Keeping track of invoices, expenses, payroll tax returns and other accounting tasks can soon become a headache for business owners. A smooth-running accounting system is an important component to any successful business. If it isn’t done thoroughly it can easily get out of hand, taking time and sometimes money to get things back on track. One of the biggest reasons for business failures are cashflow difficulties. Keeping tabs on cashflow can feel like a constant challenge, particularly as your business grows and develops.
Thankfully, there are now a range of tools on the market to help make business financial planning easier. One such product is FreeAgent.
What is a FreeAgent Cloud Accounting software?
FreeAgent is an award winning, cloud-based accounting software solution that seeks to make financial record keeping easy for business owners. It’s one of the leading cloud-based software solutions that have made formerly arduous tasks considerably easier.
The FreeAgent accounting software has a variety of key features that really make it stand out. Let’s take a look at each of the key features of FreeAgent software in more detail.
- Estimate and invoices
FreeAgent allows you to send and track professionally designed invoices and estimates. Professional looking and completely customisable, they increase your chances of landing that next big job. Your customer can accept or reject your estimate digitally, so you’re less likely to be left waiting for a response. The software also allows you to generate estimates and invoices in a variety of global currencies and languages, which makes things simpler when dealing with overseas clients.
Every time you incur a business-related expense, all you need to do is take a photograph of your receipt and upload it to your FreeAgent account via your phone. It also allows you to plan ahead with a clear view of recurrent upcoming expenses. Expenses can then easily be sorted into a variety of categories that let you track your spending and build accurate accounts.
- Time Tracking
Straightforward to use time tracking software allows you to track every minute you spend working on a particular project. It ensures you know exactly how much time is billable, taking the guesswork out of invoicing. It also allows you to create flexible time sheet reports that let you and your clients see how employees spread their time over various aspects of a project.
FreeAgent helps take the headaches out of filing your self-assessment form. It automatically populates up to 90% of the sole trader self-employment form throughout the course of the tax year. It also gives you a detailed tax breakdown without having to contact HMRC. When you’re ready to submit your form, it can then be sent directly to HMRC through the software. Giving you an idea of how much tax you’re likely to be liable for allows you to budget through the year.
FreeAgent automatically generates your MTD compatible VAT returns and allows you to submit them online directly to HMRC. It makes short work of the complex UK VAT system and accurately calculates what you owe, issuing reminders when payment is due.
- Corporation Tax
As your business grows, your company tax affairs become more complex. FreeAgent helps to keep things simple, calculating your company Corporation Tax liability with the minimum of hassle. It keeps track of payment deadlines and exports dates into Google, iCal or Outlook calendars. It includes disallowed expenses in your Corporation Tax forecast and adds depreciation back automatically.
This incredibly helpful tool gives you a complete overview of your business performance. It brings together your bank accounts, invoices, and expenses into one place. You can manage your cash flow and see live profit and loss figures. An Invoice Timeline allows you to track your income and a diary ensures you never make the costly mistake of missing a self-assessment, VAT or Corporation Tax deadline. Your up-to-date business performance is right at your fingertips.
You can seamlessly sync your bank feeds with FreeAgent, allowing you to easily keep a check on your business bank accounts. It allows you to track your incomings and outgoings, link invoices, payments and view interactive charts of your accounts. You can explain your transactions by choosing terms such as ‘stationery’ and ‘travel’, which also helps FreeAgent auto-populate your self-assessment form. Over time, FreeAgent intelligently learns how past transactions have been categorised, and makes suggestions about explanations for future ones.
FreeAgent includes a simple project management tool that helps your projects run smoothly. It tracks all the financial components of any particular project, including invoices, estimates, expenses, tasks and tracked time, all in one place. You can build up a to-do list of tasks for your project, then track your time against each specific task. When you’ve completed a task, you can mark it as done, and then move on to the next one. You can see which project activity your team is spending the most time on, and keep abreast of income and expenditure to see which projects are generating real returns.
One Click Accountant is a FreeAgent Gold Partner
One Click Accountant is an accredited FreeAgent accountancy firm, and we provide fully comprehensive accountancy support to small businesses, contractors, freelancers, consultants, and sole traders. We are FreeAgent Gold Partners and we have extensive experience working with the software.
As part of our commitment to make the very best, most up-to-date and intuitive software available to the businesses we work with, we provide all our clients with access to FreeAgent. All our clients have a dedicated accountant with a detailed understanding of the software as a key point of contact. They have the expertise to help you make the most of the software’s intelligent applications, enabling you to view key financial information about your business wherever you are in the world.
We can help you make complete sense of FreeAgent and show you how it can best be applied to your unique business circumstances, helping you attain the clarity and transparency you require.
Contact us today to find out how One Click Accountant can help your business make the most of FreeAgent.