It doesn’t matter how big or small your business is, record keeping is essential not only for you but for those nice tax people. Dealing with a couple of clients who you invoice once a month may be manageable on spreadhsheets but if you grow your business to a level much beyond that you’ll benefit from some simple organization.
Flowtorch is a new free finance app designed for freelancers and even people dallying on eBay in a personal capacity. With a no fuss approach to income and expenditure monitoring, whilst it’s not going to provide you with cashflow forecasts and balance sheets, you’ll be able to see at a glance how you’re doing.
Simply sign up and you’re ready to go. The first thing to do is create your categories for income and expenditure, as many as you like. These can be for one off items or recurring ones of a fixed amount. A calendar function lets you set the start date and will then repeat it accordingly.
Adding a transaction is very straightforward as there are only two options, income or expenditure. The app doesn’t provide a function to enter invoices so you’ll have to use a separate procedure to monitor outstanding payments. That said it does have a nice feature allowing you to attach files to each transaction meaning that when a payment comes in you can attach the relevant payment advice and original invoice if you need to.
The overview function is basically a graph that plots income against expenditure. This can be viewed over whichever period you choose and will tell you very quickly if you’re ahead of the game. Statements of monthly activity are also provided and can be downloaded to create an accurate month-on-month record of transactions.
Whilst not a complete accounting package, Flowtorch can provide a good place to record your ins and outs and give you an overview of how you’re doing. With the document attachment function too you can have everything related to a transaction in one place cutting out the need to rummage through filing cabinets.