Contractor accountancy firm develops breakthrough technology for industry

Contractor accountancy firm develops breakthrough technology for industry

Specialist accountancy firm, Brookson, is set to revolutionise how contractors and freelancers manage their business finances with the introduction of the UK’s first ever accountancy system delivering daily information to self-employed professionals.

The company, which represents more than 9,000 contractors and freelancers working in IT, engineering, healthcare and creative media, has developed a new element to its service, Brookson Connect, which provides customers with up-to-date information on their business.

Brookson Connect is updated daily and gives customers an instant snapshot of their financial situation – including turnover, profit, cash, business and personal tax position – helping them make well-informed decisions on their business finances.  Users are given one number daily, advising them on the amount of money they can safely withdraw from their business after tax liabilities have been taken into account.  

As well as this snapshot users also have the option of receiving further detail on all business information including invoicing and expenses, to ensure they optimise their financial performance.

This surpasses the challenge set by the Business Secretary, Rt Hon Dr Vince Cable MP, who has backed the introduction of monthly management accounts for small businesses.*

The technology has been developed alongside Insight UK, TVision Technology and digital agency, Mando Group and will mean clients can take a more proactive grasp on their finances.

Martin Hesketh, managing director of Brookson, said:

“Brookson Connect is unique and, in my view, a definite game-changer for the contractor and freelance community.  We’re bringing the delivery of key financial information concerning our customers’ businesses up-to-date, ultimately giving them the freedom to earn.  We passionately believe the flexible workforce has a huge part to play in the recovery of the UK’s economy and with our new offering we are providing a platform on which they can start to work more efficiently.

“For the first time, our customers will have a daily overview of their business enabling them to make financially sound decisions quickly and reliably.  Individuals will now always be aware of their financial position, especially when it comes to tax – a visit to an accountant at the end of the year, only to be met by a huge tax bill, will be a thing of the past.”

Customers can use the service to scan in receipts, log and manage their expenses as well as raise invoices instantly.  This can also be done via Smartphone, laptop or tablet to meet the demands of individuals who want instant access to financial information, wherever they are and whenever they need it.

Martin Hesketh explained: “It can be challenging for individuals to get a real picture of their finances and we wanted to remove the headache this poses with the launch of Brookson Connect.  This new element to our service will also be supported by our team of specialists who offer expert advice and support and won’t be at any additional cost to customers.

“We felt strongly the new technology had to understand the challenges facing our customers as well as deliver an excellent customer experience.  Making the service available “on the go” is a response to the needs of contractors, freelancers and self-employed professionals who may be working remotely on a project basis.”

* Last year the Business Secretary, Rt Hon Dr Vince Cable MP, highlighted the need for ‘high standards in accounting’ and monthly managed accounts to help drive economic growth and to improve the delivery of financial information.