Online accounting review: FreeAgent

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Described on its website as Accounting for the rest of us, FreeAgent is unusual among the current explosion of SaaS accounts solutions in targeting a very specific market segment - IT consultants, web developers and business consultants. Accountant and SaaS-watcher Nigel Harris took it for a test drive.

Founder Ed Molyneux described FreeAgent to me as painless online accounting for busy freelancers. The company is focusing on one, two- and three-person businesses rather than on small businesses generally.

For this target market, FreeAgent central reckons it has a more comprehensive and easier to use offering than close competitors such as Liberty Accounts, Xero, QuickBooks and Freshbooks. Its a compelling logic: to make it as simple as possible FreeAgent focused on a specific sectio...

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VAT Period Locking now supported!
Nigel,

Thanks for the comprehensive review.

Just to let you and your readers know that we deployed Release 'Anjou' last night, and we now fully support the locking of VAT periods.


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Journal entries
FreeAgent are in the process of changing the journal entries by "adding a new warning to the page - when the journals are out of balance, a box with 'Out of Balance' will appear and creating a journal entry will by default have the right values in to balance things out".

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Highly recommended for businesses looking to save time whilst st

We’ve been using Freeagent Central for a while now – just preparing our second year accounts using it, and still love it. Great for a growing company like us.

The best thing about it is that you can set up recurring invoices and invoices for future dates which email out to clients automatically – no more needing to make sure you are in the office on the first of the month to get your invoices out. The email reminders are also very useful and you can personalise all of it so you don’t lose that personal touch – in fact some of our customers have mentioned that they feel like its customer service when we are chasing invoices!

Before Freeagent Central accountancy software we used Sage Instant Accounts, which I found very complicated and time consuming for a small company like ours. I can honestly say Freeagent Central have quartered the time we spend doing the books whilst also making our accounts process more effective.

There is an iPhone app too, which I was very excited about. However you can’t raise invoices on it, only bill time and expenses to projects, and track your mileage etc. I've heard that there is a new and improved one in the pipeline but not in the app store yet.

The monthly subscription option makes it very affordable and (shameless plug) you can receive a 10% discount on your monthly subscription if you use this referral link: http://fre.ag/396w913i - I'll be upfront that I will get 10% off my subscription too if you use it, but would still be recommending it even if it was twice the price.

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