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Thread: FreeAgent

  1. #11

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    Quote Originally Posted by Maslins View Post
    We'd suggest just not bothering with the "invoice" on FreeAgent. Explain the receipt into the bank just as sales. This does mean FreeAgent won't know how much you're owed from those customers, or if one doesn't pay, but presumably if they don't pay they don't get the item and nobody gets credit terms, so not an issue?
    Thanks. It's a software licence so if the payment goes through Paypal they get the email with the code, but there could still be a chargeback thereafter, possibly some time thereafter. It would certainly be nice if all this was integrated into the FreeAgent list of unpaid/bad debts (I assume there is such a thing), as well as connecting products sold this way to FreeAgent's projects.
    Will work inside IR35. Or for food.

  2. #12

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    Quote Originally Posted by VectraMan View Post
    Basically sell something on a website using Paypal. My own site generates the invoices, and Paypal collects the money, common enough thing to do.

    The question is how to get that into FreeAgent. FreeAgent integrates with Paypal, but all the guides I could find said you had to create an invoice in FreeAgent and then your customer could pay with Paypal, but that would mean doing it all manually. There's a FreeAgent API that allows you to create invoices programmatically, but I read a few complaints from people doing similar things that the API doesn't allow you to set the payment method, and because of that it doesn't tally up.
    The only reason I can think of that would require you to create duplicate invoices in FreeAgent is if you're using accrual-based accounting for VAT and need the sales to be recorded in the right period.

    If you're cash based you can just add your PayPal account to FreeAgent as a bank account, import statements and record the payments as sales (being sure to account for the full sale price and any PayPal fees - you shouldn't net off your costs).

    Saying that, if you're sales are always made and paid for on the same day anyway, then it shouldn't make any difference either way.

  3. #13

    Contractor Among Contractors


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    Quote Originally Posted by VectraMan View Post
    Thanks. It's a software licence so if the payment goes through Paypal they get the email with the code, but there could still be a chargeback thereafter, possibly some time thereafter. It would certainly be nice if all this was integrated into the FreeAgent list of unpaid/bad debts (I assume there is such a thing), as well as connecting products sold this way to FreeAgent's projects.
    If there is a chargeback, then presumably funds would be deducted from your Paypal account. You'd then explain that as a customer refund (ie negative sale)...but yeah, FreeAgent wouldn't know who had bought what, which customer did a chargeback etc if you went down that route. You'd need to rely on your website itself to do it.

  4. #14

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    Quote Originally Posted by Maslins View Post
    If there is a chargeback, then presumably funds would be deducted from your Paypal account. You'd then explain that as a customer refund (ie negative sale)...but yeah, FreeAgent wouldn't know who had bought what, which customer did a chargeback etc if you went down that route. You'd need to rely on your website itself to do it.
    Yes. Accounting for it isn't really the problem. FreeAgent offers all these nice features, but if you're not able to use them then there isn't a lot of point paying for it. I suspect what I wanted to do is tantalisingly close and may be possible in the future. The fact they have an API shows that they're thinking along these sorts of lines. For contractors that could mean integrating with agencies' self-billing systems for example.
    Will work inside IR35. Or for food.

  5. #15

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    Quote Originally Posted by VectraMan View Post
    Yes. Accounting for it isn't really the problem. FreeAgent offers all these nice features, but if you're not able to use them then there isn't a lot of point paying for it. I suspect what I wanted to do is tantalisingly close and may be possible in the future. The fact they have an API shows that they're thinking along these sorts of lines. For contractors that could mean integrating with agencies' self-billing systems for example.
    Horses for courses, but I think FreeAgent isn't really designed to be dealing with thousands of invoices. FreeAgent themselves stopped using FreeAgent for their own books a few years ago, I believe for exactly this reason. It is designed primarily for contractors/freelancers. Other businesses can be made to work with it too, but there will perhaps always be an element of trying to get the software to fit around your business model.

  6. #16

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    I currently use Sage Instant accounts (2012) and Instant payroll. The Sage accounts backup can me made available to most accountants ...... if needed

    As far as Software cost goes I only have to pay for Sage cover for payroll which seems to be going up yearly nowadays.

    My major gripe at the moment is having to keep a Windows VM on my mac to run my accounts.

    So I have been tempted with free agent but the pricing on their website is on pretty expensive at 29+ vat a month

    Am I missing anything here ? because that's over 400 yearly just to run the software on its own

  7. #17

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    Why not get an accountant that offers it and you get both for just a bit more?
    'CUK forum personality of 2011' - Winner - Yes really!!!!

  8. #18

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    Quote Originally Posted by css_jay99 View Post
    I currently use Sage Instant accounts (2012) and Instant payroll. The Sage accounts backup can me made available to most accountants ...... if needed

    As far as Software cost goes I only have to pay for Sage cover for payroll which seems to be going up yearly nowadays.

    My major gripe at the moment is having to keep a Windows VM on my mac to run my accounts.

    So I have been tempted with free agent but the pricing on their website is on pretty expensive at 29+ vat a month

    Am I missing anything here ? because that's over 400 yearly just to run the software on its own
    As NLUK says, the best option is to find an accountant that includes a FreeAgent subscription in their accountancy fees as they get access to bulk licence discounts.

    There are plenty of FreeAgent friendly accountants recommended on here that may be able reduce your overall accounting costs and include a FreeAgent subscription as part of the package.

  9. #19

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    Quote Originally Posted by css_jay99 View Post
    I currently use Sage Instant accounts (2012) and Instant payroll. The Sage accounts backup can me made available to most accountants ...... if needed

    As far as Software cost goes I only have to pay for Sage cover for payroll which seems to be going up yearly nowadays.

    My major gripe at the moment is having to keep a Windows VM on my mac to run my accounts.

    So I have been tempted with free agent but the pricing on their website is on pretty expensive at 29+ vat a month

    Am I missing anything here ? because that's over 400 yearly just to run the software on its own
    With the likes of FreeAgent, you can each see the data live at any given time. No need to email backups back and forward. Plus no risk of each party changing something between back ups being sent, meaning possible missing data.

    FreeAgent runs from the web browser, so shouldn't be any need for the virtual windows.

    FreeAgent's not the cheapest SaaS product, but it's not much more expensive than most. Also bear in mind:
    1) you're continually getting the latest edition, unlike with "one off" desktop package purchases where you may get to use it fine for a couple of years, but typically then the vendor will be twisting your arm to upgrade to the latest version (at a further "one off" cost).
    2) as a minimum you'd likely be able to get 10% off by using someone else's referral code. Similarly if you refer others you can get further discounts (but I understand that's only on the basis of you marketing their product).
    3) there are resellers out there, predominantly accountants, who'll get it at a hefty discount on the RRP. That's (part of the reason) why so many FreeAgent friendly accountants will include the software in their monthly price.

  10. #20

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    I'll register now for a trial.
    I hope payroll is included

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