Brighton entrepreneur launches UK’s first online accounting system dedicated to freelancers
Brighton-based entrepreneur Darren Fell has launched www.Crunch.co.uk; the UK’s first online accounting system aimed solely at freelancers.
Fell, who previously built and sold email marketing firm Pure for $7.8m last year, has been working on his latest project for the past 18 months.
Crunch.co.uk allows freelancers to manage their entire accounts, invoicing and expenses on a secure and user-friendly website, with the benefit of having an accountant at the end of the phone. It’s the first time traditional accountancy has been combined with the experience of a new media team to build one online package dedicated to freelancers, for a fair monthly price.
Customers receive an initial healthcheck with one of Crunch.co.uk’s accountants when they first join, and have a team of accountants available to talk to for ongoing advice. One advantage of using Crunch.co.uk is that it helps to convert Sole Traders, which freelancers are often classed as, to a Limited company set-up - by doing this it looks to save users on average £2,000 to £4,000 each year in taxes. Limited companies can use a tax efficient dividend method while Sole Traders are taxed at full rate on all income.
“Our research has shown that freelancers’ accounts cost well over £1,000 per year, while we will do the same thing and more for £59.50 per month,” said Darren Fell, MD of Crunch.co.uk. “This seamless integration of software and human has not been done before - with ongoing advice and support available as part of the online package, Crunch.co.uk offers the most cost-effective and unique accountancy service for freelancers, contractors and one person businesses.”
Crunch.co.uk will be updated every month, in a rapid expansion of its features. An iPhone application will also be released.
Fell continued: “There are currently 1.4 million self-employed people in the UK* so we have a big target market. We’ll be releasing some very exciting features that will simplify and join accounting processes together – things that should have been connected years ago, and that will make accounting ridiculously easy for freelancers. We’ve been completely supportive of this community since we launched advice and networking website www.FreelanceAdvisor.co.uk in February last year, and the site now attracts 10,000 followers each month. The interest in Crunch.co.uk shows that freelancing is surging – in the current climate more people are being made redundant and deciding that the freelancing lifestyle is for them.”
Crunch.co.uk is a member of the Institute of Chartered Accountants in England and Wales.
*Professional Contractors Group (PCG) research released September 2008
15 Jun 2009