Small business focused financial service
FreeAgent is a financial planning service designed around the needs of small business owners and freelancers, primarily in the UK. Alongside automating receipts and tax information, the service also has a number of general finance features like receipt generation and timetables.
With a general focus on collecting and storing tax information alongside cash flow, invoicing options, expense reports and time sheets, FreeAgent is more a general finance companion than an accountant replacement. The service does an admirable job of daily expenditure and tax forecasts, and is generally helpful, but the lack of clear focus does muddy its message somewhat. It is a planner, invoice creator and self assessment tax return filer, making it far more suitable for a business just starting than one with set procedures for dealing with any of these processes. Beyond the lack of focus, FreeAgent is one of the best options for UK based small businesses. The link to HRMC tax filing is a great time saver and the UK based help is usually fast and accurate. A group of nearby accountants available for hire is also available for those wanting a little more help.
FreeAgent is a decent service which is without a clear vision. Despite this, UK start-ups could do much worse.