FreeAgent

Vorteile

At the moment it's free through my business banking account - I tried it because of this but it would definitely be worth paying for. I am relatively new to running a business and the software is very intuitive for a novice. My accountant is pretty happy with it too, so that's a big thumbs up!

It makes invoicing and payment of exenses very easy, and is great for keeping track of money coming in/out and keeping an eye on invoices due for payment.

Payroll is incorporated (you can file it with HMRC through FreeAgent or let your accountant do it separately).

I also like the fact that it reminds me when my corporation tax and annual accounts are due.

In a few clicks I can see my profit & loss account and my trial balance as well as spend in the different (customisable) categories. Really helps me keep on top of everything.

The Android app is also great for reconciling payments and recording expenses on the move.

The help files are fantastic, and the clear accounting descriptions and explanations make them a great resource for a small business even if you don't use the software.

Nachteile

Exporting information is a bit tricky in some areas - you can get a pdf out quite easily but an xls or csv would be more useful (you can export the entire company dataset as a csv, but not filtered individual elements such as unpaid expenses or balances within individual accounts). In some cases you can get round this by cutting and pasting, but it's a bit fiddly.

Exporting all company data does not export attachments - so you need to keep a separate copy of scanned receipts etc outside FreeAgent.

It is one of the more expensive cloud accounting software packages out there, but I have looked at a whole range and you can't beat the functionality, so that's what you are paying for I guess!

Vorteile

The greatest thing about FreeAgent is the ease of bookkeeping, being able to have any bank transactions and PayPal transactions automatically put into bookkeeping form and easily explain what each transaction is, whether it's a sale or stock purchases. It is online 24/7 so you can access it without having to worry about losing it and you can also back it up if you really want to. The support times are very quick during normal working hours.

Nachteile

Some features of FreeAgent are still very buggy, such as the automation of transactions. For example it will either not detect some transactions or it will do too many, which means you have to check on a regular basis to compare the bookkeeping balance to your actual balances shown on PayPal and your bank, which I think almost defeats the purpose of having bookkeeping software. I really hope they manage to squash these bugs because something as important as tax should not be treated lightly. Early on in their existence they advertised that you would get free accounting advice but now they are very hesitant to do so (e.g: help with knowing how to explain transactions and so on).

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Vorteile

It's a Scottish company, albeit taken over by an anti-Scottish UK bank.
Customer services are relatively quick to respond but don't often understand or resolve your issue.
They do send you a Monday motivator which is useful.
It's now free if you bank with RBS/Nat West, but I'd rather not bank with either and even at £0 it's not worth it. I'd rather pay for a decent software and save the cost of hours of inefficiency and extra accountancy fees later.

Nachteile

It is very clunky and awkward to use.

It is very expensive for what it is and definitely not even worth using for free.

Several essential basic functions are missing and it is very restrictive/prescriptive forcing you to work their way or not at all.

Customer services regularly have to fudge "workarounds" to fill the gaps in FreeAgent's basic functionality and often these "workarounds" make more mess than doing nothing, leaving you with more to pay your accountant to fix it.

FreeAgent does several things in very unusual ways and then doesn't allow you to fix them.
Payroll does post journals into your ledgers but even the best accountants can't make any sense of them.

This software tries to be all things to small businesses giving tools that quite frankly are dangerous to unqualified accountants. It allows you to do your own VAT, Corporation Tax and Self Assessment wrongly, without any tax planning advice which could cost you tens of thousands of pounds in VAT/tax that isn't due, not to mention HMRC penalties etc. I know of several clients who have overpaid an absolute fortune and had seriously damaging run-ins with HMRC as a direct result of trying to DIY using this software.

Buyer BEWARE!!!

Vorteile

The billing and invoicing functionality is a key feature of the product and works very well. They send a Monday motivator email summarising your agenda for the week on Monday mornings. This includes items such as unbilled hours logged, payments to approve and bills to chase or pay. MFA is supported for increased security.

Nachteile

There are few things that I don't like to be honest, the only one that can be annoying is the bank feeds can sometimes be a little slow to show items. A manual refresh option for bank feed data would be useful.

Vorteile

It's straight forward, easy to set up and use. Everything you need to manage your accounts is in plain sight rather then you needing to know there is a completely different process somewhere else that actually needs to be completed. The processes are quick and easy to work out.

Nachteile

Nothing much to be honest. It would be better if it was easier to link to other programs that you use but this can be overcome with a bit of thought.

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