Managing your finances involves tracking your money. Track your money, and you never have to wonder where it goes. However, this often poses a challenge for freelancers and small business owners.
Bigger companies use big accounting staff and software to ensure money goes where it’s needed. And not where it pleases. Smaller entities without this access often find this hard to replicate.
In this FreeAgent review, we are going to find out if the software is as smooth and as easy as it claims.
What is FreeAgent
It is accounting software designed to make billing and invoicing easy for anybody. “Accounting for Dummies,” is one way to describe the software developers promise as they claim to have simplified and smoother processes.
A team of Scottish entrepreneurs created the FreeAgent Software in 2007. FreeAgent by 2013 was one of the fastest growing technology firms in Scotland. The Royal Bank of Scotland acquired the company in 2018 for 53 million pounds.
Freeagent is however still run the same way as they maintain the same staff and standards of operation.
Freeagent comes in both website and application format. It works as a tracking device for your accounting. It also claims to bring together essential aspects of your business in one location.
The software allows you to set up billing, invoices, track expenses, and control money flow. It also links to your bank acting as the perfect liaison between your bank and you.
Who Is It For
FreeAgent software was created primarily for the layman. The developers aim to create a safe space for anybody who needs to organize their accounts. So its format makes it easy for anybody with basic literacy to keep clean books.
The software was created with the freelancer and the small business owner in mind, as these are people who typically cannot afford to hire professional accountants.
These features enable whoever bears the title of the accountant to do their job as best as they can.
How Does It Work
Freeagent while primarily marketed as an accounting app has many functions that make it interesting.
Using Freeagent allows you set up a collection for invoices at preferred time intervals. The software can be used to collect a steady check or to send a nifty reminder to a client. Having preset invoices means you can forget about setting calendar reminders. You also no longer have to worry about drafting certain types of emails.
With FreeAgent, you never have to worry about hidden expenses with its snap a receipt option. By just snapping the receipt and uploading to the software, you can keep track of all fees. You can then customize your costs and relegate them to the appropriate tabs. The snapping feature makes the software perfect for tax and audit season.
Running a project from requires strong management skills. To stop plans from going over budget FreeAgent helps you track all expenses concerning a project. Placing the project in one location enables managers to see in real-time how efficient their systems are.
By monitoring the system managers can expand and gain more control over all processes.
Users can also link bank feeds straight into FreeAgent accounts. Connecting your bank feed to your account gives a clear picture of how money flows in the system. Linking the bank feed helps appropriate staff to control and correct all expenses.
The good people at FreeAgent offer a thirty day free trial of their product – no credit card required. The trial helps you understand the product and its system before committing.
You can see in real-time how the software works by following the video below.
1. Created For Small Businesses
The chief aim of Freeagent is to make accounting easy for everybody. It seeks to open up the field, making it easy for anyone interested in grasping bookkeeping.
It eliminates problems caused by ignorance as everything is in a simple format. Business owners and freelancers can use the platform to keep a perfect record of all transactions. This feature not only helps with money control but also with taxes.
2. Ease of Use
Since one of the values of the FreeAgent team is availability, it’s only logical that the software is easy to use. Navigating around the software doesn’t require hours of tutorials and can be learned in a short time.
Account setup is pretty easy, from sign up page to home page. Also, most things concerning a specific account can be found quickly on the dashboard.
Freeagent has an inbuilt stopwatch used to manage time sheets and adequately record working hours. This way project managers can have a good record of how cash flows in and out of an office during a project
4. Automatic Invoices
FreeAgent has a well-developed invoice section with exciting features. Freeagent invoices are customizable with up to eight differential templates up for grabs. You can add and delete things like color schemes, logos, and header as it suits you.
Sending invoices has also been optimized to create a well-ordered system. Recurring invoices can be queued up and submitted at specific times.
5. Simplified Taxes
A nifty little feature of the FreeAgent software is the arrangement of all categories according to IRS standards. The method simplifies the taxing process bringing it down to a base level. So this means anybody can file for their taxes and tax returns. Negating the need to hire professionals to help with it.
6. Project Management
The software also allows managers to stay well within their project budgets. It can track invoices, payments, receipts and make out payments to clients. With this feature, project managers can have a proper sense of how the cash flows throughout any project.
The system also allows you to connect your bank feed directly to your account. Helping the manager monitor all transactions and places them in the right categories.
Bank statements can also be sent directly to the website and categorized accordingly.
7. Optimized Payments
Making out payments to the right authorities is easier with this software. You can set up future payments, automatic withdrawals amongst others. However, best of all the software also links to internationally accredited payment options like PayPal.
