An overview of the key features
Accounting and Bookkeeping: FreeAgent provides essential accounting functionalities, including invoicing, expense tracking, and bank reconciliation. Users can create and send professional-looking invoices, record and categorize expenses, and reconcile bank transactions effortlessly.
Tax Management: The software helps users stay on top of their tax obligations. It supports various tax systems, such as UK self-assessment, and provides tools to estimate and plan for tax liabilities. FreeAgent also generates tax-related reports and integrates with HMRC for easy submission of tax returns.
Financial Reporting: FreeAgent offers a range of financial reports to provide insights into business performance. Users can access profit and loss statements, balance sheets, cash flow statements, and other reports to monitor their financial health and make informed decisions.
Time Tracking and Project Management: For users who bill clients based on time worked, FreeAgent offers time tracking features. It enables users to record time spent on projects, associate it with specific clients or tasks, and generate accurate invoices.
Expense Management: FreeAgent simplifies expense management by allowing users to capture receipts using a smartphone camera. It also integrates with bank accounts and credit cards, automatically categorizing expenses and ensuring accurate records.
Banking Integration: The software integrates with various banks, enabling users to import bank transactions and reconcile them with ease. This integration reduces manual data entry and ensures accurate financial records.
VAT Handling: FreeAgent supports Value Added Tax (VAT) management, allowing users to track and submit VAT returns. It provides automated VAT calculations, supports different VAT schemes, and generates VAT reports to streamline compliance.
Collaboration and Accountant Access: FreeAgent allows collaboration between business owners and their accountants. Users can grant their accountants secure access to their financial data, simplifying the process of sharing information and seeking professional advice.
Integration Ecosystem: FreeAgent offers integrations with popular business tools such as payment processors, CRM systems, project management platforms, and more. This helps streamline workflows and enhances overall efficiency.
Mobile App: FreeAgent provides a mobile app for iOS and Android devices, enabling users to manage their finances on the go. Users can create and send invoices, track expenses, and access financial information from anywhere.