FreeAgent Review 2023 Rated #1 Best UK Accounting Software
PROS:
- Unlimited users, clients, and projects on all plans
- No lengthy contracts or hefty set-up fees to worry about
- Very intuitive platform is easy to learn to use
CONS:
- Some users report the pricing is a little higher than comparable software
- Limited reporting features
ENTER THE WEBSITE AND DISCOVER MORE ABOUT FREEAGENT
Review of FreeAgent (Updated for 2023) - With a very low monthly fee and an incredibly intuitive user interface, it promises to be incredibly simple to use. A cloud-based service called FreeAgent promises to serve both freelancers and small enterprises.
Here is a thorough and unbiased examination to see if that is the case.
FreeAgent is an online accounting platform with more than 100,000 users, as may be seen from a fast overview. If the numerous good FreeAgent reviews are to be trusted, their consumers seem to be generally satisfied and happy with their experience.
Basic accounting features, international invoicing, project management, time tracking, and inventory are just a few of the features available in FreeAgent. All of this is available for a set monthly charge.
You will also receive an infinite number of users and unrestricted access to the aforementioned services for that. Additionally, FreeAgent may prove to be the ideal choice for you if you are a UK business owner due to its excellent VAT support.
However, it's equally crucial to recognize that this piece of software has drawbacks in the interest of objectivity and justice. For instance, there aren't many reports, so if you appreciate your data, you could be a little let down.
FreeAgent Review – Our Personal Experience
I have to say, even at that point, we fell in love with it almost immediately.
The alternatives for keeping your accounts in order and filing tax returns were somewhat constrained back then. Excel spreadsheets and manual record keeping were used by the majority of people, including us.
The game was changed by FreeAgent. All of a sudden, we were just investing minutes on bookkeeping each week as opposed to hours.
However, limited corporations only received a small number of features whereas they adequately catered to sole proprietors. For instance, limited company tax returns and accounts were not available.
By 2019, FreeAgent Was Unbeatable
We didn't require an accounting program like FreeAgent for a few years after selling our prior business in 2016.
But in 2019, when we once again bought the Business4Beginners website, we established a new limited company to conduct business under. We realized right away that we had to give FreeAgent another shot.
I must admit, there was a huge difference. In 2019, if we thought it was good in 2016, it was even better (and it has since gotten better!).
Limited firms now have complete coverage, including PAYE, NI, Corporation Tax, and the ability to file self-assessment tax forms from within the platform.
An All-In-One Accounting Tool
Currently, FreeAgent is where we manage all of our expenses, dividends, PAYE, and self-assessment tax returns.
Although it has reduced our need for an accountant somewhat, we still recommend having everything reviewed because it is still a good idea.
We specifically find that there is enough there for us to manage our clients and suppliers effectively. Although the software doesn't have a "project management" component, we do use the contacts tab to help keep track of everyone we work with and their current payment status.
FreeAgent Gives Us A Perfect Overview
Our favorite feature of FreeAgent is the clear picture you get of your business, even though the detail it provides is tremendously helpful.
We can quickly determine our profitability, whether we need to be concerned about cash flow, and the dates of our tax filing and payment deadlines (and how much we need to pay).
Additionally, the FreeAgent Radar informs us of unpaid invoices, approaching deadlines, and insightful information like which businesses are the best and worst at paying invoices on time.
Everything works together to enable us to manage our business and finances more effectively without wasting a lot of time on data analysis. Because of this, FreeAgent is our top choice for the best accounting software, and we wholeheartedly recommend it.
You'll be happy to know that our FreeAgent review showed they do not fall short when it comes to features. Starting a trial is the best way to observe the product in action.
Upon reviewing the features, we settled on some of the most interesting. Here they are:
You can customize eight different invoice templates by adding your own header and logo.
You can import your bank statements or use live bank feeds for expense tracking. You could also manually add your expenses if you prefer.
Despite its limitations, a chart of accounts
Accounts payable allows you to manage and create invoices, make recurring invoices, include invoices in specific projects you are working on, and add attachments to already existing ones.
Inventory: Use caution when accessing the app because FreeAgent refers to inventory as the "Price List & Stock" rather than inventory in the traditional sense. It may be found in Settings.
These are just a few of the advantages you may take advantage of if you decide to use the FreeAgent accounting software, as was already discussed. They do, however, have a lot more to offer. Please visit the FreeAgent website if you want to see them. ENTER HERE
Remember that FreeAgent's ability to be linked to the majority of UK bank accounts is one of its major advantages. Once linked, it will reconcile transactions, making your bookkeeping responsibilities incredibly quick and easy to do.
Is FreeAgent HMRC Approved?
Yes, HMRC has approved FreeAgent for MTD (Making Tax Digital). This indicates that you can use your FreeAgent account to submit your returns to HMRC directly.
