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Accountancy, Business Services

Crunch Debuts Free Online Accounting Software Amidst Self-Employed COVID-19 Struggles

A fifth of the UK’s self-employed workers considered quitting altogether in August (according to an LSE study), highlighting the importance of thinking outside the box for B2B FinTech companies looking to help their clients remain in healthy financial shape during the pandemic.

In this continuing period of uncertainty, we’re unveiling a new free-to-use version of our entry-level accounting software to relieve stress for the five million-strong freelancers, contractors, and small business owners across the UK. Crunch Free is available for both sole traders and limited companies.

Despite a significant backlash to the lack of government support during the pandemic for the newly self-employed and limited company directors, incorporations during the third quarter of 2020 increased by a staggering 30% compared with the same quarter of 2019 - the largest quarter 3 year-on-year increase since 2012 according to Companies House. 

With statistics from YouGov showing that one in twenty Britons have lost a job as a result of COVID-19 - and one in three Britons feeling fearful for their future - many thousands of workers across the UK are taking a leap into self-employment.

Darren Fell, Crunch founder and CEO, said:

The COVID-19 pandemic has hit many freelancers and small businesses hard, and the support offered by the government, whilst welcome for those it supports, has left at least three million people unable to access government grants for their businesses. The world of work is changing for us all, and as more people start to be their own boss, we want to ensure that the new generation of self-employed workers are empowered to succeed at what they’re passionate about and love what they do.

This week marks the official launch of the full version of Crunch Free after a limited company-only pilot was rolled out over the summer. Use of Crunch Free now extends to users working as sole traders, who can now create, manage, and update invoices and expenses, anytime, anywhere. 

The updated platform now includes features like Open Banking feeds to automatically import business transactions, receipt scanning to automatically upload up expenses, and intelligent bank reconciliation to ensure records are accurate and ready to be used in producing statutory filings. 

Optional paid for bolt-on services such as ‘Ask an Accountant’ for affordable access to Crunch’s experts are also available to give advice and support those looking to keep on top of their business finances and how to be more tax-efficient.