£140K Secured for Automated Accounting Platform Tailored to Freelancers
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Funds Secured
Mighty Accounting Ltd has secured £139,990 in grant funding from Innovate UK to develop MIGHTY, an automated accounting tool designed specifically for one-person limited companies, such as freelancers, business consultants, designers and videographers.
Challenge
Freelancers, who often have standardised accounting processes, face the challenge of managing time-consuming and stressful year-end tax filings. Many rely on manual processes or expensive accountants, leading to errors, missed deadlines and fines. While bookkeeping software like QuickBooks and Xero exist, no platform fully automates the accounting process.
Solution
MIGHTY addresses this challenge with a cloud-based system that integrates directly with HMRC, ensuring instant submissions and real-time compliance. The platform will automatically calculate Corporation Tax, prepare Annual Accounts and suggest tax savings. Additionally, MIGHTY will provide a simple user interface designed for ease of use, with features to prevent human errors and ensure accurate filings.
Opportunity
MIGHTY taps into a growing freelance market, which accounts for 74% of registered UK businesses. By providing an affordable solution tailored to their specific needs, MIGHTY can capture a significant share of the market and reduce the reliance on accountants. Additionally, the platform’s automation will help ensure regulatory compliance, which is becoming increasingly important with the expansion of digital tax mandates.
Why They Chose GrantUp
Mighty Accounting selected GrantUp for their exceptional ability to secure funding for forward-thinking projects. GrantUp’s expertise guided Mighty Accounting through the intricate grant application process, leading to successful funding acquisition.
Results
With the support of Innovate UK, Mighty Accounting is on track to launch MIGHTY within 12 months. The platform is expected to reduce the accounting burden for freelancers, saving them between £800 and £1,200 per year while providing real-time financial insights.