FreeAgent

FreeAgent, a provider of cloud-based accounting software, was established in 2007 by Ed Molyneux, Olly Headey, and Roan Lavery. The founders, who had backgrounds in IT contracting and the military, experienced firsthand the difficulties of managing finances as freelancers. This personal frustration with spreadsheets and complex accounting software directly led to the creation of a platform tailored for the specific needs of freelancers, contractors, and small businesses.

The company's core offering is a comprehensive accounting software-as-a-service (SaaS) platform designed to simplify financial management for its target audience. Subscribers gain access to a suite of tools that handle invoicing, expense tracking, payroll, tax return filing, and project management. The platform integrates directly with bank accounts to provide a real-time overview of a company's financial health. Its business model is predicated on monthly or annual subscription fees, with different pricing tiers available depending on the business structure, such as sole trader, partnership, or limited company.

A significant milestone in FreeAgent's history was its acquisition by The Royal Bank of Scotland Group (RBS), now NatWest Group, in 2018. This acquisition has allowed FreeAgent to offer its software for free to NatWest and Royal Bank of Scotland business banking customers, substantially expanding its user base. The software's key features include automated invoicing, expense management through receipt scanning, a dashboard for cash flow visibility, and direct filing of Self Assessment and VAT returns to HMRC, which is a critical function for UK-based businesses.

Keywords: accounting software, freelancer finance, small business bookkeeping, SaaS, expense tracking, invoicing software, tax preparation, financial management, payroll services, cloud accounting