Reply to: Free Agent

[missinggreenfields]

I decided that its not about the software but the accountant you speak to. I was recommended to intouch who dont use FA. Theyve been really patient talking me through everything and gave me a demo on their software that seems to tick my boxes, so it seems a good match for me.

Thanks everyone for the comments and guidance, really shows we are a community, so gald I joined.

I hope you mentioned the person who recommended them

[katyrobbinson]

I decided that its not about the software but the accountant you speak to. I was recommended to intouch who dont use FA. Theyve been really patient talking me through everything and gave me a demo on their software that seems to tick my boxes, so it seems a good match for me.

Thanks everyone for the comments and guidance, really shows we are a community, so gald I joined.

[Andrew@Wisteria]

I don't use FreeAgent so can't comment on how it works - but when I moved to InTouch one of the things that I liked was that I couldn't ignore things like I had with my old accountant.

Every month, I spend a few minutes with the bank statements and the few expenses that haven't gone through the company accounts (used to be lots more) - maybe half an hour to do the multiple bank accounts and the different client invoices.

But getting into that routine really helped me to understand more about what was happening with the business and where the money was - previous accountant just let me do what I wanted and only sorted things out at the end of the year, which wasn't good practise.

Doing things regularly doesnt' take much discipline if you are nagged enough to do it - and it helps things run smoother if you do it regularly.

I think it's great you're more engaged. With the government's digital initiative you'll be doing practically what's required anyway!

[dagenheis]

Yes. 6 years ago. And numerous times since. Doesn't appear to be on their radar.

That's true - it's a long standing feature like couple of other features which they seem to agree that it would be useful to add but there is no guarantee when it will be made available.

However, I 'd still prefer Freeagent over other bespoke portals or spreadsheet provided that there is a good accountant who can offer a tailored service (full monthly or right-sized) to match client's needs. Otherwise there is no point in using this for bookeeping only as you will still need to fiddle around with journal entries to reconcile balances. So even a spreadsheet would be better if that's what a good accountant supports rather than FA.

By the way, another reason for using invoices for self-billing is that you don't have to deal with year-end journal entries for Debtors seems like a pain to get things right for sales/VAT stuff.

[DallasDad]

Picking up on the doing things regularly comment, which may be of benefit to the OP if a self confessed scatter brain

Is it good or required practice to run and then pay payroll out of the business bank account pretty much on a set date every month or by the end of the month?
It obviously looks good from a being a 'proper company' pov but is there a more important, month end, book keeping type reason?

My accountant reminds me monthly to do it on the 28th.
Would she do that if there wasn't just cause?

[DallasDad]

Yes. 6 years ago. And numerous times since. Doesn't appear to be on their radar.

@ Martin and Andrew yep that's the only reason why I mentioned it cos I read it in the Daily Mail...... no I mean the FA forum, hadn't notice it goes back 6 years though!
I do the same as Martin suggested it really isn't a big issue.

Dunno why I mentioned now really


.

[missinggreenfields]

Im also not too good at doing things regularly, are there any practical problems with updating FA irregularly when it suits me?

I don't use FreeAgent so can't comment on how it works - but when I moved to InTouch one of the things that I liked was that I couldn't ignore things like I had with my old accountant.

Every month, I spend a few minutes with the bank statements and the few expenses that haven't gone through the company accounts (used to be lots more) - maybe half an hour to do the multiple bank accounts and the different client invoices.

But getting into that routine really helped me to understand more about what was happening with the business and where the money was - previous accountant just let me do what I wanted and only sorted things out at the end of the year, which wasn't good practise.

Doing things regularly doesnt' take much discipline if you are nagged enough to do it - and it helps things run smoother if you do it regularly.

[Michael at BI Accountancy]

My accountant says I have to pay for it, is that the norm.

Varies from accountant to accountant, majority on here (ourselves included) will include FreeAgent in your monthly fees. The reason being we are able to get a discount which we can pass onto the end client, also it help's to have one fixed fee for all things 'accounting'.

If you are simply using an accountant for the EOY then I would expect that you will need to pay for the subscription giving your accountant a login to access the account.

[northernladuk]

Payroll seems pretty straightforward to follow has anyone had problems with HMRC? Dont want to get into trouble too early.

Why would you think people have problems with HMRC if you use a market leading tool and do everything on time?

Im also not too good at doing things regularly, are there any practical problems with updating FA irregularly when it suits me?

Don't wanna be rude but why would you think, bar submitting at the right date to HMRC, doing stuff irregularly would be a problem? The whole point is you are in control of it.

Oh, hate to keep going on, but does anyone have problems when their accountant gets involved with FA. Mine started going on about journals and thats way beyond me. I've also found out that some people get it for free. My accountant says I have to pay for it, is that the norm.

Thanks, you are all great.

Yep they do journal entries and it's what I pay them for so leave them to it. How can it be the norm when you already know some get it for free? Do a search for freeagent accountant and have a look.

We love to help but you do have to think a bit.

[katyrobbinson]

Thanks everyone for the useful comments. Ive been playing around with the free test.

Payroll seems pretty straightforward to follow has anyone had problems with HMRC? Dont want to get into trouble too early.

Im also not too good at doing things regularly, are there any practical problems with updating FA irregularly when it suits me?

Oh, hate to keep going on, but does anyone have problems when their accountant gets involved with FA. Mine started going on about journals and thats way beyond me. I've also found out that some people get it for free. My accountant says I have to pay for it, is that the norm.

Thanks, you are all great.

[northernladuk]

Have you raised it with FA? I sound like NLUK!

Oiiii.. You saying that's not a good thing???

[Andrew@Wisteria]

Yes. 6 years ago. And numerous times since. Doesn't appear to be on their radar.

That's a shame. Maybe a few people will after this thread.

[philip@wellwoodhoyle]

This is the big reason for doing it right in my book and worth the 5-10 mins each month if it catches an incorrectly paid invoice just once!

Martin
Contratax Ltd

Exactly why I recommend that clients create invoices in FAC even if they don't need to send them anywhere. Not just minor changes either - I've seen a few instances where a client/agency has missed a week (or even a month once) of payments and the client just hadn't noticed (yes, hard to believe, but it does happen).

I once picked up a missed payment for four weeks of time - the agency paid 4 weekly and the client saw a payment from them every month on his bank statements and didn't think that one month each year there should be two payments!! Luckily the firm was still in business so paid up, but they took some convincing.

[TheCyclingProgrammer]

Have you raised it with FA? I sound like NLUK!

Yes. 6 years ago. And numerous times since. Doesn't appear to be on their radar.

[Andrew@Wisteria]

I also do it this way though I'd like it if FreeAgent did have better handling of self-billing arrangements.

It could be something as simple as being able to flag a bank transaction when reconciling as "invoiced by external system" and entering a reference (the external invoice number) and the invoice date (the important bit).

Have you raised it with FA? I sound like NLUK!