The FreeAgent accounting app is accounting software in the cloud. It is specifically oriented toward small business owners, as well as freelancers. Businesses that cannot afford to have a full-time accountant on the payroll will find the FreeAgent accounting app a viable alternative. You can use it to create professional invoices, accept payments on those invoices online, track expenses and track the time you spend on individual projects and tasks. You will need to link your bank account to the software so that you can transfer deposits and pay expenses through the app.
FreeAgent offers ten estimate templates you can customize with your branding. You can send estimates to clients by email, see if they have been opened and note whether they have been accepted or rejected. You can convert your estimates into invoices easily.
You create invoices much like you create estimates. Select a template, add your logo and send by email. It’s that easy.
FreeAgent works easily with all payment systems to allow payments directly into your FreeAgent account. You can also accept payments from credit cards, as well as bank transfers. The difficulty of collecting from clients has been removed. There is no imaginable way to pay an invoice that FreeAgent won’t accommodate.
You can import your client list and contacts into the FreeAgent accounting app in a variety of ways. You can import CSV files from spreadsheets as well as records from other software. FreeAgent allows you to see all financial information you have stored about your customers.
FreeAgent makes it possible for you to enter estimates, keep track of expenses such as mileage, and enter time records. This helps you examine the costs of each project. You set up a page for each project that includes all activities and monies associated with that effort. This can be particularly useful for businesses that do not have a clear record of how much an individual project costs. Insights from tracking project expenses help you determine if you want to pursue similar projects in the future, based on the expected return on your investment.
You can use your Schedule C to organize your taxes through FreeAgent. The system maintains categories that match the ones the IRS uses. Find all corresponding expenses, deductions and income in your FreeAgent records and transfer them to your Schedule C. While this is not actual tax preparation, it gets your figures together for your accountant. Nevertheless, it is a highly-accurate way to ready your business records for tax time.
You can use a timer to track the time you spend on each project, so your billing is accurate. Create a report that shows how your time has been spent.
You can build tasks into each project, then see them at a glance on the project interface page. Attach invoices, estimates, and other documentation to help you see your expenses on projects.
Bank Account Linkage
You can easily link your bank account to FreeAgent, which allows you to upload and review statements, as well as track payments and expenses.
The FreeAgent accounting app is made to work with other apps. From your bank account to your other accounting functions, FreeAgent can work seamlessly to tie all of your financial information together. This is the aspect of the app that may take the most time to set up, and there is a learning curve, but the result is worth the time and effort. Once set up, you will find that you can expand the way you use FreeAgent through add-ons and other integrations so that it can grow with your company.
Integrations & Add-Ons
FreeAgent continuously adds integrations for its app. Here is a list of some of the integrations and add-ons that are available:
- Capsule CRM
FreeAgent’s API allows developers to program for third-party apps.
You can see the specs here.
See FreeAgent’s API page here for more information.
You can use an iOS or Android device to access the FreeAgent accounting app.
See the mobile interfaces and download the app you need for your mobile device here.
FreeAgent offers a 30-day free trial. You do not have to give your credit card information to sign up for the free trial.
The subscription costs $12 per month for the first six months. After that, the cost is $24 per month. There is no contract, so you can cancel at any time.
FreeAgent offers a series of guides for small business owners. See them here.
- Email: email@example.com
The support page offers instructions on several topics. You can also book one free 30-minute call on getting started, and watch a free webinar on the support page. In the lower right corner of the support page, you can chat with a staff member.
The Bottom Line
The FreeAgent accounting app can revolutionize a small business. Its comprehensive features offer the business owner a suite of tools that can improve the accuracy of tracking and automate much of the clerical work that goes into running a business. The interfaces are intuitive, and the functionality is carefully thought out. Using just this one app could accelerate the growth of your small business.