Helping contractors struggling with tax affairs
Published 03/07/2014 | 02:30
MORE and more of us work under a contracting model, but the reams of paperwork and complicated tax requirements this involves are no easy task. After working with contractors for over a decade as an accountant, Jeanne Murphy launched a spin-off company to provide dedicated account management software for this body of workers.
"I worked with contractors for ten years at Contracting Plus, the accounting firm I co-own. One thing that was always clear was that one-person limited companies are really challenged by managing their accounts and tax affairs. Losing expense receipts, misplacing documents and missing Revenue deadlines were all problem areas. We developed a software system to address this, Contracting 365, and I launched it last year.
The software is for seasoned contractors who want more control of their finances.
As work habits have become more flexible in recent years, more and more people have turned to contracting - our clients include celebrities, sport stars, life coaches and journalists alongside traditional pharmaceutical and engineering contractors. At the moment we have about 170 clients signed up.
The product essentially provides a mobile office. Expenses can be uploaded as soon as they are incurred, images of receipts can be uploaded to the system and our team of accountants and tax advisors are available at all times and ensure all Revenue requirements are met. There are two tiers available, one requiring more client input than the other, starting at €150 plus VAT a month
The biggest challenge has been building awareness of the service, bringing it to contractor's attention. One-man-bands can be difficult to reach.
We are targeting agencies, blogging and working with a PR company to build up our brand.
We haven't broken even yet but expect to do so later this year.