Business accounting software firm Freshbooks has teamed up with Barclays to offer joint bookkeeping solutions for UK customers. The move is aimed at ramping up FreshBook activities on this side of the Atlantic and will offer new ways to help with invoicing and wider business management tasks.
For the first time it will now be possible to integrate Barclaycard Payments into FreshBooks, providing extra convenience for business customers. The additional feature sits alongside other new options including the previously unveiled FreshBooksMTD, which aims to smooth the customer transition towards the UK government’s Making Tax Digital vision.
As an example, the improved functionality means that business owners can automatically populate their VAT returns using data pulled from digital invoices and transaction history. FreshBooks has tailored the process to minimise the administration time involved and speed up efficiency.
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In addition, FreshBooks now comes armed with a Mileage Tracker tool. It enables businesses to automatically track their mileage using the FreshBooks iOS app. The one-swipe efficiency promised by the software lets users manage their trips and keep tabs on any potential tax deductions.
FreshBooks tools
Another useful feature in the FreshBooks arsenal is Direct Debit. This option lets business owners accept invoice payments from clients via bank transfer. The functionality adds in the ability to largely automate the invoice reconciliation process. Users can also store direct debit information from regular clients, meaning simplified recurring payments.
“Above all else, FreshBooks prides itself on being software that is built for owners,” said Mike McDerment, CEO and Co-Founder of FreshBooks. "With the release of recent UK-specific features like Direct Debit and FreshBooksMTD, we’re excited to deliver more ways for business owners in the UK to easily manage their day-to-day business needs, all from within FreshBooks.”
The move will prove useful to the country’s army of small businesses, which is growing 3% annually on average according to the UK’s Federation of Self Employed & Small Businesses.
At the start of 2020 there were 5.94 million small businesses in the UK. Despite the fallout from the coronavirus pandemic, 85% of small business owners intend to remain self-employed according to a study by Simply Business.
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