Set up rules to explain your bank transactions in FreeAgent

Do you use FreeAgent?

Are you tired of explaining the same bank transactions every month?

Do you struggle to remember when to apply 0% or N/A VAT?

Do you want less admin in your life?

DoubleAgent will make your day easier

Features

  • Set a rule up once, never have to explain those transactions again yourself
  • Extract and use reference numbers from transaction descriptions
  • Preview what a rule would do before running it for real
  • Categorise your transactions consistently
  • Reconcile (multiple) invoices, payments, money paid to user, sales, refunds, other money in
  • Handle payments split between two categories
  • Eliminate VAT mistakes

 

Coming soon

  • Reconcile Stripe and GoCardless payments
  • All other transaction types

I love FreeAgent. I have been using it since the beginning (I'm user number 12!) and I couldn't run my business without it.

I have many bank transactions which repeat month after month: software subscriptions, recurring invoice payments, insurance, salary, bank interest, etc. Individually they don't take too long to explain in FreeAgent, but together they add up – which is galling because they're always the same.

Over time I have found it extremely helpful to explain my bank transactions automatically (via FreeAgent's API). Never again do I have to remember whether a software subscription has VAT of 0% or N/A, or when to apply the EU reverse charge. My invoices are explained automatically and my expenses categorised consistently.

Recently I also started auto-reconciling payments received from GoCardless and Stripe. That really saves time: no more logging into GoCardless or Stripe, finding the payout, breaking it down into individual payments and tracing them back to my customers in FreeAgent. It's great.

Then I thought other people would find this helpful too. So I built DoubleAgent. I'm taking each rule from my own explaining software, making sure it's totally robust, and moving it into DoubleAgent for everybody to use.

In due course DoubleAgent will do a lot more besides (see below) – but for now it's all about the explanations.

Try it out and see how much time it saves you. Personally it saves me a couple of hours per month. If you're not convinced you can cancel at any time.

— Andrew Stewart

How does DoubleAgent work?

First you connect DoubleAgent to your FreeAgent account. Then DoubleAgent guides you through setting up rules to explain your transactions. You can preview the results as you go to make sure they're right. DoubleAgent will then check your FreeAgent regularly for any new transactions and explain them for you. Tada!

Pricing

All accounts start with a 14-day free trial. After that:

Limited company

£7 /month + VAT

Partnership/LLP

£6 /month + VAT

Sole Trader

£5 /month + VAT

If you have a different type of account, e.g. Universal, let us know and we will extend DoubleAgent to support it.

You can cancel at any time. Once you do, it's impossible for DoubleAgent to access your FreeAgent account any more, and all your DoubleAgent data will be deleted.

Why trust us?

The system

  • Everything note-worthy in our database is encrypted, e.g. your name, your password, your company name, bank account names, security tokens, etc. Even if the database were stolen, an attacker couldn't do anything with it.
  • The system imports from FreeAgent the minimum amount of data it needs to operate. For example, it imports your bank account name (and stores it encrypted) but not the account number or sort code.
  • The system does not touch any transactions you have already explained in FreeAgent. All the work you have already done explaining transactions is safe.
  • You can see every single update DoubleAgent makes to your FreeAgent account in the Logs. You can click through each one to see the actual explanation in FreeAgent.
  • You can undo every single update DoubleAgent makes to your FreeAgent account. Each rule lists the transactions it has explained (as do the Logs) and you can click the undo icon next to any explanation to remove it from FreeAgent.
  • You can have your rules create explanations which are "marked for approval" in FreeAgent (see FreeAgent's help on Approving transactions), which means you can keep your DoubleAgent explanations separate from the rest. Explanations which are marked for approval are orange in FreeAgent, allowing you to check them before you approve them.

The people

  • I have been writing software professionally for 17 years, including 5 years at a leading hedge fund writing financial software which successfully processed hundreds of billions of dollars of transactions. For the past 9 years I have been running another software-as-a-service website handling tens of millions of dollars worth of merchandise for several dozen multinational brands and agencies, with zero incidents.
  • I eat my own dogfood: I use DoubleAgent to explain all my bank transactions in FreeAgent and it saves me lots of time and hassle. I care very strongly about protecting my data and I have built DoubleAgent cautiously, thoroughly, and conscientiously.

The policies

What are our plans for DoubleAgent?

Automating the bank explanations is just the first step. Our end goal is "Analytics and Insights for FreeAgent".

We want DoubleAgent to show you the facts and figures in FreeAgent in new ways. For example, a chart of your 10 best customers by sales; or your project expenses by week. DoubleAgent could also spot trends such as seasonal cash flow, "clumpy" recurring invoices, creeping expenses, and so on.

FreeAgent produces amazing accounts. We want DoubleAgent to help you understand what the accounts are actually saying to you – like a horse whisperer, but for your business :)