Many freelancers are still tracking their business expenses on spreadsheets, according to a new study.
Research from Qdos Accounting found UK contractors spend their time entering data manually onto a traditional spreadsheet even though there are other alternatives that could be more effective, reports Business Matters.
Just three per cent use their mobile phone to track their expenses, even though one in three feels dealing with the tax system is the greatest challenge of being self-employed.
Mike Butchart, managing director of Qdos Accounting, commented: “Freelancers and contractors no longer have to put themselves through the hassle of manually tracking their expenses on spreadsheets before submitting them to their accountant. The tax system is complicated enough as it is, which is why new technology exists to help the self-employed stay on top of things with minimal effort.”
Although the deadline for tax digital is still two years away, it is crucial for self-employed workers to start looking at ways to effectively track their financial matters so they can be prepared.