FreeAgent is an excellent online accounting software for small businesses
FreeAgent is highly regarded as one of the best accounting software options available. It offers a range of features and benefits that make it stand out in the market.
One of the key reasons why FreeAgent is considered top-notch is its user-friendly interface and ease of use. The software is designed with small businesses, freelancers, and sole proprietors in mind, making it accessible to users with varying levels of accounting knowledge and experience.
Additionally, FreeAgent offers comprehensive accounting capabilities, including core accounting features, bank reconciliation, payroll management, tax management, project-level accounting, and support for multiple currencies. With these features, users can efficiently manage their financial records and keep track of their income, expenses, and profitability.
FreeAgent is also known for its cloud-based nature, allowing users to access their financial data from anywhere, at any time. This flexibility and accessibility make it convenient for users who are constantly on the go or have remote teams.
Another strength of FreeAgent is its integration capabilities. It seamlessly integrates with various other business tools and platforms, such as payment gateways, banking institutions, and CRM systems. This integration streamlines processes and saves time for users, as they can automate data transfer and avoid manual data entry.
Moreover, FreeAgent provides robust reporting features that give users deep insights into their financial performance. Users can generate detailed reports, such as profit and loss statements, balance sheets, and cash flow statements, which aid in decision-making and financial planning.
FreeAgent File your Final Accounts (No Accountant Needed)
In addition to its other features and benefits, FreeAgent goes above and beyond by offering end-of-year filing functionality specifically designed for businesses operating in the United Kingdom. This functionality includes the ability to file Final Accounts (FRS 105 micro-entity reports) directly to Companies House and file Corporation Tax (CT600) returns directly to HMRC.
The Final Accounts report in FreeAgent is automatically generated using the data from your FreeAgent account and is prepared to meet the FRS 105 financial reporting standard for micro-entities. Micro-entities are limited companies that meet certain criteria, allowing them to keep a simpler set of accounts. Once you’ve reviewed your Final Accounts report, ideally with the guidance of your accountant, you can easily file them directly to Companies House with just a click of a button.
For Corporation Tax filing, FreeAgent generates the CT600 form using the data from your FreeAgent account, with most of the boxes pre-filled. This form is supported for most micro-entities and includes details such as trading profits, capital allowances, non-tax-deductible expenses, and a tax calculation, among others. Once you’ve reviewed the CT600 form, ideally with your accountant, you can effortlessly file it directly to HMRC without leaving the FreeAgent platform.
Moreover, FreeAgent allows you to disclose supplementary information to HMRC via CT600A if needed. This ensures that you have the flexibility to include any additional required information in your tax filing.
FreeAgent’s end-of-year filing functionality also includes a consolidated ‘End of Year’ section, providing a clear view of your company accounts and Corporation Tax figures. It automates the generation of Final Accounts and the CT600 return using the data stored in your FreeAgent account. The system also provides email notifications to keep you updated on the submission status and allows you to easily share the filing information with your accountant for review.
Lastly, FreeAgent offers excellent customer support, with responsive assistance available through various channels. Users can get help through email, phone, or the dedicated support center, ensuring they receive timely guidance and support when needed.
In conclusion, FreeAgent stands out as one of the best accounting software options, especially for businesses in the United Kingdom, due to its comprehensive features and its ability to efficiently handle end-of-year filing requirements such as Final Accounts and Corporation Tax filings
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