Faster Payments with FreeAgent

At Flow, we know how important it is to receive client payments on time and with minimum fuss. Speeding up this process is an integral part of any flourishing business and, in today’s cyber-centric world, it’s easier than ever. If you need fast, user-friendly payments capabilities, FreeAgent cloud accounting software is an excellent option.

If you’re not sure where to start, Flow’s team of expert cloud accounts can help you set up and use FreeAgent. Interested in knowing more? Here is an overview of FreeAgent’s payments capabilities:

Online Payments
Gone are the days of cheques in the post and wired money orders. Today, business transactions can be conducted instantaneously from anywhere in the world and all with the click of a button. Integrating this function into your business is essential if you want to keep up with modern trends and stay ahead of the curve.

With FreeAgent’s comprehensive payment capabilities, your customers can make payments using their preferred method. FreeAgent supports a broad range of trusted payment providers, including:

GoCardless – This innovative system replaces direct debits by withdrawing the money directly from your client’s bank account periodically. GoCardless is also handy for one-off payments too. As part of the arrangement, GoCardless will take 1% of the total transaction amount or a maximum of £2.00.

Stripe – With Stripe, customers can use debit or credit card to pay invoices. The charge is 1.9% (plus a 20p fee) for all Mastercards, Visas and American Express cards issued in the UK and 2.9% (plus a 20p fee) for all cards issued abroad.

PayPal – PayPal, one of the biggest and most respected payment sites around, is compatible with FreeAgent. In fact, PayPal Business or Premier account holders can also sync their accounts together, allowing for automatic invoice status updates and other features. PayPal charge between 1.4% and 3.4% (plus a 20p fee) per transaction, depending on the frequency and size of your transactions.

Dwolla
– This American service allows customers who hold a US account to receive the invoice payment directly into their bank.

All of these services are incredibly easy to integrate into your FreeAgent account and can be linked to directly on the invoice itself. If you need help setting up your preferred payment providers on FreeAgent, Flow’s team of cloud accounting experts can guide you through each step.

Multi-currency
Do you want to expand your business on a global scale? If yes, you’ll inevitably work with clients that don’t speak the same language or use the same currency. Fortunately, with FreeAgent’s advanced cloud software you can send invoices in more than ten different languages and specify which currency to use from more than one-hundred options.

FreeAgent’s partnership with xe.com ensures the conversion rates are up-to-date and accurate. FreeAgent can also compare the equivalent amount in your currency on the payments date against the invoice date and calculate “realised”and “unrealised”gains and losses for you automatically. These margins can have a tremendous impact on your bottom line. If you need assistance with these features, the cloud accounting experts at Flow can walk you through the multi-currency invoicing process.

Expenses
With FreeAgent, you can log all of your business expenses. As a result, calculating the total amount you should claim back and providing the necessary records is a straightforward process.

To add an expense in FreeAgent, follow these steps:

  1. Select the user (person) who incurred the expense, and click on “Add New Expense”.
  2. Decide whether it’s a payment or a refund (it’s normally a payment), as well as categorising it.
  3. Specify the date, amount and currency for the payment.
  4. Add a short description to remind you at a later date what the expense was.
  5. Link to an existing project or customer, if necessary.
  6. Set up a recurring expense claim, if necessary.

Smart User Payments
With FreeAgent’s Smart User Payments feature, you can pay your salary and expense reimbursements, then create a dividend voucher for the remainder.

Putting the Flow into FreeAgent
FreeAgent is a user-friendly platform, and we’d highly recommend it to novice and tech-savvy people alike. However, if you need help with the basics or even the tricky details, Flow’s knowledgeable team of cloud accounting experts are ready. Whether you want to utilise FreeAgent’s Smart User Payment system, record expenses on the go or accept credit card payments, we’ll help you with the setup and ongoing use at every step.