Online contractor accountancy firm inniAccounts has been named as the winner of the Queen’s Award for Enterprise in Innovation, marking a major step towards taking online contractor accounting into the mainstream.
The award recognises inniAccounts for its ability to provide contractors with an accurate and real-time view of their accounts. It does so by tracking the finances of its users and applying appropriate HMRC tax rules to any changes in real time. Its recognition also highlights the increasing popularity of online accountancy solutions amongst contractors.
For inniAccounts co-founder James Poyser, developments within this field are essential to ensuring contractors can address work demands whilst maintaining independence:
“For most people, making the move into contracting is a lifestyle choice. It's about getting a better work/life balance by maximising earnings and free time. The last thing a contractor wants to do is spend their newly-found free time learning about taxation - but at the same timemost contractors like to be in control of their finances.
“That's the greatest benefit of online accountancy. By using an online accountancy service, contractors can get the insight they need to make informed financial decisions, but without the burden of becoming an expert on tax.”
Online contractor accounting software is becoming the favoured solution amongst contingent workers seeking simplicity and clarity when dealing with their tax affairs. As well as being lightyears ahead of more traditional models, ContractorCalculator CEO Dave Chaplin notes that online accounting also offers the best value for money:
“I’m a passionate believer of online accounting. It isn’t just about online bookkeeping. It’s about automating all the checks and balances and proactively managing the accounts. Spreadsheet based accountants are too expensive, don’t provide the same offering, and can’t compete anymore.
“When I started contracting in 1997, nothing like this existed. A few firms tried, but failed,because the online delivery of software was accountant-led, rather than contractor-led. inniAccounts is one of a number of leading online accountancy service providers that had the right vision and I’m delighted to see them get this award. It’s a great product and well deserved.”
Poyser also attributes inniAccounts’ success to this contractor-led approach, after seeking input from contractors to arrive at a transparent, easy-to-use solution:
“We took personal experience and feedback from contractors to develop a tool that genuinely reflected their needs. Achieving real-time accounting isn’t easy but it’s the bedrock of why we are in business.”