FreeAgent vs Quickbooks - Comparison for UK businesses

An accounting software is a valuable computer program designed to assist businesses in tracking their financial transactions effectively. It offers many functions, including recording income and expenses, managing inventory, generating reports, and facilitating tax preparation.

Regardless of the business size, an accounting software is essential in maintaining an organisation and ensuring compliance with financial regulations in the UK.

Here we comprehensively compare two popular accounting software solutions tailored specifically for UK businesses: FreeAgent and QuickBooks. Although both options offer a wide range of features, they possess distinct strengths and weaknesses.

This article will give readers insights to evaluate and select the more suitable option based on their specific needs.

Wise Business proudly stands as an integration partner for both FreeAgent and QuickBooks. This partnership empowers Wise Business to connect these two accounting solutions seamlessly, enabling businesses to transfer data effortlessly between them.

This feature proves highly advantageous for companies utilising FreeAgent and QuickBooks, as it significantly saves them time and effort managing their financial records.

If you're a business sending more than 100,000 GBP (or equivalent) monthly across different currencies, get in touch with the Wise Business sales team to discuss the best solutions for your needs.

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What is FreeAgent?

FreeAgent¹ was introduced in 2007 and is cloud-based, allowing browser access. It includes mobile apps for both Apple and Android smartphones, just like all the top accounting software on the market.

FreeAgent provides all the capabilities you anticipate from online accounting software, including sending quotes, invoices, and payment reminders. It also helps track mileage and expenses, manage projects, and issue timesheets.

FreeAgent is a popular choice for small businesses in the UK. It has a 4.6 star rating on Trustpilot, based on over 10,000 reviews.²

FreeAgent review - Main features

Earlier, we discussed what is FreeAgent. Now, we will shed some light on the FreeAgent review and its main features.

When managing your small business's finances, FreeAgent offers a comprehensive suite of features that will keep you on the right track. With its user-friendly interface and powerful capabilities, FreeAgent is the ultimate solution for all your financial needs.

Feature	Comment
Estimates and Invoices	Effortlessly create and send professionally designed estimates and invoices to your clients. Keep track of your payments and ensure timely invoicing to maintain a healthy cash flow.
Expenses	Say goodbye to the hassle of paper receipts. Snap a photo with your phone and upload it to FreeAgent. Your expenses will be organised, making tax time a breeze.
Time Tracking	Track your time accurately using the built-in stopwatch or smart timesheets. Ensure that every minute is accounted for and properly billed to your clients.
Dashboard	Keep a close eye on your cash flow with FreeAgent's intuitive dashboard. Get a real-time financial health overview and stay informed about upcoming tax deadlines.
Banking	Connect your bank accounts to FreeAgent and effortlessly import transactions. Say goodbye to manual data entry and reconcile your accounts with ease.
Projects	Gain valuable insights into the performance of your projects. Track your income, expenses, and profitability all in one place. FreeAgent gives you a bird's eye view of your business's financial success.
Wise Business integration	FreeAgent integrates with Wise Business, which allows you to make international payments quickly and easily.

Freeagent payroll

Suppose you find payroll and accounting to be intimidating. In that case, you might want to think about using FreeAgent as it is a simple, user-friendly solution to complete those necessary activities.

One component of FreeAgent online accounting platform is payroll. It is a platform that complies with HMRC standards. And it was named the Small Business Accounting Software of the Year at the 2018 Accountancy Excellence Awards.

You can use FreeAgent with or without an accountant and get automatic tax reminders and forecasts. You can automatically generate payslips for all employees each month and create P60s for employees.

FreeAgent goes above and beyond in providing essential features for small businesses, and its integration with Wise Business takes it to a whole new level. By seamlessly combining the FreeAgent payroll feature withWise Business, you can make international payments with ease and efficiency. This integration is particularly valuable for companies with employees working across different countries.

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Here are some additional benefits of using FreeAgent's payroll feature:

• It is easy to use and set up.
• It is automated so that you can save time.
• It is integrated with other FreeAgent features, such as expenses and invoicing.

FreeAgent pricing³

When it comes to pricing FreeAgent offers flexible options tailored to meet the needs of various entities. The account software provides different plans from small businesses to freelancers, to accommodate specific requirements.

Additionally, FreeAgent has partnered with NatWest, Royal Bank of Scotland, and Ulster Bank to offer a free account, adding further value to its users.

Let's take a closer look at the pricing model and compare the plans based on the type of entity.

Entity type	Plans available
Limited Company	Monthly Subscription: £29 per month Annual Subscription: £290 per year (save £58)
Partnerships & LLP	Monthly Subscription: £24 per month Annual Subscription: £240 per year (save £48)
Sole Trader	Monthly Subscription: £19 per month Annual Subscription: £190 per year (save £38)
Landlords	£10 per month per additional user

FreeAgent support

Support is very important for daily-use software such as FreeAgent because it can help you solve any issues or questions you may have while using the software. You may need FreeAgent support for various reasons, such as:

• Setting up your account and getting started with FreeAgent.
• Switching from another accounting software to FreeAgent.
• Troubleshooting any problems or errors you encounter.
• Understanding how to use different features and functions of FreeAgent.
• Filing your taxes and end-of-year accounts.
• Getting advice and tips on how to manage your business finances better.

FreeAgent offers several ways to get support when you need it. You can:

• Visit their Knowledge Base, where you can find articles, guides, videos, and webinars on various topics related to FreeAgent.
• Contact their support team via email or phone, and get help from their friendly and experienced UK-based support accountants.
• Book a 20-minute call with their support team and get a personalised walkthrough of FreeAgent.

The support hours are Monday - Thursday, 9 am to 5 pm, and Friday, 9 am - 4 pm (UK time). The calls are free from UK landlines and mobiles and are recorded for monitoring, training, and security purposes.

