FreeAgent opinion

[DRH]

Good afternoon,

I would like to get members feedback on FreeAgent software. Having looked at search results here and reviews on Trust Pilot I have some specific questions on its limitations.
A number of business types have reported restrictions in the software's features, such as rental income handling, invoice generation limitations; and integration with other software, API and providers.

• A recent review in Trustpilot mentions an issue in handling Stripe data automatically, yet FreeAgent have Stripe as Preferred Partner for e- commerce and payment solutions. Have members experienced on going issues with Stripe, and if so, what kind?
• What limitations does this software have in handling foreign currency transactions? Have members experienced issues with automatic filing with either Companies House or HMRC related to this specific area, or in completing filings more broadly?

Thank you, DRH

 

[Ozzy]

My wife and daughter both use FreeAgent, my wife an ecommerce gift shop and my daughter an equestrian yard/riding school. Both are Sole Traders, so feedback is based on those scenarios.

• Filing self assessments to HMRC for both are a breeze.
• Subscription/repeat invoices works well for stable hire/horse livery.
• Integration with Stripe seamless with reconciliation of payments to invoices for ecommerce. Daughter doesn't (yet) take card payments so not tried in her business yet.

They both went with FreeAgent as they both bank with Natwest so it was free, didn't look around, but neither has mentioned any issues or frustrations.

 

[DRH]

Thanks Ozzy,
I had seen your previous posts on FreeAgent.
So the integration with Stripe is automatic and manual entries are not required? If so I don't know why they haven't addressed that negative review on TrustPilot - yet.

 

[Ozzy]

I don't know why they haven't addressed that negative review on TrustPilot - yet.

There are other posts on her about TrustPilot which may explain this.

 

[DRH]

There are other posts on her about TrustPilot which may explain this.

Interesting.....

 

[MyAccountantOnline]

Good afternoon,

I would like to get members feedback on FreeAgent software. Having looked at search results here and reviews on Trust Pilot I have some specific questions on its limitations.
A number of business types have reported restrictions in the software's features, such as rental income handling, invoice generation limitations; and integration with other software, API and providers.

• A recent review in Trustpilot mentions an issue in handling Stripe data automatically, yet FreeAgent have Stripe as Preferred Partner for e- commerce and payment solutions. Have members experienced on going issues with Stripe, and if so, what kind?
• What limitations does this software have in handling foreign currency transactions? Have members experienced issues with automatic filing with either Companies House or HMRC related to this specific area, or in completing filings more broadly?

Thank you, DRH

I have quite a lot of clients using FreeAgent.

Some have had issues trying to integrate Stripe, some haven't.

I've never seen or heard of any issues handling foreign currencies.

Overall I rate FreeAgent highly and I say that as someone who doesn't receive any commissions etc from it. Support is particularly good when needed.

I'd give it a free trial to see if it works for you.

 

[GLAbusiness]

I've been using FreeAgent for a number of years for my ltd company (IT consultancy - 2 employees)

Pros:
Very good user interface - easy to use.
Excellent support
VAT MTD excellent
Payroll
PAYE MTD excellent
Excellent at providing data for my accountant
Excellent bank reconciliation

Cons:
Does not link to American Express.

 

[DRH]

I've been using FreeAgent for a number of years for my ltd company (IT consultancy - 2 employees)

Pros:
Very good user interface - easy to use.
Excellent support
VAT MTD excellent
Payroll
PAYE MTD excellent
Excellent at providing data for my accountant
Excellent bank reconciliation

Cons:
Does not link to American Express.

Are you able to get a download from AMEX you can then manually upload as with other banks and credit cards?

 

[GLAbusiness]

Yes, I can export transactions from Amex in QIF and then upload into FreeAgent. With my other bank accounts FreeAgent automatically connects and downloads the transactions every day

 

[numbersrule]

I had a look at FreeAgent and was surprised it is so costly when not banking with Nat West.
Do any FreeAgent users think it is as good as Xero which has a comparable cost?
Based on posts above it seems like a no brainer for anyone banking with Nat West. ( so long as you are happy for Nat West to have direct access to all your company finances ).

 

[fisicx]

( so long as you are happy for Nat West to have direct access to all your company finances ).

Open banking means they already have direct access to a whole load of stuff.

 

[numbersrule]

Open banking means they already have direct access to a whole load of stuff.

I'm not sure that it is true in terms of bookkeeping / accounting software.
My understanding is that FreeAgent is visible to Nat West in a way that for example Xero content may not be.
When using Xero it *pulls* banking transactions so that they can be reconciled with the company bookkeeping.
My understanding is that process is *one way*.
However, with FreeAgent, Nat West customers have to sign an Agreement that they are happy for Nat West to use their accounting transactions to monitor their creditworthiness.
That is not true for example in the scenario where you are a Santander customer using Xero or Sage or Quickbooks.

 

[UKFinanceGuy]

Good afternoon,

I would like to get members feedback on FreeAgent software. Having looked at search results here and reviews on Trust Pilot I have some specific questions on its limitations.
A number of business types have reported restrictions in the software's features, such as rental income handling, invoice generation limitations; and integration with other software, API and providers.

• A recent review in Trustpilot mentions an issue in handling Stripe data automatically, yet FreeAgent have Stripe as Preferred Partner for e- commerce and payment solutions. Have members experienced on going issues with Stripe, and if so, what kind?
• What limitations does this software have in handling foreign currency transactions? Have members experienced issues with automatic filing with either Companies House or HMRC related to this specific area, or in completing filings more broadly?

Thank you, DRH

Hi DRH,

I have been using FreeAgent since the making tax digital rules came into place prior to Covid.

I just wanted to take a moment to share my thoughts on Free Agent Accounting Software. I've been using it for a while now, and I must say, it's been an absolute lifesaver for me.

First and foremost, the user interface is dead simple and intuitive. No more head-scratching or wrestling with complicated spreadsheets. It's like they designed it with freelancers and small business owners in mind, which is exactly the case. The ease of use is truly something to appreciate, especially if you're like me and numbers aren't exactly your forte.

One of my favorite features has to be the invoicing. It lets you create professional-looking invoices with your own branding in a matter of minutes. Plus, it tracks them, so you'll never lose sight of who owes you what. It's made chasing down payments a breeze – no more awkward conversations with clients!

But wait, there's more! The expense tracking feature is super handy. Just snap a photo of your receipts using the mobile app, and it'll automatically categorize and store them for you. No more rummaging through shoeboxes full of receipts at tax time – what a relief!

And when it comes to tax season, Free Agent makes everything a lot less stressful. It does all the heavy lifting, from calculating your taxes to providing those neat reports for your accountant. It's like having a virtual finance assistant in your pocket.

The support from the Free Agent team is top-notch too. Whenever I've had a question or an issue, they've been quick to respond and incredibly helpful.

 

[Karimbo]

Stripe payments..

I just set it to weekly withdrawals so I can enter all the transactions in two entries. Sales and then seperate bank expense.

I don't so auto bank feed entry so I don't know of bank feed on stripe is any good.

Multi currency. You can enter usd invoices and the software will auto calculate the GBP equivalent and put that in for calculations.

Would be helpful of you could explain how you interned to use multi currency.