Users of the FreeAgent online accounting system now have access to Float, a cashflow forecasting application launched at the EIE11 event in Edinburgh last week by The Float Yard.
Float Yard co-founder, Colin Hewitt explained that the forecasting tool - currently available as a free, beta-test edition draws in live data from the FreeAgent system to create a financial forecast and will update in real time as the company’s cash position changes. The forecasting tool should also work with IRIS OpenBooks, the IRIS Cloud accounting application powered by FreeAgent.
Float takes advantage of FreeAgent’s application programming interface (API), a common characteristic of Cloud software that encourages add-on products and innovations. FreeAgent business development director Kevin McCallum, said it was FreeAgent’s ambition to act as a central hub in what he called “the eco-system of web applications enabling a much more connected and real-time way of doing business”.
“We’re delighted that developers like Colin are using our API for the reason it was designed – to add real value to users by safely and securely exchanging relevant data for use by other awesome applications like Float.”
In contrast to standalone desktop PC software, where all of the data remains locked away and single-purpose, Cloud applications such as FreeAgent are better suited to accessing data from other applications such as HR, payroll and CRM to let users get a more rounded picture of their business, McCallum argued.
In the meantime Free Agent’s development team has been busy, and recently announced a wave of new features in its latest update. Among the features that have joined the recent introduced stock management facility and user-defined analysis categories, are:
- Automatic PayPal feed imports
- Flexible VAT reporting that lets you enter, edit and delete “locked” VAT periods, for example to handles VAT deferrals to later periods.
- Instant conversion of estimate items into active tasks with a pre-defined billing rate. Autocomplete system for invoices has been improved.
- Update to support the increased 45p mileage rate for travel expenses.
A review of FreeAgent/IRIS OpenBooks is scheduled to appear soon on AccountingWEB, which will take a look at some of the available add-ins for the application such as Float.