Unlocking deeper insights: introducing Tracking Groups in FreeAgent

As your clients grow and their businesses become more complex, simply having a top-line overview of financial performance is no longer enough. That’s why we’re excited to roll out Tracking Groups in FreeAgent; a new way to slice and dice financial data so you can see exactly how different areas of a business are doing.

What’s new?

Whether you’re keeping an eye on specific locations, spot-checking sales across different channels, or diving into departmental spending, Tracking Groups give you the flexibility to uncover deeper, richer insights right inside FreeAgent.

You can now:

• create up to five Tracking Groups with up to 25 labels in each group
• label bank transaction explanations and out-of-pocket expenses
• explore the new Tracking Groups Report for a clear P&L breakdown of every group

For example, say an accounting practice works with a bakery that has three locations across Scotland. The practice could set up a ‘Locations’ Tracking Group with labels for Edinburgh, Dundee and Glasgow. By assigning transactions and expenses to each label, the practice could easily see if their client’s Edinburgh bakery is outperforming Dundee and make data-driven decisions to support growth. The same could be done for other areas of the business, such as departments or other cost centres.

And this is just the beginning. Over the next few months, we’ll be expanding Tracking Groups to support bills and invoices, giving you full end-to-end tracking across both sales and purchases, as well as rolling out further improvements to make Tracking Groups an even more powerful and easy-to-use reporting tool.

Supporting larger businesses and accounting practices

With Tracking Groups in your toolkit, your practice gets more flexibility when it comes to financial reporting. By making it effortless to track different corners of a business, you can quickly gather the actionable insights you need to guide smarter financial decisions.

That extra wiggle room means you can confidently use FreeAgent with clients from different industries - even those who weren’t quite the right fit for FreeAgent in the past. Plus, you can rest easy knowing growing clients won’t outgrow the platform as their needs scale up.

We can’t wait to see how Tracking Groups helps you bring even better financial clarity to your clients. Keep an eye out for more updates on our roadmap as new transaction types and reporting views land soon.