The big benefit Bob likes best about Solo Expenses
Creating accurate company accounts can be tough for accountants faced with the challenge of making sense from a collection of scraps of paper gathered over several months. And that might be expensive for you; because who knows what extra tax you might have to pay when something gets overlooked? It doesn’t have to be like that, with the support of good expense management using Solo Expenses, the first expenses management app designed especially for sole traders…
No wonder Bob the plumber and his accountant George are smiling, because Bob has just made life very much easier for both of them by using Solo Expenses to pass on financial details of his business over the last quarter.
(And knowing how easy it was probably accounts for why Bob is looking just a little bit smug, too.)
It’s been a busy quarter, because business is good for Bob right now. A number of old customers have been asking him to do extra work, and a new client has given him a sparkling new contract with lots of extra jobs promised, on a housing development, for at least another year.
Effective expense management on a bigger spend
On the strength of all that, he’s taken on a new experienced plumber and an apprentice to help with the work. That means that Bob’s team is now made up of five people, including him, with a fleet of three company vans between them. He’s the only one allowed to do the buying, and has been on a mind-blowing buying spree for plumbing fittings and new tools – and one of those vans is new, too. It’s all been necessary to keep the team busy.
But although Bob has a lot of work, what he doesn’t have is a lot of time. He’s doing the work on site as well as looking after all the ordering and purchases.
How easy it would be to lose a document, or fail to tell George about something expensive, and therefore important.
Solo Expenses has it covered
But Bob has it covered. He’s a Solo Expenses user, and invests just £2.49 a month in the Business Owner plan. Using his plan he can sort out VAT as he goes, and whenever the time is right, he can send financial reports to George direct from the expense manager app on his smartphone.
Bob has decided the only way he can succeed with this new level of business activity is to be disciplined. Since he’s the only one allowed to buy anything for the business, it’s easier for him to control. (OK; he lets the guys buy fuel for the vans, but he has an account at the garage, which he pays every month).
Every receipt is photographed and recorded in the expense manager app at the point of purchase, and since the app keeps running totals Bob knows to the penny how much he’s spent.
And when he wants to send the information to George, that’s achieved with the power of Solo Expenses unleashed with the flick of a thumb. Even the accounting application to export the numbers to can be chosen, so Solo Expenses has all the expense management bases covered.
That’s what makes Solo Expenses so useful for sole traders, the very people it was designed to support from the very outset – and it was the first to be created that way.
Used carefully, it provides accurate expense management information with the lightest of touches on the controls, and dispatches it to the accountant whenever it’s needed.
The big benefit for Bob
But more importantly for Bob, it’s like having the help of another employee he doesn’t have to pay, because it’s doing the ‘heavy lifting’ of expense management control, so Bob doesn’t have to.
And last month, the time that saved him was enough to install two new bathroom suites on the housing development – work for which his little company was paid, unlike doing the expense management by himself with pen, paper, and a sheaf of receipts, for which he wouldn’t have been.
And anyway, Bob went into business to be a plumber, not to be an accountant. He hates doing the paperwork, so for him, the big benefit of Solo Expenses is that it has taken that chore out of his hands.