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I go on about FreeAgent a LOT! The reason for this is because I honestly believe that it is the perfect cloud based bookkeeping software for sole traders and small businesses*

*Full disclaimer…I’m a FreeAgent (and Xero!) Partner which may mean I‘m a touch biased

I kind of stumbled across FreeAgent when I opened a business bank account with Natwest and discovered that it came free with the bank account so I though I’d give it a whirl

I know that I have the advantage of experience when it comes to bookkeeping so navigating any accounting software probably does come more easily to me but having since recommended it to a number of clients looking to change from desktop accounting software they have substantiated my FreeAgent love!

There are 5 key ways that FreeAgent can automate your business to free you up from those boring admin tasks– saving you time AND money!

Syncing your bank transactions

No more poring over bank statements or spreadsheets of transactions and trying to make it all add up. Automated bank feeds provide a secure connection to your bank to automatically import all of your transactions directly into your accounts. Open Banking ensures that everything is safe, secure and fast!

Easy Bank reconciliation

Making sure that your bank balance matches up with transactions coming in and out of your bank account can be the most agonising chore when you’re 2p out and you can’t, for the life of you, find it anywhere in your transactions (believe me I’ve been there many times when manually imputing transactions)

FreeAgent uses a solution called ‘Guess’ which intelligently categorises or ‘explains’ your bank transactions based on existing information in your FreeAgent account, matching up bank transactions to the appropriate bill or invoice. The more you use FreeAgent the better it gets at guessing where to reconcile your transactions. You can even bulk match transactions if you need to

Automatic invoice reminders

You’ve sent out that invoice, but it still hasn’t been paid and you’re either too busy or you just keep forgetting to chase it up (may you’re even a little embarrassed to chase it?)

The Credit Protection Association reports that the average small business in the UK chases five outstanding invoices at any given time, wasting up to an hour and a half every day.

By setting up automatic email reminders you can chase the payment as soon as it becomes overdue and a further reminder if they still need a little nudge in the right direction a few days later

And to show your nice side, you can also set up Thank You emails to acknowledge payments

Track your time

No more trying to remember how long you spent doing that job so that you can generate an invoice and bill your clients accurately

You can use the in-built stopwatch or enter your time manually to track how much time has been spent on a project and then quickly generate a invoice to send to your client

Your time can be recorded on your mobile while you’re out and about or on your desktop when you’re back at the office

You can even email the reports to your clients to give them visibility of your progress and understand what you are billing them for

The FreeAgent App

With the FreeAgent App on your phone you are no longer tied to your PC or laptop in order to keep on top of your finances.

Within the app you can:

  • View, create and send invoices
  • Record your expenses and milage claims including taking photos of your receipts to upload directly into the software
  • View you bank account balances
  • Explain bank transactions
  • View your cashflow and your profit and loss for the current tax year
  • Create tasks
  • Create bills and estimates

So, what are you waiting for? Time to take that bookkeeping to the cloud!

Still feeling daunted at the prospect of getting set up and finding your way around? Book a power hour with me and I’ll show you how to make sense of it all