Since Accountex I have been happily using Freeagent as a Sales Ledger, for which it is excellent. Create Contacts, send them invoices and it chases them up automatically by email. Reconcile their payments against the invoices and they get a thankyou email. This has been an effective tool in collecting payments from clients which I was previously poor at chasing up.
The cracks begin to show when you issue a credit note - there is no way to set this off against an invoice, and the Helpline suggests a messy 'workaround'.
We have also been issuing invoices for rent to tenants, with some success. The first problem here is that an account cannot go into credit (you can only allocate money received to invoices issued) so tenants who are required to pay their rent in advance cannot be sent a statement showing that.
Today I was trying to record the receipt of a rental deposit so I went looking for the Chart of Accounts, expecting to add a special category as it would be non-standard. Under Settings there are only Income and Expenditure accounts so I phoned the helpline. I was told that Balance Sheet accounts are fixed, and you cannot view them on screen, so I followed the advice to export the chart in a CSV file. This showed that sub-numbers had been auto-added when I had added Bank Accounts (750-1, 750-2 etc)
I was told that there was another 'workaround' which involved showing the rental deposit as a rent refund then doing something else but by then I had lost the will to live.
FreeAgent is owned by RBS so there should be no shortage of funding. It seems there are no early plans to turn it into a proper accounting program as the energies are going into become MTD compliant.
I just cannot see how I could recommend it as a business tool other than to clients who merely run Income and Expenditure accounts with fairly simple businesses. By the way there is limited access to direct Bank Feeds outside RBS group and Barclays, so customers are being recommended to screenscrape via Yodlee (meaning they break their internet banking agreements over security and risk no refunds when defrauded)