Majority of freelancers still track expenses on spreadsheets

Majority of UK freelancers and contractors still track their business expenses on spreadsheets according to new research.

Despite almost one in three independent workers saying that the complicated tax system is the biggest challenge of self-employment, the majority continue to track their business expenses on time-consuming spreadsheets which require manual input.

The research also showed that only 3 per cent of people use their mobile phone to track their expenses.

Mike Butchart, MD of Qdos Accounting commented: “Freelancers and contractors no longer have to put themselves through the hassle of manually tracking their expenses on spreadsheets before submitting them to their accountant. The tax system is complicated enough as it is, which is why new technology exists to help the self-employed stay on top of things with minimal effort.

“Today, in the tap of a button freelancers are able to track their business expenses and see an overview of their real-time financial information. So it is slightly surprising that the majority choose to use spreadsheets to keep track of their business spend.

“While the deadline for making tax digital isn’t until 2019, the need for independent workers to gradually adopt more efficient ways to keep track of their finances is inevitably growing.”