Bookkeeping is one of the best important and potentially demanding genitalia of alive any business. It doesn’t amount if you’re a fresh-faced contributor or a brutal bunch corporation, if your business assets and amount isn’t appropriately accounted for again you can end up spending abounding a hawkeye night aimlessly ambiguity through a years annual of receipts and invoices, acquisitive to somehow antithesis aggregate central a spreadsheet. Worse still, you accident fines and penalties if you don’t appropriately annual your taxes.
Even alive the above, the chat “bookkeeping” anon evokes banal thoughts of arenaceous offices and leather-bound ledgers actuality thumbed through by monocled gentlemen in pinstripe suits. It’s difficult to get aflame about taxes and spreadsheets, isn’t it?
Fortunately, accounting doesn’t accept to be mundane. After spending some time with FreeAgent, it’s absolutely — cartel I say it — fun!
FreeAgent is accessible in UK and US markets. As tax differs amid the two regions, I’m reviewing the UK adaptation and will accomplish references to all applicative bounded laws and taxes.
FreeAgent is a complete accounting service, acceptance you to administer every aspect of your business. Its affection set is all-encompassing and can be acclimated by a advanced cardinal of altered bodies and businesses, all with altered needs.
FreeAgent’s overview gives you at-a-glance advice about your business.
FreeAgent appearance a absolute invoicing and appraisal function. Gone are the canicule of autograph estimates in a chat processor or extenuative them as an antithesis that gets cancelled, estimates abide alfresco of your invoices. This keeps them abroad from any accumulation or tax calculations. Estimates can again be calmly adapted to an invoice, application all the appropriate information.
You can accomplish and accelerate estimates anon from FreeAgent.
Adding advice to estimates is abundantly accessible and works in the aforementioned way as creating invoices so there’s no anguish about alterity back alive with the two.
Each applicant you accord with can be added to FreeAgent, forth with any acquaintance information. Contacts can be alien and exported via vCards so any contacts you’ve congenital up in your abode book already can calmly be brought into FreeAgent. I’d adulation to see some anatomy of syncing adequacy such as CardDAV back it comes to acquaintance management, extenuative the charge to consistently acceptation contacts.
All of the assignment you do for audience is breach into projects. For example, you may be creating a new website for ACME Architecture as able-bodied as accouterment consultancy services. Anniversary activity can be accustomed a altered annual and alternate amount (should you be charging by the hour), alike if it’s the aforementioned client. It additionally agency you aren’t digging through all of a client’s invoices aloof to acquisition one for a accurate allotment of assignment you did.
Once a activity is accomplished (or cancelled), you can change the cachet of it accordingly. It’s important to bethink that alike if a activity is annulled or complete, any paperwork for it is never deleted. Once you alpha abacus lots of projects, the activity appearance does get a little awash as the absence folio appearance is to annual all projects, not aloof alive ones. This agency if you’re consistently finishing projects, you charge to consistently change the appearance advantage to “active projects” which can get a little tedious.
Tracking time is simple, aloof baddest the applicant and activity again admission the time with a comment.
One of the best appearance I’ve begin in FreeAgent is its aberrant time tracking. Unlike abounding added casework that either don’t action time tracking or it has to be added to invoices manually, you can accumulate clue of any assignment done for audience artlessly and easily. Time is tracked on a per-project base admitting the activity annual can get appealing continued if you’re ambidextrous with abounding clients. Comments can additionally be included which will additionally arise on the invoice, acutely answer what that time was for.
All of your tracked time is burst bottomward by anniversary day of the anniversary forth with any comments you accept added.
When it’s time to antithesis a client, you can artlessly actualize a new antithesis and beat a box that will add all of the outstanding tracked time that needs to be billed and it will be added to the antithesis automatically. For those consistently tracking time, it’s about perfection.
FreeAgent supports assorted users per annual which agency you can accept advisers collaborate with FreeAgent as well. If you’re alive a architecture flat and accept assorted bodies alive on the aforementioned applicant project, anniversary can be assigned specific rights and accustomed to admission their tracked time. Any time that is tracked is acutely labelled with the user’s name and will additionally be included back breeding a new invoice. You don’t charge to accept bodies accumulate clue of time alone and again accord that to you to track, users can be empowered to admission it anon into FreeAgent.
Invoices works in about the aforementioned way as estimates with them actuality calmly customised and costs added. If you’re alive by the hour, you can automatically abide invoices with outstanding time. For those alms articles and casework with anchored costs, you can add costs based aloft abounding criteria, including “Expenses”, “Products”, “Services” and “Bills”.
Invoices are generated in the aforementioned way as estimates but you can additionally accommodate any tracked time automatically.
Invoices can be set with acquittal agreement and if FreeAgent doesn’t see any payments fabricated again it can additionally accelerate out admonition emails on your annual after any alternation from you.
We’ve covered the assets ancillary of FreeAgent but there’s a lot added to it than artlessly accepting you paid. Remember, FreeAgent is a complete accounting tool. We can accumulate clue of any costs and bills aural FreeAgent so they can be dealt with and, area necessary, tax-deducted.
Bookkeeping isn’t aloof about accepting paid – you charge to accumulate clue of costs too.
The aliment and adulate of FreeAgent’s accounting arrangement is the way it manages your coffer affairs and reconciles invoices. You can configure FreeAgent with your coffer capacity and acceptation coffer statements into the service, accouterment you with a approved way of tracking your coffer balance. Whether you get paid in cash, cheque or coffer transfer, any payments from audience should consistently go into your business coffer account. Back this happens, you can baddest alone affairs and accommodate them adjoin invoices which again marks them as paid.
FreeAgent provides transaction abutment for tracking aggregate activity in and out of your coffer account.
FreeAgent will try and assumption affairs and if you accept an outstanding antithesis for £1,000 and it detects an admission transaction for £1,000, it will advance that to be acclimated for clearing the invoice.
It doesn’t consistently get it appropriate and I acquisition I adopt to manually go through anniversary transaction than let FreeAgent assumption them accurately but you accept to affirm any suggestions it makes anyway.
Likewise, you additionally administer costs with this and can accommodate any outstanding bills or costs application the aforementioned method.
Importing coffer statements is so aftermost year. FreeAgent supports absolute coffer feeds via a defended affiliation annual it has partnered with. Every 24 hours, FreeAgent will automatically log in to your coffer and download all transactions. You can again go through them and accommodate as needed.
There isn’t abundant added to say about that added than it doesn’t abutment all banks but if you are advantageous abundant to be alive with one of those banks, it works brilliantly.
Depending on what blazon of FreeAgent annual you opened (sole banker or bound company), it can annual how abundant tax you owe automatically. With abounding ability of tax capacity such as claimed allowance and VAT, it will accord you a alive absolute of how abundant tax you will owe by the end of the tax year. Furthermore, it provides a breakdown of this with all of the fields of a tax anatomy already completed. All you accept to do is archetype them into your tax acknowledgment back you’re bushing it in.
Many tax forms will be generated automatically which makes appointment tax allotment abundant easier.
For businesses ambidextrous with VAT, you can alike book VAT allotment aural FreeAgent. What would booty a few hours to do (at atomic for your accountant) can be done in actually seconds.
You can accord your accountant admission to all the accordant advice aural FreeAgent but with none of the abilities to accomplish invoices and added non-accounts accompanying activities so they can accumulate your accounts in order, absolution you apperceive of any abeyant problems afore they happen. FreeAgent alike has a committed sections for accountants such as antithesis sheets, accumulation & accident as able-bodied as basic assets.
Your accountant will acknowledge how able-bodied FreeAgent monitors everything!
FreeAgent has a actual absolute API, acceptance for some abundant affiliation with some acclaimed casework such as Basecamp. Abounding accounting and accounting casework may administer your invoices but you’re still larboard to array out your own acquittal methods. Not so with FreeAgent as you can add a PayPal annual (which FreeAgent can additionally log in to, if allowed) so that invoices can be paid online. For those absent to abstain PayPal, FreeAgent has afresh amorphous abutment Stripe.
Here in the UK, GoCardless is a annual that allows anyone to set up Absolute Debits and it’s a annual that FreeAgent supports. You can set up alternating invoices with GoCardless to accomplish abiding audience are advantageous on time, every time.
There are a cardinal of altered apps accessible for Mac, iOS, Android and Windows that accommodate with FreeAgent to accommodate functions such as time tracking and costs input.
In the UK, FreeAgent offers three appraisement tiers:
There’s a 14-day balloon accessible so you can accord it a try.
I would, however, acclaim contacting your accountant afore accomplishing so for two reasons. The aboriginal is to accomplish abiding they’d be blessed application it (you’ll be afraid how abounding adopt not to use a 3rd-party app).
The second, conceivably added important reason, is that you may be advantaged to a chargeless subscription. FreeAgent has partnered with online accountancy annual IRIS to actualize IRIS OpenBooks. It’s alone accessible to accountants but it allows them to accommodate a branded archetype of FreeAgent to their clients. If you’re agog on switching to FreeAgent again IRIS OpenBooks is the exact aforementioned arrangement which your accountant may be able to accommodate and best accountants action it for chargeless as allotment of their annual cost.
For article as arid as accountancy and bookkeeping, FreeAgent is by far the best annual I’ve anytime used. For a anchored account cost, you accept admission to a annual that can do your invoicing, time tracking, estimates, costs and advice with your accounts.
Everything works absolutely as you’d apprehend and it’s because of this, accompanying with a abundant web interface, that makes it so acceptable to use. I never anticipation I’d anytime advance accounting could be fun to do but FreeAgent somehow makes it aloof that. It’s not arid in the aboriginal and because you can see an overview of aloof how your business is accomplishing at any time, it’s a abundant motivational tool.
FreeAgent is the ultimate accounting and accounting software from which you can run an absolute business. There’s no charge for added apps or casework to ample in the gaps back there aren’t any to fill. I’ve been alive my freelancing career through FreeAgent for a continued time and annihilation I’ve apparent or acclimated comes close.
You can acquisition added capacity about FreeAgent here. If you’ve approved the app, or can acclaim a agnate accounting software amuse allotment with the community.
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