Accounting Software Reviews

FreeAgent Review

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FreeAgent was created by experts that wanted to reduce the hassles and headaches associated with traditional business accounting and finances. #accounting #business #smallbusiness #businessfinance #review

FreeAgent

Enjoy intuitive accounting, project management options, online file storage and more. Try it free for 30 days!

$24/month

FreeAgent

FreeAgent Introduction

FreeAgent was created by experts that wanted to reduce the hassles and headaches associated with traditional business accounting and finances. They offer just one plan, one rate and numerous features to help you stay on track with your small business. While they are helpful, they make lack the more complex tax and payroll features larger companies need – but they could be just what a small business owner is looking for.
Cloud based accounting with no hassles, no frills and one flat rate.


PROS:
  • 30 Day Free Trial
  • Project Management and Timers
  • Client/Contact Management
  • Online File Storage

CONS:
  • Confusing Invoice Process
  • Overly Complicated Payment Process
  • No Payroll
  • Limited Support Options


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Scoring and Rating

Accounting and Business Tasks: (Rating: 8/10)

Accounting is rather basic with FreeAgent and doesn’t have anything overly unique. You can get income and expense tracking with FreeAgent as well as syncing transactions with your bank, creating estimates and invoices, etc.

Reporting Options with FreeAgent

There’s not tons of reports with FreeAgent and they don’t have a lot of tax oriented reports. While they have the classics like Profit & Loss, Balance Sheet and Aged reports, they really need to work on adding more.

Invoicing: (Rating: 7/10)

Invoice Templates with FreeAgent

Invoicing is kind of fun with FreeAgent. You can choose from their premade templates or even create your own custom theme – something unique for sure.

Invoicing with FreeAgent

One issue is the invoicing itself. While you can customize, the overall invoicing process is extremely confusing and almost unnecessarily complicated. Once you get over figuring that out, however, it does have a few neat features like the ability to send payment reminders at certain times, custom messages to clients, automatic “thank you” emails once it is paid, etc. They say you can accept PayPal payments on your invoices, but figuring out how to do that took me a long time and they don’t prompt you in the dashboard, invoicing area or even in your settings to add it. Instead you have to scour the knowledgebase and then follow the tutorials. This is definitely something FreeAgent needs to work on. Also, when you finally do add PayPal, the process to add it to your invoices is more than just checking a box – something other companies don’t put you through.

You can also create estimates and convert those estimates to invoices if you need to. FreeAgent also offers recurring invoicing and multiple currencies and tax rates are supported too.

Management: (Rating: 8/10)

FreeAgent lets you manage projects and tasks for your business and even attach timesheets for those projects. Once you have projects, you can use their built-in time tracker. You can also manage contacts with in-depth reports, such as projects, invoices and estimates all associated with that person.

Inventory and Stock with FreeAgent

There is no inventory with FreeAgent, but you can enter stock items – though I don’t necessarily know if this will help much. You can also create a price list for common services rendered.

You cannot manage employees, taxes or add a POS system.

Ease of Use: (Rating: 7/10)

After playing around with FreeAgent, I will admit it isn’t the easiest to use. They do prompt you at first start to do a few things to setup your account, but overall, it is not user friendly. Unlike other software programs, FreeAgent doesn’t have help buttons or even question marks on pages.

Getting Started Guide by FreeAgent

They do have a getting started guide, but it is more of a checklist and walks you through what you need to get done. But, I had to use the knowledgebase a lot to setup my account or even use some of the basic features – not a good sign.

I setup my PayPal with FreeAgent to see how they downloaded transactions and it was disappointing. They too don’t account for PayPal fees. Considering syncing a bank account is supposed to be convenient and limit how much work I have to do, this only added to my to-do list and lowered the convenience level.

Access: (Rating: 9/10)

FreeAgent does have a mobile app, but only for the Apple Store. Hopefully they add one to Google Play soon – since a large majority of business owners do not use Apple products.

Free Agent User Profiles

You can create user accounts for your FreeAgent profile. Then, you can track those users in terms of when they last logged in. You have multiple options for setting permissions within your FreeAgent account too. You will use the User Access panel to also set permissions for accountants. With FreeAgent, you are allowed unlimited user accounts. This is a nice feature since most companies will limit how many people can access your account or you have to upgrade to a higher level to enjoy unlimited access.

Because it is cloud-based, everything is securely stored online using bank level security.

Taxes: (Rating: 5/10)

FreeAgent is like most accounting programs – very limited in terms of tax assistance. With FreeAgent you have very few reports too that are tax-related, which is disappointing. They do have a profit and loss statement, which is often all you need to file taxes and you can print your capital assets and balances per account and expense, but that is it. There’s no payroll, payroll tax, 1099s, W2s, Schedule C’s, etc.

Pricing: (Rating: 7/10)

You can try FreeAgent for 30 days free without inputting a credit card.

Unlike other programs, FreeAgent is the only one to have a flat rate and access to all features. They try to simplify the process of picking a software program.

For US Businesses, FreeAgent is $24 per month.

When you compare the features you get for $24 per month to other companies, FreeAgent is a little high priced. They don’t have the same reporting features, employee tracking, etc. like other companies.

