FreeAgent Reviews & Pricing

Key Features

• Estimates: Send estimates and invoices via email and keep a tab on the approval and rejection. Convert accepted estimates into invoices. Manage outstanding amounts with the Invoice Timeline. 
• Expenses: Save photos of the receipt directly from the mobile phone. Keep a tab on the running balance for reimbursement by tracking employee expenses. Track payments using live bank feeds or by importing bank statements.  
• Tracking: Keep a record of when work was completed. Create an invoice for unbilled time and send it to the client. Check where time is spent across the active projects with timesheet reports.Payment tracking can be done by uploading a picture of the receipt through the mobile app. Reminders for making payments are sent automatically by setting up recurring invoices. Track invoices, taxes, estimates, alongside expenses. 
• Dashboard: Monitor profit and loss with cash flow reports and the invoice timeline. 
• Project Management: Create a project by adding billing rates, tasks, default currency, budget, start and end date. Attach charges and billable and non-billable time to projects and invoice the cost to customers. 
• Expense Management: Categorize charges by currency and link them to a particular activity. Track and document expenses once the invoice is settled. Forgo the need to upload bank statements with the feed enabled. Include bank statements in the reporting after uploading. 
• Navigation: Display data and keep track of the business’s financial health. Access invoices, time slips, estimates and projects from the dashboard. 
• Payment: Integrate with PayPal, Stripe and GoCardless to pay bills easily. Make direct payments and add links to the payment system in the invoice templates. Conduct transactions in more than 80 countries around the globe. 

Approach to Common Accounting Challenges

• Time-consuming manual tasks: FreeAgent automates tasks like invoicing, expense tracking, and tax filing, saving you valuable time and effort.
• Data organization and tracking: Get a clear overview of your finances with centralized income, expense, and cash flow tracking, making it easy to stay on top of your financial health.
• Accuracy and compliance concerns: Reduce errors and ensure compliance with automatic bank feeds, VAT returns, and HMRC filing, giving you peace of mind.
• Limited mobility and accessibility: Manage your finances from anywhere with the convenient mobile app, perfect for busy professionals and remote workers.
• Collaboration and communication hurdles: Easily share invoices, track project progress, and collaborate with clients and team members, streamlining workflows and communication.

Cost of Ownership

• Q: What is the base monthly cost of FreeAgent, and what factors influence pricing?
  A: The base monthly cost of FreeAgent starts at £14.50 per month. Factors that can influence pricing include: additional users, payroll functionality, and optional add-ons like SmartScan for unlimited receipt capture.
• Q: Are there any ways to access FreeAgent for free or at a discounted rate?
  A: Yes, there are a few ways to potentially access FreeAgent for free or at a reduced cost:
  • Opening a business bank account with NatWest, Royal Bank of Scotland, or Ulster Bank may grant you free access to FreeAgent.
  • Making at least one transaction per month through a Mettle business bank account can also qualify you for free FreeAgent.
• Q: Can I add or remove users from my FreeAgent account, and how does this affect pricing?
  A: Yes, you can add or remove users as needed. The base price covers a single user, and each additional user costs an extra £4 per month.

Limitations

•  Lack of integration. 
•  Limited reports. 
•  Limited invoice customization. 
•  No cash-based accounting. 

Suite Support

FAQ

• Q: How does FreeAgent handle VAT (Value Added Tax)?
  A: FreeAgent automatically calculates and tracks VAT based on your settings, simplifying compliance. You can set default VAT rates for different items and transactions, and easily generate VAT reports for filing.
• Q: Can I connect my bank accounts to FreeAgent?
  A: Yes, FreeAgent integrates with major banks in the UK and US, allowing for automatic transaction imports and reconciliation. This saves time on manual data entry and reduces errors.
• Q: How do I create and send invoices in FreeAgent?
  A: FreeAgent offers customizable invoice templates with professional layouts. You can easily add items, discounts, and notes, and send invoices electronically with a few clicks. The software also tracks invoice statuses and payments.
• Q: Can I track my business expenses in FreeAgent?
  A: FreeAgent allows you to capture and categorize business expenses through receipts or manual entries. You can attach photos of receipts for reference, and the software automatically calculates tax deductions based on your settings.
• Q: How does FreeAgent help with payroll?
  A: FreeAgent simplifies payroll for small businesses, calculating taxes, deductions, and net pay automatically. You can pay employees directly through the software and generate payslips and reports for compliance.
• Q: Is FreeAgent secure for my financial data?
  A: FreeAgent uses bank-level security with data encryption and two-factor authentication. Your data is stored on secure servers and regularly backed up, ensuring its protection.