What is Quickbooks?

Intuit QuickBooks⁴ is a versatile financial and business management suite that offers a comprehensive range of accounting solutions.

Some UK businesses prefer the convenience of a desktop application. Others prefer the flexibility of an online platform or the accessibility of a cloud-based system. This software caters to all your financial recording and reporting needs across different parts of your organisation.

It has gained popularity among medium-sized and small businesses due to its user-friendly interface and robust reporting capabilities.

Quickbooks provides a range of features such as electronic payments, remote access, online banking, and reconciliation, among others.

When it comes to Trustpilot's review data, comprising over 100,000 evaluations, users rate QuickBooks at 4.6 stars⁵. In addition, many customers have overwhelmingly expressed satisfaction with the software, praising its impressive capabilities, affordable pricing, and ease of use.

Quickbooks reviews - Main features

Here is a QuickBooks review and its main features that are mentioned below:

Feature	Comment
Invoice Creation and Tracking	Creating invoices from scratch or an earlier estimate is made easier by QuickBooks. You may track the amount of unpaid invoices and the specifics of your account receivables and payables, and you can send the invoices to clients by mail, hard copy, or printout.
Payroll Management	Both a full-service and self-service payroll solution are offered by QuickBooks. Up to 50 employees can be paid by direct deposit or check by small firms, and the program will automatically calculate and file your state and federal taxes.
Billing and Tracking Functions	QuickBooks allows businesses to link their bank and credit card accounts. In this instance, it will automatically keep track of your expenses and bills. Additionally, the system will produce reports that you may use to examine your spending habits. QuickBooks can be used to keep track of upcoming bills.
Online Payments	With the help of QuickBooks' online bill payment option, small businesses may pay their bills quickly and easily using a credit card, bank transfer, or directly from the program.
Easy Financial Statement Creation	Since QuickBooks controls your outgoing and incoming transactions, you can print corresponding financial statements quickly. A statement of cash flows, profit and loss statements, and balance sheet reports are among them.
Inventory tracking	When you sell merchandise, QuickBooks keeps track of it and determines your taxable income at the end of the year. Every cycle, the system computes your taxes and prints all the data you need to submit your returns.
Wise Business	Smart Business Connect your QuickBooks account with Wise Business to send money abroad quickly and affordably.

Read more: Xero vs Quickbooks: head to head comparison

Quickbooks payroll

Quickbooks Payroll is one of the few accounting software that helps automate payroll tax reporting. There are 2 versions available for Quickbooks online payroll - Standard Payroll and Advanced Payroll that can be added to your existing Subscription.

The service is tailored to SMEs to help them automate real-time submissions to HMRC from any location. You can set up multiple pay schedules (both weekly and monthly) within one QuickBooks company account.

When you combine the power of QuickBooks and Wise Business, your company can pay employees and contractors all over the world with ease.

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Use the same QuickBooks platform to streamline international financial operations, strengthen security, and take advantage of opportunities presented by global payment management.

Quickbooks prices⁶

Quickbooks offers different pricing plans for different types of business entities. Here is a table that compares the QuickBooks prices and their plans according to the entity type:

Plan type	Price
Simple Start	Monthly Subscription: £7 in the 4 first months, £14 after that
Essentials	Monthly Subscription: £12 in the 4 first months, £24 after that
Plus	Monthly Subscription: £17 in the 4 first months, £34 after that
Advanced	Monthly Subscription: £35 in the 4 first months, £70 after that

Quickbooks support

Quickbooks provides various channels and times for customers to get support when needed. Here are some of the ways you can contact Quickbooks support:

• Phone: You can call Quickbooks on their given phone number.
• Chat: You can access the chat feature from the Quickbooks website or app.
• Email: You can email Quickbooks at support@quickbooks.co.uk. You can expect a reply within 24 hours.
• Community: You can join the Quickbooks community and get answers from other users and experts.
• Video tutorials: You can watch videos using Quickbooks features and functions on the Quickbooks website or app. You can subscribe to the Quickbooks YouTube channel for more videos and tips.
• Social media: You can follow Quickbooks on Facebook, Twitter, Instagram, and LinkedIn for updates, news, tips, and events. You can also send messages or comments to Quickbooks on these platforms.

FreeAgent vs Quickbooks - final comparison

Here is a table that compares the prices and main features of FreeAgent and QuickBooks:

Features	FreeAgent	Quickbooks
Features	Banking Integration Email Integration Financial Management HR & Payroll Inventory Management Investment Invoice Mobile Support Product Database Taxation Management	Accounting Banking Integration Budgeting Database backup/restore (Management) Document Management Email Integration Expense Management Expense Tracking Financial Management Inventory Management

In summary, FreeAgent vs Quickbooks are the two prominent providers of financial management software.

FreeAgent offers pricing plans tailored to different business structures, including sole traders, partnerships, and limited companies, with additional plans specifically for research and development businesses. Their main features encompass invoicing, expense tracking, time tracking, project management, and tax-related services.

On the other hand, we have discussed what is Quickbooks in detail. It provides a range of pricing plans for self-employed freelancers and businesses of various sizes. Their features include mileage tracking, receipt capture, invoice creation, payment reminders, bill management, time tracking, inventory management, and project profitability analysis.

Choosing between FreeAgent and Quickbooks depends on your specific business needs, budget, and preferences.

Sources used in this article:

1. Easy-to-use small business software - FreeAgent
2. Read Customer Service Reviews of www.freeagent.com
3. FreeAgent Pricing
4. QuickBooks - Intuit
5. Intuit QuickBooks UK Reviews
6. Quickbooks Pricing

Sources last checked June 30, 2023