There is no annual discount. If you choose to accept PayPal payments, you will pay the PayPal fees separately.

Customer Service: (Rating: 7/10)

Free Agent Support Options

There’s not much real-life support with FreeAgent. They do have their “award winning” customer service that is available by email and they aren’t as fast to respond as other programs. You can also enter the community discussion board – where you get faster responses than email. Their knowledgebase is okay, but sometimes doesn’t address questions and I find myself having to reword my search in order to pull up the right info.

There’s no live chat and they do offer one free 20-minute phone call for those using the free trial, but they will not tell you how to get the phone number.

There’s no rating for FreeAgent with the BBB at this time.


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FreeAgent Specifications

Specification

Pricing

Regular Pricing(after intro): $24/month

Introductory Pricing: none

Free Trial: 30 Days

Score Based out of Total of 10

# of Users Per Account

Unlimited

# of Clients/Customers

Unlimited

# of Invoices

Unlimited

Features

Basic Accounting Features

Customized Invoices

Expense Tracking

Can Import Bank Transactions

Time Tracking

Estimates or Quotes

Converts Estimates to Invoices

Managing Bills and Paying Bills

Managing Vendors

Project Managment

Credit Card/Paypal Processing: Added Fee

# of Built in Reports: 7

Payroll

Platforms Supported

All (Cloud Based)

Mobile

Mobile Invoicing

Mobile Expense Tracking

Mobile Time Tracking

iOS App

Android App

Help and Support

Email

Phone

Online Tutorials

Forums/Guides


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What Type of Business Could Use This Software?

FreeAgent does have some great features that work for freelancers and small business owners, but their lack of payroll makes them unideal for companies that need to manage and pay employees. Also, their lack of inventory makes them unappealing to those that sell physical products or need to track inventory for tax purposes.

Overall, it’s a great product for startups and businesses that need efficient accounting without the hassles and at an affordable rate.


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FreeAgent Pricing

FreeAgent offers a 30-day free trial.

US Business Version: Includes all accounting, sales tax reporting, multicurrency support, PayPal payments, time tracking and more. Starts at $24 per month.


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What We Like About FreeAgent

Free Agent Time Tracking Sample

Actual Time Tracking and Project Management: FreeAgent offers project management. You can create a project, assign how many hours you will spend on that project and the cost (if you want). Then you can start tracking time for that project. When you start the timer, you’re prompted to assign a task and the cost of that task – which is good if you have multiple tasks at different rates for one project. This is a great feature because not all accounting programs offer true time tracking – most just have a timesheet you manually input hours.

Free Agent Contact Management

Client/Contact Management Tools: FreeAgent has a very in-depth contact management. You don’t just add and store contacts; you can actually manage every aspect of that client right down to the received and paid number of invoices, outstanding balances, time spent on the client, projects currently underway, estimates, and their statement of the account. You can also add notes that only you can see to remind you about specifics with that client.

File Storage with FreeAgent

Online File Storage: You can store your files online via your FreeAgent account. These can include company documents, spreadsheets, images, receipts and more. This is an important feature – especially since not all companies offer file storage and you will need to access certain documents.


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What We Don't Like About FreeAgent

Invoices with FreeAgent

Confusing Invoicing: The invoicing with FreeAgent isn’t very user-friendly and instead of entering line items, you have to add projects and then tasks completed. While I see what they were trying to do here, it doesn’t work in the long run. Sometimes people just want to invoice for general items or have standard fees – and they don’t need to take time out of their day to create projects, client lists and other things just to send over a quick invoice.

Not User Friendly:
I found FreeAgent to be confusing and clunky. While their dashboard is okay, they don’t have enough help prompts and I found myself on the knowledgebase more than necessary. Considering I have ample knowledge of most accounting programs, my having to turn to the help guides so much isn’t spelling out much hope for those new to accounting.

No Payroll: There’s no payroll with FreeAgent, which makes it unideal for companies that have staff and need to actually pay their employees. They don’t have any 1099 options either – making it unsuitable for companies that user contractors too.


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Review Summary

7.3 Total Score
Basic accounting without the frills.

FreeAgent has a no-frills approach for small business accounting. They offer one plan, one fee and a set number of services regardless of your business size.

Accounting and Business Tasks
8
Invoicing
7
Management
8
Ease of Use
7
Access
9
Taxes
5
Pricing
7
Customer Service
7


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FreeAgent Coupons and Discounts

FreeAgent

Enjoy intuitive accounting, project management options, online file storage and more. Try it free for 30 days!

$24/month

FreeAgent


Shailynn is a word slinger, chef, Pinterest addict and adult coloring book collector. As our Operations Manager and Senior Researcher/Editor, you will find Shailynn busy finding new companies and topics to research, but also handling the crazy day-to-day on the backend – and by crazy…we mean all of us. She attended the International Culinary Institute, where she studied pastry arts and she worked as an executive pastry chef before hanging up her chef’s hat and decided to work from home as a writer. She is a fanatic for a great cup of coffee or wonderful glass of wine! Shailynn is a mother of three and married to a handsome firefighter.

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