Tech | Visa | Scholarship/School | Info Place

Features, Pricing, Pros and Cons

FreeAgent Overview

Starting price: $27/mo.

Main features:

  • Invoices and estimates.
  • Invoice management.
  • Expense tracking.
  • Time tracking.

FreeAgent is accounting software designed specifically for small businesses. FreeAgent originally started in the UK and later expanded to the US, joining the affordable accounting software space.

In this FreeAgent review, we’ve looked at its many features and summarized the main pros and cons to consider. We also offer some FreeAgent alternatives to help you choose the right accounting software for your business.

FreeAgent Pricing

FreeAgent offers a single pricing plan for US businesses:

  • New signups will pay $13.50 per month for the first six months, and after the 50% sign-up discount period ends, the price will rise to $27 per month.

While FreeAgent charges an additional $6 per month for its optional Smart Capture Unlimited feature (for receipt capture), there are no contract or installation fees. A 30-day free trial is available, and no credit card is required to test the software.

Main features of FreeAgent

Dashboard and design

FreeAgent’s dashboard combines an overview of all modules into a single page, as shown in the image below. At the top of the dashboard is a cash flow graph of your income and expenses. Below on the right is a module that displays your recent invoices, estimates, and projects, and below that you can also view recent charges and upcoming bills.

On the left, you’ll see a banking module that displays cash levels across all accounts. Below, you can see a more detailed breakdown of profits and losses, as well as the upcoming tax schedule for your region.

View FreeAgent's dashboard.
View FreeAgent’s dashboard. Image: FreeAgent.

Invoices and estimates

FreeAgent comes with eight pre-built invoice templates to choose from, or you can create a completely custom template if you prefer. Once you decide on a template, just add your logo and fill in all the details. Once the invoice is finalized, you can email it to your client in PDF format.

FreeAgent does offer the option to set up recurring invoices that are sent automatically, and you can remind customers of late payments via automated push. FreeAgent also allows you to use these same templates to create estimates and then quickly convert them into invoices upon approval. If you want your customers to be able to pay online, FreeAgent connects with PayPal, Go Cardless and Stripe, and also allows direct debit payments.

FreeAgent invoice example.
FreeAgent invoice example. Image: FreeAgent.

Bill management

FreeAgent can track expenses through the bill management module. To create a bill, you first need to create a contact and then fill in the date and financial information for the bill. You can link bills to projects, set them to reoccur, and even attach files to add more information. Once your bill is completed and saved, it will appear in the Bills section of your dashboard so you can keep an eye on your upcoming payments.

Expense and mileage tracking

FreeAgent also comes with expense tracking so you can stay on top of your out-of-pocket expenses and get reimbursed. You can add these charges manually using the desktop version, or you can use the mobile app to take a photo of your receipt and add it automatically. However, keep in mind that this mobile receipt capture feature does cost an additional $6 per month.

FreeAgent also allows you to manually enter mileage tracking on the desktop version and mobile app. However, unlike many competing apps, this accounting app doesn’t support GPS, which means you can’t automatically track your business-related trips.

Learn how FreeAgent lists recorded out-of-pocket expenses.
Learn how FreeAgent lists recorded out-of-pocket expenses. Image: FreeAgent.

Project and time tracking

You can track time in FreeAgent using the desktop or mobile app. Since some other accounting software, such as QuickBooks, limit time tracking to more expensive plans, this is a nice feature, especially at FreeAgent’s price point. You can use the built-in timer to track hours worked, or enter timesheets manually after work.

Each time entry can be assigned to a specific project, making it easy to generate invoices for unbilled time and send them to the correct client. FreeAgent also allows you to track multiple things in addition to time on a specific project, including invoices, estimates, expenses, and tasks.

FreeAgent's time tracking simplifies project billing.
FreeAgent’s time tracking simplifies project billing. Image: FreeAgent.

Bank information

FreeAgent connects to most popular banks, including Bank of America, Wells Fargo, Chase, SunTrust, and more. Once you set up these connections, the software will automatically import your bank transactions daily for easy reconciliation. You can also manually upload electronic bank statements using a variety of different formats, including AFX, QI and CSV. As the software learns your preferences, it will begin automatically categorizing new transactions based on your previous selections to reduce repetitive manual work.

sales tax calculation

Calculating sales tax is a time-consuming hassle, but FreeAgent can handle it for you. Simply set your sales tax rate and FreeAgent will apply it to all required sales and purchases. If you need to support multiple sales taxes, you can add as many different state sales tax rates as you need and mark them as compound rates if necessary. The software also provides 1040 Schedule C sales tax reporting, so you can rest assured that you are compliant when filing your taxes.

Report

FreeAgent has 11 different accounting reports built into the software. These cover all the basics of accounting, including profit and loss statements, balance sheets, customer sales and bank reconciliations. The reports are sufficient for most small businesses, but FreeAgent does offer fewer accounting reports than some other competitors, such as QuickBooks. If you’re looking for extensive, detailed accounting reports, you may want to look at alternative software.

FreeAgent provides useful reports, including a profit and loss statement.
FreeAgent provides useful reports, including a profit and loss statement. Image: FreeAgent.

FreeAgent Professionals

  • Unlimited customers and invoices.
  • Single transparent pricing plan.
  • Includes time tracking.
  • Automatically import bank transactions.
  • Easy to set up and navigate.
  • Excellent invoicing and estimating tool.
  • Free trial available.

Disadvantages of free agency

  • Customer support is based in the UK.
  • Mobile receipt plans are available for an additional fee.
  • Single pricing plan does not offer scalability.
  • Relies on Zapier for many integrations.
  • The mobile app does not automatically track mileage.

free agency alternatives

free agent G Wave Accounting QuickBooks Accounting
Unlimited invoices Yes Not among the cheapest plans Yes Yes
Mobile receipt collection Additional fee Yes Not among the cheapest plans Yes
Automatic mileage tracking No Yes Yes Yes
starting price $27 per month $15 per month $16 per month $30 per month

G

Zero logo.
Image: Xero

Xero offers not one, not two, but three pricing plans to choose from, making it a highly scalable solution for growing businesses. Entry-level pricing plans start at just $15 per month, but that level is limited to 20 invoices and 5 bills per month. Bill and receipt capture and automatic sales tax calculation are included on all pricing plans. However, you will need to upgrade to a more expensive plan to get more advanced features such as project tracking and analysis.

Wave Accounting

Wave logo.
Image: Waves

Wave Accounting does offer a forever free accounting plan, but the features are quite limited. You’ll need to upgrade to the software’s Pro plan, which costs $16 per month, to automatically import bank transactions and digitally capture unlimited receipts, among other things. If you’re looking for a more affordable alternative to FreeAgent that offers many of the same features, Wave Accounting’s paid plans are well worth considering.

fast books online

QuickBooks Online logo.
Image: QuickBooks Online

QuickBooks is the gold standard in small business accounting software, but that reputation comes at a price: paid plans start at $30 per month, which is definitely more expensive. However, there’s no denying that QuickBooks offers a variety of advanced features, including dozens of accounting reports as well as inventory management, depending on which plan you sign up for. If you have the money to spend, QuickBooks is a great solution for those looking for full-featured accounting software.

review method

To review FreeAgent, we signed up for a free trial of the software. While writing this review, we also reviewed the product documentation and user feedback. We considered factors such as pricing, user interface design, customer support, and integrations. We also weighed in on features like invoicing, estimating, expense tracking, mileage tracking, bill management, time tracking, bank connectivity, sales tax calculations, and accounting reporting.

#Features #Pricing #Pros #Cons

Leave a Reply

Your email address will not be published. Required fields are marked *

Index