FreeAgent

Category Accounting
Reviewed by Rashi
Updated Nov 25th, ’21

Tekpon Score

9.0

Users Score

7.5

FreeAgent Review

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We truly believe that the accounting department is essential for every organization to run successfully. We need these people and various software related to them to run daily errands for us. So, today we will be reviewing one such software focused on all the challenges of business accounting.

After all, who likes keeping track of invoices, ensuring that all of these are paid promptly? This is some work that requires full control and attention, and if not done properly, it can make the organizations pay and may even lead to its downfall. Scary, isn’t it? Do not worry. We are here to rescue. Let us dive into the detailed review of FreeAgent.

UI/UX

9.0

Ease of use

9.0

Value for Money

9.0

Features

8.8

Customer Support

9.3
Pricing Details

Starting from: $12/month

Yes, has free trial

Yes, has free version

PROs
  • Free trial available
  • Easy to set up
  • Comprehensive Tools
  • Unlimited Number of Clients
CONs
  • Expensive Software
  • Limited Flexibility
Best for
  • Freelancers
  • Small business
Deployment
  • Cloud, SaaS, Web-Based
  • Desktop - Mac
  • Desktop - Windows
  • Mobile - Android
  • Mobile - iPhone
  • Mobile - iPad

FreeAgent Accounting Software 

FreeAgent is one of the popular accounting software available in the market designed for freelancers and small business owners. It is a cloud-based software and can be accessed from anywhere at any point in a given time. This software handles all the accounting needs one could think of, like invoicing, contacts, managing expenses, estimating, dividends, and regular billings. These features work efficiently and intuitively, thus proving FreeAgent a really helpful software in day-to-day business.

FreeAgent is UK-based software that started over a decade ago in 2007 with the idea to eliminate the “mess and stress of bookkeeping” and to get rid of all the paperwork related to receipts and spreadsheets. And since then, FreeAgent business has quadrupled; today, they have grown a team of 170 employees and helping over 70,000 small businesses and enterprises worldwide.

FreeAgent dashboard review by Tekpon

What is FreeAgent? 

FreeAgent is a software that aims at automating accounting tasks like invoices, expense tracking, project management, and automatic bank feeds. It is a web-based system that requires no downloads or installations. This software allows accountants to set up recurring invoices automatically sent to clients as a reminder for their payments.

It helps accountants manage day-to-day tasks, from managing expenses and running fully RTI-compliant payroll to creating and sending professional-looking estimates and invoices. It also allows businesses to keep track of their cash flow and profitability, showing who owes them money – and how much! That is awesome and time-saving. FreeAgent has various features which lead to a lot of time-saving for accountants:

  • Billable time and expenses: The software has a timer, letting users track their time on a client project and creating accurate timeslips that they can then add to invoices with just a few clicks. It also tracks expenses, which users can invoice as well.
  • Bank feed: Users can connect their bank, credit card, and PayPal accounts to the software, and once that is done then the transactions are automatically downloaded each day, saving the time of manually importing them.
  • FreeAgent’seconciliation: FreeAgent’s smart reconciliation tool, Guess, predicts which bank transactions match those created using the software.
  • Mobile app: Available for iOS and Android phones, FreeAgent Mobile lets users stay on top of their accounts when they are on the go. Users can see an overview of accounts, create and send invoices, snap photos of receipts, create expenses, claim mileage, view contacts, and track billable time.

FreeAgent dashboard for small business

How does FreeAgent work? 

Getting started with this online accounting software is very easy and can be done in a few steps:

  1. First, sign Up for the account.
  2. Next, fill in your business details. Click Save and Continue.
  3. Choose which format you’d like to use to enter dates into FreeAgent when you date your transactions from the drop-down list.
  4. Click Save and Continue, and you’re ready to go. 

FreeAgent Features

FreeAgent offers a commendable set of features to its clients. These features are listed down below:

  • Ease of use
  • Dashboarding and Reporting
  • Invoicing
  • Estimates and Tracking
  • Contact Management
  • Expense Claims
  • Fixed Assets Management
  • Maintaining Inventory
  • Project Management
  • Time Tracking and Entries
  • Pre-designed Email Templates
  • Importing and Exporting

Now let us have a look into some of these features in detail.

Expense Tracking and Claims

FreeAgent supports expense claims that help businesses to handle any out-of-pocket expenses that need to be reimbursed. Furthermore, one can also track expenses by importing bank statements. Users also have the liberty to add manual expenses. Finally, FreeAgent makes it easy to attach expenses to projects and bill them to clients.

