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Edinburgh, 21 June 2011: Online accounting pioneers FreeAgent are delighted to announce that they have been chosen to provide the critical bookkeeping component of MyBusinessWorks, Barclays Bank’s new business support package.

MyBusinessWorks is provided by Business Centric Services Group (‘BCSG’) and has been designed to give people the essential business tools needed to start and run a new business.

FreeAgent’s online accounting system helps to give users a clear picture of their financial position, and put them in control of their finances. Hosted ‘in the cloud’, FreeAgent is accessible around the clock from any internet connection, which is ideal for the way many small business owners and freelancers work. Much more intuitive and accessible than conventional accounting software, FreeAgent users can send invoices, track time and expenses as well as monitor the financial health of their business and manage projects and payments. Uniquely it also automatically prepares and files VAT returns, projects self-assessed income tax and corporation tax obligations and helps manage payroll.

FreeAgent is run by founders Ed Molyneux, Olly Headey and Roan Lavery who set out in 2007 with the proclaimed aim of ‘Democratising Accounting’. They had all been working for themselves and saw the need for an online accounting system especially designed to meet the needs of freelancers and small businesses.

Since then FreeAgent has pioneered the concept of online accounting, rapidly growing a loyal and enthusiastic community of thousands of freelancers and small business users. The company is included in the Guardian’s TechMedia Invest 100 list published in 2010, has won two Software Satisfaction Awards* and was recently selected by PCPro to join their A-List of best-in-class products.

Businessman and serial angel investor Robin Klein of The Accelerator Group was quick to recognise the potential of FreeAgent when he invested in the company in 2009. He said: “FreeAgent is an innovative and dynamic company run by passionate people who really understand the problem they’re working to solve and have a very compelling vision of a solution. I had no hesitation in giving Ed and his team my backing and support. This new partnership with Barclays and BCSG is a great affirmation that they’re on the right track.”

Founder and CEO of FreeAgent Ed Molyneux added: “There are over 270,000 businesses getting up and running every year in the UK alone and they need expert help. Our users already tell us that we take the hassle, fear and pain out of the accounting process, as well as saving huge amounts of time. We believe that by helping startups get on top of their finances from the very outset, FreeAgent can reduce the risk of failure and help them to be more successful going forward.

“We are delighted that Barclays has incorporated FreeAgent’s accounting system into MyBusinessWorks to give its start-up customers the best start possible. Just four years on from being in a start-up position ourselves we now have a proven business model, the right product, team and experience to further our ambitions, and the credibility that comes with the backing of the likes of Robin Klein and Barclays.”


For further information:
Michele Bayliss
PR Consultant
Tel: 01273 475672
Mob: 0777 937 2106

Ed Molyneux
CEO, FreeAgent
Tel: 0131 447 0011

Note to editors:

About FreeAgent:

Edinburgh-based independent FreeAgent has pioneered online accounting since the launch of its service in 2007. It has rapidly grown a loyal community of thousands of freelancers and small businesses, who pay monthly for access to its easy-to-use software.

The company is run by founders Ed Molyneux, Olly Headey and Roan Lavery who – originally freelancers themselves - 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.

In a survey, 99.5% of FreeAgent users said they would recommend the software to others, and the service won the prize for Best Newcomer at the 2009 SIFT Media Software Satisfaction Awards*. In 2010 it won the SIFT SME Accounting and Finance Software Satisfaction Award*, beating all of its desktop- and web-based competitors including Sage, Intuit, Xero and KashFlow to take the title.

In 2011 FreeAgent was selected by PCPro to join their A-List of best-in-class products.

FreeAgent was listed in the TechMedia Invest 100 list published by the Guardian in 2010.

FreeAgent’s investors include: Robin Klein at The Accelerator Group, who was named No 2 in Business XL magazine’s ‘Power Top 50 2011’ and No 22 in the Telegraph’s ‘100 Most Influential Tech Investors in Europe’, and accountancy software supplier IRIS Software, the UK’s largest privately-held software company.

To try it for free visit:
Follow us on twitter: @freeagent

About Business Centric Services Group:

Business Centric Services Group creates value adding products and services and distributes these through partnerships with financial institutions across Europe and the US, to over 120,000 small businesses. BCSG products provide real, tangible solutions for small businesses to survive and succeed while simultaneously providing financial institutions with the opportunities to differentiate their proposition, enhance customer loyalty, and grow wallet share.

For more information, visit

This press release was distributed by ResponseSource Press Release Wire on behalf of Michele Bayliss PR in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit