FreeAgent scooped the top prize in the Small Business Accounting Software of the Year category at last year’s Accounting Excellence Awards. In this showcase John Stokdyk sits down with Kevin Lord, FreeAgent’s Digital Enablement Manager, to take a look at the award-winning software and how it tackles bank transactions and Making Tax Digital for VAT.
Accountants spend a lot of time and effort getting bank transactional data from their clients. FreeAgent have invested a great deal in simplifying this process for accountants.
The bank feed functionality of FreeAgent allows the transactional data to be pulled through to the software in real time every 24 hours. There is a traffic light system to explain the transactional data to give an easy visual indicator for the user; green means the bank transaction has been explained and red means an explanation is still pending.
FreeAgent’s “guess technology” automatically explains new transactions based on previous data, however these can be easily corrected by the accountant if needed. The client can do everything they need to do from the FreeAgent mobile app, making data sharing easy for even the least tech-savvy clients.
Making Tax Digital for VAT
In this video John and Kevin discuss some of the key points around Making Tax Digital for VAT and Kevin gives a walkthrough of an MTD for VAT submission through FreeAgent and covers the following:
- how FreeAgent takes care of MTD for VAT submissions
- advice for accountants setting up their Agent Services Account.
- when and why to use bridging software