Contact Management

FreeAgent allows users to manage both contacts and vendors. One can save basic contact information, default tax settings, sales tax registration, and custom notes. Contacts are arranged to look like an address book and are automatically marked as customers when users send them an invoice or a supplier when they create a bill. When clicked on a contact, users will be able to view their full history, including how much they currently owe and any invoices, estimates, projects, or bills associated with them. One can easily send account statements to customers as well.

Project Management

FreeAgent also supports project management and basic job costing. When creating a project, users can add tasks, billing rates, and budget notes. They can also attach expenses and billable (and unbillable) time to projects and easily invoice these costs to customers. FreeAgent will also show the overall project profitability.

Dashboards and Invoice Management

The dashboard charts and graphs are very helpful in showing relevant business activity. Customers can monitor the cash flow, invoice, banking, and expenses. Furthermore, the software also offers eight invoice templates that are pre-designed and are appealing to the eye. It also allows the addition of a custom logo and header. FreeAgent makes it easy to write off unpaid invoices as well. The best part about FreeAgent’s invoicing, by far, is that it can send invoices in 28 different languages.

Lastly, FreeAgent offers exemplary support to its customers. The good news is that FreeAgent has a good help center and several other support resources. Here’s how to get in touch with FreeAgent support:

  • Email: The primary way to reach FreeAgent support is through email.
  • Knowledgebase: FreeAgent has an extensive knowledge base with tons of how-to articles that are thorough and easy to understand. One can also find getting started guides, FAQs, and webinars.
  • In-Software Help: You can access the knowledgebase, the getting started guides, and support directly from within the software.
  • Small Business Guides: FreeAgent offers small business guides in over 14 different categories, including bookkeeping, invoicing, expenses, payroll, small business, and more. These guides are insightful and cover various concepts.
  • Social Media
  • Blogs and Community Forums

FreeAgent Pricing

FreeAgent offers separate pricing plans for UK and US customers. For US customers, the plan starts at $12/month for six months and then costs $24/month and includes these features:

  • Time tracking
  • Nine reports
  • Multi-currency support
  • Sales tax
  • VAT tax support
  • Mileage deductions
  • Unlimited users
  • Invoices and estimates
  • Contact management
  • Expense tracking
  • Expense claims
  • Accounts payable
  • Project management

For UK customers, FreeAgent offers different packages; they are mentioned as follows:

For a Limited Company, £14.50 + VAT per month for the first six months. After that, the price changes to £29 per month + VAT. For Partnership or LLP, users will have to pay £12 per month + VAT for the first 6 months and £24 per month + VAT after that. Sole Traders are charged £9.50 + VAT per month for the first 6 months and £19 + VAT per month after that.

Is FreeAgent free for accountants? 

FreeAgent software offers a 30-day trial period to its users. They have ample time to get familiar with the software before signing up and moving to the paid version. In addition, there is no contract, so if users feel this is not the right choice at any point of a given time, they can choose to close their account. There’s no setup fee either, so the only thing users pay for is the monthly subscription.

FreeAgent Integrations 

FreeAgent offers 30 plus integrations with all the popular third-party applications. Additionally, it also provides API support for developers. The integrations offered are:

  • Google Drive
  • PayPal
  • Google Workspace
  • Basecamp
  • Stripe
  • Zapier
  • Float
  • ActiveCampaign
  • Commusoft
  • Insightly
  • Rydoo

And many more which can help with the tasks to ease out an accountant’s life.

FreeAgent Alternatives

The top alternatives To FreeAgent that are available in the market are:

  • Xero
  • Zoho Books
  • Quickbooks Online
  • SlickPie
  • Yendo
  • NetSuite
  • Jira
  • FreshBooks

Zoho Books and Quickbooks Online stand out as their top competitors based on similarity, popularity, and user reviews.

Is FreeAgent better than Xero? 

Xero is an online accounting software suite that utilizes a modern cloud network to fully accommodate the complete range of accounting needs. The software allows its users to coordinate and manage all financial processes within an easy-to-use platform, accessible from all internet-enabled devices. This software is ideal for small business owners managing their accounts independently, as well as in collaboration with their accountants from dispersed locations.

It starts at $20 per month and has the following features:

  • Billing
  • InvoicingMulti-Currencyy Support
  • Dashboards
  • Payroll Management

Xero is a tool that mostly deals with bank transactions. So if you are looking for a multi-tasking tool for all your accounting needs, FreeAgent has to be the choice.

FreeAgent Review Conclusions 

We believe FreeAgent makes a lot of things right for accountants. It is a very easy-to-use software that is available at affordable pricing with no limits on features or the number of users. The account setting procedure is fairly easy to follow. It aims at minimizing all the labor-intensive parts of running any business which we believe invoicing. In the UK, FreeAgent is rated as one of the top accounting software, and for all the good reasons. For other businesses, the pros should surely outweigh the cons. So we will let you judge it yourself, be sure to avail the trial today!