This week, award-winning cloud accounting software provider FreeAgent introduced a host of new features including comparable Profit and Loss reports, custom capital asset types and a new AI-powered virtual assistant.
These updates will make it even easier for accountants and bookkeepers using FreeAgent to accurately predict their clients’ cash flow, forecast revenue and ultimately help them grow their businesses.
Comparable Profit and Loss reports
FreeAgent has updated its Profit and Loss (P&L) reports so that you can now compare your clients’ reports year on year. This way you can highlight how well their business has performed or identify some cost-saving opportunities that your client can implement.
Custom capital asset types
Following the introduction of custom balance sheet categories earlier this year, FreeAgent has now launched custom capital asset types. Instead of categorising a wide range of capital assets into default types like ‘computer equipment’ or ‘other’, you can now create custom types better suited to your clients’ individual business requirements. Once created, these custom asset types will appear throughout FreeAgent for that particular client’s account.
Ruby the Robot
Lastly, FreeAgent has introduced a helpful AI-powered virtual assistant to help accountants and bookkeepers navigate and understand their clients’ accounts. While viewing a clients’ account in FreeAgent, a pop-up window will appear where you can ask questions and Ruby will suggest relevant helpful articles from the huge bank of help guides stored in our Knowledge Base. The friendly FreeAgent Practice Support team will always be there at the end of the phone for any queries!
Please note that Ruby the Robot is only visible to accountants and bookkeepers, not their clients.