5 Must-Have Tools for LTDs and Self-Employed

In 2022, the UK registered 5.5 million limited companies (LTDs) and 4.1 million self-employed individuals, reflecting increases of 2% and 1.5%, respectively, compared to the previous year. Small and medium-sized businesses (SMBs) are rapidly growing, creating new job opportunities locally and for foreign workers.

Date: 03 December 2024
Author: Yuliia Karpuk

Initially, managing a business is relatively straightforward when you’re just starting; all your employees, clients, and suppliers are local. Money transfers are simple via sort codes, and invoices can easily be stored in a folder on your computer.

But what happens when your business grows internationally, bringing in clients from the US and Europe and employing a global team?

Each country has distinct legal and financial regulations and varying currencies, which can complicate management. It may seem challenging, but it’s not as difficult as it sounds. Just take your time, stay calm, and we’ll guide you step by step to start using the right tools to help you manage your business effectively. Here they are:

1. Multi-Currency Online Banking:

Open a business account with an online bank that supports multiple currencies. This will allow you to receive payments from international clients, pay salaries to foreign employees, and settle invoices with overseas contractors.

We recommend Sends, which can open accounts within 48 hours with just proof of residency in Europe and an address. Sends is ideal for SMBs handling transactions in USD, EUR, and GBP, and it is PCI DSS certified to keep your funds secure. It also features a user-friendly app and low transfer fees.

2. Capturing Financial Documents:

Keep all your receipts, invoices, and business-related bills organised in one place. Each time you pay, upload the document with confirmation into this system. When it’s time to prepare tax reports, everything will be systematically organised in one place, making tax preparation much easier. We recommend HubDoc, which is affordable and integrates easily with other systems you may need.

3. Business Expense Tracker:

Connect your local and international business accounts in one system to monitor all incoming and outgoing transactions. We suggest using Xero, which allows you to create invoices, send them to clients, and track payment statuses. HubDoc integrates seamlessly with Xero, automatically linking all invoices and documents.

4. Document Creator:

For businesses of any size, having agreements in place for partnerships is essential. Hiring a lawyer can be expensive, and drafting agreements yourself can be time-consuming. We recommend using services that offer pre-made templates for various types of contracts. LawDepot is one such service that can assist you in creating your contracts, and you can use their trial version for free.

5. Automate Payroll:

Streamline payroll, compliance, HR, and more to save time. Ensure your team is paid on time, offer local benefits, and manage your global workforce from one HR platform. We recommend the Deel platform to cover people’s data, time-off requests, expenses, reporting, and performance tracking.