FreeAgent Integration with GoCardless. How it actually works

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Since the accounting world has been introduced to cloud-based accounting software, it has changed how accounting is done. Form saving time and effort to making mundane tasks simple for users. Cloud-based accounting has done wonders. To top it all, GoCardless has come to make it even better. GoCardless has become pretty famous due to its direct debit feature. It has support for numerous applications and online accounting software. The integration makes the whole GoCardless experience a lot better. FreeAgent is one of the cloud accounting software that has support for GoCardless integration. If you have both and have not been making use of the integration between the two, then you are missing out big time. There are several benefits of working with GoCardless and FreeAgent together. We will be talking about the advantages shortly. However, before we jump into that, let’s learn a bit more about GoCardless and FreeAgent.  

What is FreeAgent 

FreeAgent is an online cloud-based accounting software. It has been designed specifically for freelancers and small business to do their numbers. It is based on simplicity and helps you stay on top of everyday record keeping. It becomes easy for you to do the mundane and time-consuming tasks in a matter of minutes, and the rest is taken care of by the software. The good thing about it is that it is totally based on the web. So, in order to access it, all you need is a smart device that supports web and a good internet connection. Consequently, you can access records anywhere, anytime. Moreover, the software also provides data back up support, so you never have to worry about losing any important information or data. FreeAgent also makes use of high-end encryption, similar to what the banks use in order to offer privacy.  

What you can do with FreeAgent: 

FreeAgent provides a range of features that small businesses and freelancers can use to make their lives easier. Some of the most notable advantages are: 

  • FreeAgent allows users to shape professional invoices and estimates. These then can be sent, and the payment is tracked automatically by the software. 
  • FreeAgent also provides an automated Bank feed with which users can reconcile their bank transactions. 
  • The most liked thing about FreeAgent is how little effort it requires from you to manage your expenses. 
  • You also have the option to generate timesheet reports as well as manage projects and keep track of deadlines and time left. 
  • FreeAgent also lets you submit your tax returns directly to HMRC. 
  • The best part? FreeAgent can be accessed on a smart device on the go. There is no need for an app. Just simply open the browser and log into your FreeAgent account and you will be good to go.  

FreeAgent professionally provides users with a real-time summary of the finances of the business. Consequently, it becomes easier for business owners to stay on top of their fiancé records as well as other financial aspects of the business. It provides unlimited transactions that can be processed at any time. Moreover, you can share the account with others in order to work as a team, and there is no limit to the number of people you can share it with. As a result, it is easy to coordinate with your account even if you cannot meet them in person since they can access your account from a distance through sharing.  

What is GoCardless? 

Now let’s have some insights into what GoCardless is. You may have heard about the direct debit. GoCardless excels in direct debit and makes it the simplest thing to do for its customers. Direct debit is a globally renowned payment method that is trusted by many. Finance UK’s research concluded that around 75% of consumer payments in the UK are accounted for by direct debit. Moreover, in Germany, 60% of cashless transactions are done through direct debit and in Australia, 36% of cashless payments. So, it is pretty safe to say that most people that you are in business with are familiar with GoCardless. They probably already use to make payments for their Utilities like electricity bills, nursery fees or gym memberships. Let’s get into the specifics of GoCardless and direct debit and what they do: 

  1. All of your regular payments such as software subscriptions, variable business invoices and even instalments for a holiday can be paid through Direct Debit and GoCardless. 
  2. Some stats for GoCardless tell us that it is one of the world’s leading direct debit providers. Worldwide there is around £5 billion worth of payments made through direct debit provided by GoCardless. This amount covers around 30,000 organizations through Europe, the UK and even Australia. 

Some major benefits of GoCardless include: 

  1. With GoCardless, you don’t have to set up paying more than just once. It requires you to set it up just one time, and you will be good to go. All you need to do is fill a form online and then forget to pay the proceeding time unlike cash, cheque, card payment or bank transfer. Consequently, you won’t face any unwanted disruptions to your subscription, service or membership. 
  2. Another great benefit of GoCardless is that you don’t have anything to worry about when it comes to updating any payment details. This applies for as long as you don’t change your bank account. So, unlike your debit card, lost, stolen or expired, you don’t have to put in the details or alter them. 
  3. Certainty is another important factor that makes GoCardless standout. It keeps you informed and updated about exactly how much you are paying and when the payment will come out. So, GoCardless makes budgeting extremely easy. 

The setup procedure for GoCardless and FreeAgent Integration 

The setup procedure for GoCardless and FreeAgent Integration

Step one: 

The first requires you to enable GoCardless by selecting connections visible in a drop-down menu when you open FreeAgent. It is present at the top right of the window. Once you select connections, choose the Manage GoCardless option and from there Enable GoCardless. The first step is done. 

Step two: 

Make a GoCardless account or sign in to a previous account. After you have signed in, you will simply have to confirm the connection between FreeAgent and GoCardless. The integration will come into action. Now all your customers can register for a direct debit mandate. All of the payments can now be automatically collected. 