Optimised payment options make the software fantastic for online retailers who make up a significant portion of small businesses and freelancers.
8. Smooth Dashboard
Another factor that increases ease of use is the “bare bones” dashboard. Navigating around the software is designed to be simple and easy for everybody. There is no need for hours of specific tutorials to understand the software. So you should be able to understand it in its entirety after the first few uses.
Some functions require professional knowledge to navigate, but those are few. Most of the features are easy to understand and also to explore.
You can view live expenses, bills, profit and loss reports on the dashboard. View logs based on either three months, six months or 12 months and also view your tax timelines.
1. No Inventory Tab
Adding inventory to invoices can be a bit rigorous due to lack of an inventory tab on the home screen. Users have to go to the settings tab to select the price list and stock option.
2. No Stock Update
The software doesn’t give alerts for a stock decrease. Users have to check the price list and stick manually to determine available stock.
Building the software this way makes it a bit challenging for users who need to have a firm idea of how much product is available t any given time.
3. No 24-Hour Customer Care
The company is based in the UK operating a five days, 9 to 5 working schedule GMT. The lack of constant customer care makes it difficult for US-based customers to reach out on the phone to customer care. Phone tariffs are also not free and cost a considerable amount.
They do have a variety of customer care options including email, phone.
4. Relatively Expensive
Compared to other software programs in the same niche, FreeAgent costs more. However regarding functionality other software do not offer more or less to users.
The FreeAgent software has many features that are optimized to make accounting easy for all.
Its rich features make it an accounting safe place for novices and experts alike.
Its features include:
The software creates professional invoices for its users and sends them to respective clients. Users can then send reoccurring invoices at specific times and estimates can be converted and sent.
With the software, you can keep track of all monetary transactions going on. The software can snap your receipts and categorize it effectively. Tracking expenses help the business have a good idea of how cash flows within their ecosystem.
Its inbuilt stopwatch keeps a good time record of all activities. It acts as a reliable time sheet, monitoring the time money leaves the office coffers. An inbuilt timekeeper helps managers regulate spending practices and creates a professional attitude towards company money.
Connect Bank Feed
By connecting your bank feed to your accounting, all transactions can are correctly recorded and viewed. This way you can stay on top of all deals no matter how minute.
Customise your invoice with any of the eight available templates. You can rearrange it to suit the look and feel of your business, change color, add your logo amongst others.
Payment App Integrations
Users can add payment methods into the software to facilitate secure payment. Options include PayPal, Stripe, GoCardless.
The developers have also created an android and IOS app so you can invoice on the go. The mobile app has most of the same functions as the web software. The mobile app increases accessibility and ease of use for users.
The software also gives quick access to useful financial reports. You can get profit and loss statements, receivables report, general ledger, balance sheet, sales tax reports.
You can also configure your sales tax within the software.
The app supports multiple currencies.
Freeagent started out as a UK business, but it has since added support for US-based customers.
Current pricing stands at 10 US dollars per month for the first six months, then 20 US dollars upon continuation.
FreeAgent offers a thirty day trial period to help you get a good feel for the product and see if it’s worth it.
The prices are universal, and you get all features upon payment of your monthly fee.
There are no contract or setup fees, and you still own your data even upon subscription cancellation.
The FreeAgent software is a cloud-based program.
It is compatible with the following platforms:
Integrations and Add-Ons
For better service you can integrate the following functions into your FreeAgent account:
- Receipt bank
Invoicing and Quotes
- Debt case
- Capsule CRM
Reporting and Analytics
- Fractal labs
- Time tracking widget
- Check Business
- Expiration Reminder
- Barclay’s Data Service
- Small and medium business owners
The FreeAgent team offers various forms of support to users. These include:
- Phone lines
- How to Videos on YouTube
- Live webinars
The FreeAgent software is good enough for novices and experts. It performs its duties well enough and does all it claims to do. Users find it easy to understand as it has a dashboard that’s easy on the eyes.
Functionality is a crucial focus for the FreeAgent team, and it shows in their layout.
The software does the job of invoicing and estimating well. Its template, reminders, timers all serve to make the entire process easy for business owners and their clients.
It’s also a useful tool for doing taxes. Its categories are the same as the IRS, and there are options for creating a Schedule C report. With its possibilities for receipt keeping, bank feed connections, all expenses can be monitored and recorded.
It also has the VAT option for UK customers.
It can integrate different currencies which is a plus for the software. Incorporating the different currencies is useful for users who have clients from around the world. It also connects to online payment services making it easy for users to record all payments received.
FreeAgent is a good enough software and is great for the small business owners.