What is FreeAgent?
FreeAgent, a cloud-based all-in-one accounting system for small businesses, has nearly 100,000 users and provides the most basic accounting features, project management, inventory, time tracking, international invoicing, and more. Perhaps the most appealing feature is that you get access to an unlimited number of users with no restrictions on features for a flat monthly fee. The user interface is simple to navigate, and numerous learning resources are available. FreeAgent is ideal for UK business owners because of its strong VAT support. While FreeAgent has many great features, there have been some issues with the software. There are few invoice customization options, a little chart of accounts, only nine reports, no cash-basis accounting option, no bank reconciliation, and few importing capabilities. The quality of customer service has also deteriorated.
FreeAgent has a lot to offer in terms of features. The dashboard includes charts and graphs that display important business data. Your cash flow, invoices, banking, expenses, and profit and loss can all be easily viewed. FreeAgent has eight invoice templates to choose from. The designs of the templates are all appealing, but the customizations could be better. You can customize the logo and header, but you’ll need to know HTML or CSS to make any other changes, such as changing the invoice’s color scheme. Recurring invoices and invoice reminders can be set up. In addition, FreeAgent makes it simple to write off unpaid invoices. The best feature of FreeAgent’s invoicing is the ability to send invoices in 28 different languages. Estimates are simple to create and ship. Assessments can be converted to invoices in a matter of seconds, and you can sort them by approved, rejected, or transmitted. With FreeAgent, you can manage both contacts and vendors. Basic contact information, default tax settings, sales tax registration, and custom notes are all available to save. You can also choose a default language. Contacts are organized like an address book and are automatically labeled as customers or suppliers when you send them an invoice or create a bill. When you click on a contact, you’ll be able to see their entire history, including how much they owe right now and any invoices, estimates, projects, or bills they’ve had. Account statements can also be easily sent to customers. You can keep track of your expenses by importing bank statements or using live bank feeds. You can also manually enter expenses. Adding costs to projects and billing them to clients is simple with FreeAgent. At this time, there is no bank reconciliation. Note: FreeAgent, like almost all software that uses bank live feeds, works with Yodlee, which may violate some banks’ Terms and Conditions. Consult your bank to see if live bank feeds are a viable option for you. FreeAgent also supports expense claims to assist you with out-of-pocket expenses that need to be reimbursed. Although FreeAgent lacks a full chart of accounts, you can record income and expense categories. You can keep track of fixed assets (or, as FreeAgent refers to them, capital assets). When you enter the asset’s useful life, FreeAgent will calculate the depreciation for you automatically. You can also add bills to projects and create and manage accounts. You can create recurring bills and attach files to them. The inventory feature in FreeAgent is called “Price List & Stock” and can be found in the Settings section. The Price List section is where you keep track of your common items, while the Stock section keeps track of your inventory. FreeAgent will display the number of stock items on hand, but there is no way to add a stock description or purchase price.
FreeAgent was created for small businesses, but it could also be useful for freelancers and contractors. FreeAgent is a scalable option for businesses due to its unlimited users; however, the lack of payroll or a payroll integration may rule FreeAgent out for larger companies. Strong user permissions are available. You can control access by assigning nine different user roles, as well as setting lock periods for your account. The UK version, the US version, and the Universal version, available in all other countries, are the three main versions of FreeAgent. FreeAgent is best for UK users who need VAT support because the UK version is the most developed. The US version of FreeAgent (which we’ll be focusing on in this review) isn’t a bad choice, especially for sole proprietors who require Schedule C tax assistance or businesses that need international invoicing. There are, however, some more advanced US solutions available. To learn more about your options, take a look at our top-rated accounting software. FreeAgent is extremely simple to use. The software has a simple, well-organized, and intuitive user interface that takes little time to learn. Everything is accessible via drop-down tabs from the front page. You can access your settings and company information from the settings tab, including your logo. It’s simple to add new users. You can also set it up automatically to send invoices to your customers via email. The tabs can be customized, and the settings tab also contains useful quick links. In just a few clicks, you’ll have all the necessary information. You can quickly see the reports or data that are most relevant to you, and the graphs and tables are simple to understand. Even though there is much information and options on the homepage, it doesn’t feel overwhelming and is simple to navigate. There is only one pricing plan for FreeAgent. Payments are due every month, but you can save money by paying annually. There is a 30-day free trial available. You do not need to issue your credit card information, and you can cancel your account at any time. FreeAgent frequently offers a discount for the first few months of service, as well as a generous referral program that gives you 10% off for every friend you successfully refer. Referrals have no limit, so you could potentially get your subscription paid in full.View Website
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