FreeAgent Central
FreeAgent Central is an online accounting package with a particular focus on servicing freelancers. The FreeAgent Central website has recently had a design makeover and, in our view, is looking much improved.
The design overhaul prompted me to have a nose around their online accounting offering. I like the fact that FreeAgent Central allows anyone to log in and preview the system, it is a capability we offer too: Try the Clear Books demo. I would encourage all online systems, accounting or otherwise, to let potential users easily trial their demos. 
Corporate Venturing Scheme
The Corporate Venturing Scheme (CVS) is a tax relief scheme for companies investing a minority stake in other companies. It is similar to the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme for private individuals.
This is a simple overview of the main rules of the Corporate Venturing Scheme. Consult HMRC or your accountant for more details.
Accounting for CIS Construction Industry Scheme
Clear Books supports accounting for the Construction Industry Scheme (CIS).
From the HMRC website the Constuction Industry Scheme is introduced as follows:
The Construction Industry Scheme (CIS) sets out the rules for how payments to subcontractors for construction work must be handled by contractors in the construction industry.
Clear Books switches to Fubra Passport log-in system
Clear Book is introducing the Fubra Passport log-in system for secure access to Clear Books. All new sign ups will need a Fubra Passport to open a Clear Books account. Existing users will still be able to log in with our old system, and will be migrated over to the Fubra Passport in the coming weeks.
The Fubra Passport is a central log-in system managed by Fubra (who co-own Clear Books). There are a number of reasons why we are switching to the Fubra Passport.
Accrual Dates and Flat Rate VAT Scheme
Here is a list of new features and updates released today.
Accounting
- Accrual Dates: In Organisation Settings accrual dates can be switched on for advanced users. This reveals an additional field on invoice forms which allows invoices to be accrued in different accounting periods to the invoice date.
- Flat Vat Rate Scheme: Changes in rates for the flat rate vat scheme are now supported. In Organisation Settings it is possible to set dates and applicable vat rates. These are then applied to sales invoices when running the VAT report to determine the total VAT owed to HMRC.
- Account Codes Standard account codes have been added to the preset defaults including Inventory and Long-term debt. Account codes can now be fully managed to set the associated vat rate and whether to display the code on drop down lists for sale items or purchase items. Defaults are set so you do not have to worry about this.
- Construction Industry Scheme The process for allocating cash to underlying transaction accounts has been improved.
Importing MBNA Business Card Transactions
Card Review
We’ve tested out importing transactions from a few different business credit cards here at Clear Books, and our current favourite has to be the MBNA business card.
Not only does this card come with really easy to use online banking and a decent export facility, it also pays 0.5% cash back. However, if you want to get the cashback there is a £29 annual fee per card, so it’s only worth doing if you spend more than an average of £5800 a year per card holder. If this isn’t the case then you can just go for the free card that doesn’t pay cashback.
For
- You can download each card statement as a separate file, which prevents duplicates. Some other banks force you to specify a date range each time you want to export data.
- It pays 0.5% cash back.
- The online banking is very easy to use.
Against
- Statement downloads aren’t instant. You have to wait a few minutes for the files to generate.
Importing Transactions
So how does the import process work?
Well firstly, visit their secure online banking site and enter your details. If you haven’t already got an online account up you will need to follow the sign up links.
KashFlow
KashFlow is a UK based online accounting software company operating in the same space as Clear Books.
KashFlow is an established outfit boasting 2,400 paying customers and 9 employees built up over four years. In comparison Clear Books is the new kid on the block. Currently in beta and set up just over half a year ago, Clear Books currently has no paying customers. Compared to the claimed 40-odd daily sign-ups KashFlow gets to its free trial, Clear Books has just a handful (but growing all the time).
Priced at £192 KashFlow is a one subscription level solution. Clear Books has an advantage here in that smaller businesses that cannot afford such an outlay can use Clear Books completetly free to begin with and then upgrade to our mid bracket subscription level, ‘Clear Books Growth’, which will be priced at around the £100 mark.
What the Clear Books accounting solution is all about
Today I was asked in an email what Clear Books is all about. Here is my answer:
What is Clear Books?
Clear Books is an online accounting system for small businesses.
Goals of the accounts system
- Clear and Simple: We are developing a system that will not overpower small businesses with accounting jargon. We want to keep things simple and guide the user through the often baffling experience of maintaining accounts and keeping on top of the bookkeeping.
- Easy and Time-saving: We are developing a system that utilises the functionality of the web to make processes easy and quick. We aim to save our users time so that they can get on with running their business.
Quickbooks SimpleStart Free
I recently installed QuickBooks SimpleStart Free to have a look at what our more established accounting software competiton offer. The benefit of Clear Books as an accounting package with an online platform was apparent from the start.
Cloud versus Desktop Software
First I had to download a small file from the QuickBooks Intuit website that when executed started downloading a much larger file (300MB large). Several cups of tea later the file was downloaded and I could install the software. During the installation I was asked to make a further download and install critical updates. Eventually I was able to begin using QuickBooks SimpleStart.