How FreeAgent Can Benefit Your Business
FreeAgent is accounting software primarily intended for use by freelancers and small businesses. The software combines an intuitive user interface, mobile and tablet compatibility and real-time financial information to provide customers with up-to-date and easily accessible reports.
Modern businesses need technology to function efficiently and successfully. While 3 Wise Bears will ensure your finances are in order, software makes the information easier to understand.
Here’s what FreeAgent can do and how it can help you address your businesses needs.
Accessible Language for Easy Use
Different incoming and outgoing expenses are clearly labelled (profit & loss) and accessed. You can either upload a bank statement or enable an automatic bank account feed, and the software will attempt to match up the costs on FreeAgent with existing transactions.
Over time a cash flow graph will be created which details the financial situation of the business making it easier to assess. This allows companies to make sure their business and financial strategies are on track and discover what may need to be adjusted.
Creating Invoices Can Be Quick and Simple
FreeAgent allows the user to make invoices from a selection of pre-existing templates, or users with HTML or CSS experience can create their own. Invoices can be set to charge customers in different currencies and can be connected to the PayPal account of the business owner for easy payment.
Once completed invoices are able to be sent via email through FreeAgent or saved as a PDF to print and post or send through private email. Invoicing is essential to business and having such a simple process can make it much easier, and likely, for clients to pay their invoices on time.
Business owners are able to create an email template which can be sent as reminders to customers the day before an invoice is due or as recurring payment reminders after a deadline. This makes a for polite nudge to clients to remember to pay their invoice.
Reminders can also be enabled for business owners to alert them to unpaid invoices, which can often be hard for freelancers to keep track of. This is essential as every penny can count for a small business, freelancer or contractor.
Contacts are able to be imported to or exported from the software, and there are a number of add ons which provide extras such as capturing receipts for expenses while on the move.
By connecting with the company bank account business owners can keep track of their payment in real time, either through the desktop version of the software or through the newly released FreeAgent app for iPhone or iPad. In the modern era where all information is becoming more and more instant this can be essential to staying ahead of the game.
Tax Made Stress-Free
FreeAgent has a tax timeline which can show users when money is due or forms are to be completed also alert them to any money they are owed by HMRC.
For freelancers and small business owners working out taxes can often be a stressful and complicated experience. With FreeAgent almost all of the work is done and just needs to be double-checked by an accountant, saving business owners time and money.
Calculating Employee Pay
Business owners with a small number of employees can make use of the payroll function which can be used on the software to calculate pay. An payroll profile can be created on the software using the employee’s personal details and national insurance number.
FreeAgent can be used alongside a chartered accountant to provide the most ease of use and minimum of stress and effort for the business owner.
3 Wise Bears use this technology as it allows accounts to take a more active role, making them more efficient and more useful to their clients.