FreeAgent Central Helping UK Freelancers and Small Businesses to Go Global

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Online accounting software firm FreeAgent Central launches new multi-currency tool to help freelancers compete globally.

FreeAgent Central

"I believe many freelancers and small businesses are missing out on a global market because of currency barriers. Hopefully this will help businesses to enter new markets around the world." - Ed Molyneux

Estimating and invoicing overseas in foreign currency has always been difficult for UK small businesses and freelancers. Depending on the exchange rate of the day payment is physically made, businesses will make a loss or a gain on what was originally quoted.

In response to growing demand from its customers, many of who are based overseas, FreeAgent Central, the easy to use online accounting service, has created a tool that allows users to produce foreign currency estimates and send foreign currency invoices.

FreeAgent automatically calculates the daily gains and losses (realized and unrealized) on invoices from the date of invoice to the date payment is received. It also calculates tax implications and future upgrades will allow users to re-bill expenses and estimate items to foreign currency invoices.

Ed Molyneux, FreeAgent Central MD explains: “Many of our customers are based overseas and a growing number trade globally. It is in response to their demand that we have created this new service. I believe many freelancers and small businesses are missing out on a global market because of currency barriers. Hopefully this will make things easier and help businesses to enter new markets around the world.”

A real time data-feed of mid-market currency exchange rates from XE.com allows FreeAgent to calculate the daily exchange rate fluctuations of 100 different currencies, including the Euro as well as the US, Canadian and Australian Dollars.

All small businesses need to be in control of their finances, particularly in tough times. You can’t run a business without knowing the numbers. FreeAgent online software is easy to use and gives a clear picture of profit and loss, making financial decisions easier to make. This makes running a business easier.

As freelancers themselves, the three founders of FreeAgent Central needed a finance tool that would give them a clear picture of their business accounts. That product did not exist and so FreeAgent was born.

The software has a clean and simple design, highly intuitive and usable. It will prepare VAT returns, calculate self assessed income tax and corporation tax and manage PAYE and NI. Users can monitor profit and loss, send and track invoices, track time and expenses, manage projects and payments.

FreeAgent also encourages collaboration between accountant and client by allowing accountants to login to the system, so they can offer the most up-to-date advice. Accountants can easily export trial balance data to generate end-of-year accounts.

An active online community of FreeAgent customers has grown up where users openly discuss ideas, questions and problems about accounts. Additionally there is a live advice helpline where users can ‘Ask an Expert’ about financial issues they may be having. FreeAgent is accessible around the clock, which is ideal for the way many small business owners and freelancers work.

FreeAgent is subscription based with costs starting at £15 per month for a sole trader, £20 for a partnership and £25 for a limited company.

http://www.freeagentcentral.com

About FreeAgent Central

FreeAgent Central is an independent software company pioneering online accounting for the small business and freelance market. Launched in 2007, the company is run by founders Ed Molyneux, Olly Headey and Roan Lavery.

FreeAgent Central is simple but powerful online accounting and invoicing software. The innovative service quickly attracted a devoted following of users and has grown rapidly since launch, currently with 2000 subscribers and this figure growing every month. In a recent poll of FreeAgent Central users, 99.5% of people said they would recommend the software to others.

The company works in partnership with many of the UK’s largest accounting practices, specialising in freelancers, to offer the service to their clients. Focused first on the UK, the company plans to launch in Europe before going Stateside within the next three years.

As freelancers themselves, the three founders of FreeAgent Central needed a finance tool that would give them a clear picture of their business accounts. That product did not exist and so FreeAgent was born.

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Lucy Smith
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