so there are no sudden surprises or tax bills – guaranteed. And, we’ll constantly check your income is as tax efficient as possible, no matter how complex your personal circumstances.
There’s plenty more you can do with inniAccounts to minimise your admin and automate your finances. Take a look at our free interactive demo to see how our software’s features could help you efficiently manage your company.