Now that we are familiar with both GoCardless and FreeAgent let’s dig into the advantages of GoCardless and FreeAgent integration that we talked about in the beginning. 

Bookkeeping arrangement that gives a total payment strategy  

Research has demonstrated that 78% of independent companies in the UK utilize more than one cloud programming based around bookkeeping to make things simpler. This product incorporates online software, FreeAgent being one of them. Organizations have been consistently utilizing FreeAgent to track their monetary issues. By Integrating FreeAgent with GoCardless, you will approach a few favourable circumstances. For example,  

Perhaps the best-preferred position of GoCardless and FreeAgent amalgamation is Direct Debit instalments as talked about previously. You can, without much of a stretch, offer your instalment exchange to the cloud bookkeeping programming. Thusly, the majority of your information will be in one spot consequently.  

Another bit of leeway of this joint connection is that the majority of your exchanges will be naturally refreshed on the off chance that you approach bank feed that is life. The majority of the payments taken place will consequently be refreshed in the feed, lessening work for you and sparing time.  

You will approach consistent and smooth transactions and bookkeeping records. The amalgamation among GoCardless and FreeAgent takes into consideration a bookkeeping arrangement that provides a total payment strategy. It is a bookkeeping technique that maintains your funds in control and spares a great deal of time and exertion.  

All things considered, GoCardless has changed the game for such a large number of individuals, particularly because of its mix with FreeAgent. From streamlining the business to stay up with the latest and speedy exchanges has changed how individuals do bookkeeping. Each time you get another client, FreeAgent incorporation will consequently fill in the subtleties for both softwares, and you won’t need to enter information twice.  

Have your exchanges naturally accommodated  

The direct charge is an unimaginable favourable position that GoCardless and FreeAgent coordination offers. Be that as it may, there is one more thing that makes life simpler, and that is automated reconciliation. The work for organization goes from a great deal to insignificant as when FreeAgent and GoCardless utilized together offer automated reconciliation service as the virtual products do everything all alone, and you should simply experience it to check.  

The record is taken straightforwardly into your records  

Every one of the payments that you get is shown in the live feed. Each exchange shows up in the live feed, including all your GoCardless exchanges.  

You don’t need to stress over accommodating your exchanges with solicitations as it is done naturally. FreeAgent coordinates all the approaching payments coordinating it with the applicable receipt. The charge for GoCardless is additionally consequently taken care of by FreeAgent and is joined as a cost.  

Improved cash flow.

Predictable payments lead to improved cash flow. 

Close by the automation of reconciliation and acceptance of payments. You likewise get these points of interest of FreeAgent and GoCardless coordination:  

  • You get an ordinary and sorted out just as an unsurprising image of your payments. This is a direct result of the standard income because of solicitations paid on schedule.  
  • Checking your money will turn into the least demanding thing ever. The reconciliation offers a live show of all the money streaming. Every one of the exchanges is joined and coordinated in the records, so it ends up simpler to have an anticipated income.  
  • On the off chance that any exchange or instalment neglects to happen, a snappy notice will be sent to you. Therefore, you never pass up any customer who has not paid or has neglected to pay and can settle on an educated choice about the circumstances.  

On-time with no delays 

Probably the most recent aftereffects of the research demonstrate that SMEs are owed around 26.3 billion pounds in the past due instalments. This demonstrates there is an incredible issue of delayed payments in the UK for organizations. In this way, GoCardless FreeAgent combination makes it simple to make payments. Notwithstanding, there are a few different focal points of this joining with respect to delayed payments:  

  • Delayed payments are not an issue any longer as the two programming projects work connected at the hip to make payments on time naturally. Clients never again need to stress over making payments. As the receipt payment cutoff time is come to, money is naturally taken from people’s accounts to make the payment.  
  • There is a matured indebted person report in the application that takes information from both applications and shows in FreeAgent, staying up with pretty much all the late payments.  

A payment solution improving with the clock  

As per GoCardless’ very own case, they are continually discovering approaches to make making payments for individuals simpler, easier and quicker consistently. Another thought process they have is to make this practical, and they can accomplish this with their reconciliation with bookkeeping software dependent on the cloud. 

GoCardless’ immediate incorporation with FreeAgent enables clients to encounter the advanced time of making and accepting payments. It keeps on advancing and improve with time. New highlights are included as often as possible, improving it than previously. Sharing business information turns out to be very simple and brilliant income takes into account smoother the executives of assets. 

“GoCardless has been a real game-changer. It’s been fantastic knowing that the money is coming in every month without us having to chase it. It has really streamlined the business. 

When we create a new client, the integration with our FreeAgent cloud accounting software means we don’t have to replicate them in two different systems. So, it’s also a great time-saver from that perspective,” Fraser Sutherland, Co-founder, Lyles Sutherland – uses GoCardless for FreeAgent. 

In Conclusion 

As the business world is continually moving towards software in all aspects, it is the right time to get the best out of them. FreeAgent and GoCardless integration offer a lot of advantages for small businesses and freelancers that can make their lives easier and simpler. It also saves a huge chunk of time which can be used for other productive tasks to grow the business.