Through FreeAgent, you can compute, prepare, and submit the following returns to HMRC:
VAT Returns (All Plans)
As you describe transactions in your books, FreeAgent will automatically generate your VAT returns if you are registered for VAT. Then, in a matter of clicks, these can be lodged with HMRC.
Self-Assessment (Sole Trader & Limited Companies)
The days of needing separate software to do your own assessment are long gone. The transactions you enter during routine bookkeeping can automatically fill in up to 90% of your tax return.
You never have to leave the FreeAgent portal; you simply examine the return each year, add any missing data, and submit to HMRC.
End of Year Accounts & Corporation Tax (Limited Companies)
If you are a "micro-entity" that FreeAgent considers and are able to submit basic accounts, you are able to complete all of your tasks using their platform.
Any business that can make at least two of the following claims is considered a micro-entity:
- a turnover of £632,000 or less
- £316,000 or less on its balance sheet
- 10 employees or less
If this describes you, FreeAgent will automatically fill out the necessary forms, saving you hours of time-consuming administrative work. Naturally, an accountant's review of everything is still advised.
FreeAgent does operate "in the cloud." In essence, this means that it is a website that you access when you have an internet connection.
This has the advantage that you may log in from any device and instantly access all of your info. Additionally, even if your device is stolen, lost, or malfunctions, your data won't be lost.
The platform is inaccessible without an internet connection, which is a drawback.
Fees
The following are the several packages that FreeAgent offers to UK residents (all pricing were accurate at the time of our FreeAgent review)...
For the first six months, a Limited Company will pay £14.50 + VAT per month. Following that, the cost increases to £29 per month plus VAT.
For the first six months, a Partnership or LLP must pay £12 per month + VAT, and afterwards they must pay £24 per month + VAT. For the first six months, sole traders must pay £9.50 + VAT per month; thereafter, they must pay £19 + VAT per month.
There are a few other benefits. For instance, the first six months are 50% off for each and every new customer. Apart from that, everyone can use the program for free for the first 30 days as a trial.
The first 12 months will cost as five months if you decide to pay up advance. The following 12 months will then cost the same as the prior 10 months.
It's also vital to note that there are zero setup costs with FreeAgent. Additionally, you can extract your data from the platform if you decide to discontinue your subscription at any time.
Do not overlook! Using our referral code, you can also get an additional 10% off for life (4904ixil).
The Advantages Of FreeAgent
Review and summarize all the advantages of utilizing the FreeAgent program now. And there are a lot of them.
Small businesses can use FreeAgent to accommodate them and assist them in navigating the occasionally complex world of accounting. The beautiful thing about it, though, is that it also applies to independent contractors and freelancers. That is a crucial element in the modern world, when more and more people are choosing the road of the independent worker.
The fact that the FreeAgent solution is entirely cloud-based is another advantage. How does this affect you, the user? that you will have every conceivable degree of freedom and mobility.
The Disadvantages Of FreeAgent
The cost of the FreeAgent software is one of its main drawbacks. Some customers claim that the cost is higher than for other similar solutions. However, you can counterbalance this by using our FreeAgent referral code (4904ixil) to receive a lifetime discount of 10% on your subscription costs.
Additionally, despite the fact that there are three versions—the UK, US, and global versions—they were not all developed equally. This version has been developed the most as a result of their UK location.
That doesn't always imply that the US version is inferior. But more so that you might feel that it is deficient in some areas.
Does FreeAgent Have An App?
These days, smartphones account for the majority of our "online time." While we can use this method to visit any web platform, the experience is frequently subpar.
That’s why you’ll be pleased to know that yes, FreeAgent does have a mobile app.
The FreeAgent app, which is incredibly reliable and is available on both Android and iOS, enables you to complete all of your essential daily bookkeeping activities while on the go.
To keep everything current, you can take pictures of your receipts and explain bank transactions. You can use the app to track your time if you bill clients by the hour. To monitor your financial flow, you can also create, edit, and send invoices.
You'll need to log in to the main site for some more difficult operations (like completing your self-assessment tax return). It is not necessary to utilize a PC at all because you can still accomplish this from a mobile browser, and the experience is rather nice.
FreeAgent Review – Summary
It's time to wrap up our evaluation of FreeAgent. It is without a doubt a terrific choice for contractors, freelancers, and small businesses. Unlimited users, worldwide invoicing, and time tracking are all provided, and the UI and dashboard are very simple and customizable.
Particularly if you're from the UK, the platform offers a fairly long list of options that you can use. However, if you're from the US or another country, you might notice that some elements are missing.
However, given the glowing reviews it has received, we are happy to recommend FreeAgent as a great online platform for your small business. Start with the 30-day free trial and decide if this is the accounting solution for you.
ENTER THE WEBSITE AND DISCOVER MORE ABOUT FREEAGENT PROGRAM
