Fairo, the app that helps freelancers simplify administrative tasks and manage their business finances, now enables them to keep records of their business finances directly from their phone with the launch of its newest feature called Smart Bookkeeping.
Freelancers in Romania, operating as PFA, PFI and SRLs, can now enjoy an overview of all their business transactions in one place, track and sort them according to their tax relevance and understand their business finances at a glance.
How it works? Fairo customers decide which of their bank accounts connected to the app they wish to consider in Smart Bookkeeping. The transactions of the selected bank accounts are displayed in a list of transactions, and the Fairo customer can label them according to their tax relevance by simply swiping. For example, incoming transactions may be labelled as taxable or non-taxable income, while outgoing transactions may be labelled with different deductibility percentages (100%, 50%, or 0% deductible). Once a transaction is labelled, it is automatically accounted for in the Smart Bookkeeping section, which provides a basic overview over taxable income and deductible expenses including monthly statistics.
“We know how time-consuming and complicated it can be for freelancers to keep track of their business transactions in real time. However, it is necessary, not only to keep the business administration organised but to understand the financial state of the business. That is why with our new feature Smart Bookkeeping we want to give freelancers a helping hand with tracking, sorting and keeping the overview over their business finances. Much more, until the end of this year we plan to enrich this new feature with many more functionalities, from generating reports, such as the Register-Journal of Receipts and Payments, the Inventory Register and Fiscal Record, as well as giving predictions on the amount of taxes to be paid”, says Igor Prerovsky, CEO of Creative Dock Austria.
Smart Bookkeeping is part of Fairo’s premium plan Fairo RUN (4,99 lei per month or 49,99 lei per year Early Bird Offer), but also on the free plan Fairo GO it can be currently tested 7 days for free.
Fairo launched on the Romanian market in August 2021 and currently has over 5,800 registered customers. With Fairo, freelancers enjoy creating invoices in 60 seconds, on the go, in multiple currencies and languages. The FairoSync invoice-payment pairing technology ensures that Fairo customers are always up-to-date with which of their client invoices have been paid, are overdue, or are outstanding. Exclusively for PFAs and PFIs, Fairo recently launched a tax calculator, which helps them find out with just a few clicks the amount of taxes they need to pay, including income tax, as well as social (CAS) and health insurance contributions (CASS). In 2022, the Fairo team plans to launch more functionalities supporting freelancers to prepare for the next tax season.