What do you like best?
FreeAgent brands itself as for freelancers and small businesses, but in reality it is only appropriate for one man bands at best. For those people FreeAgent is a do it all product that while not excelling at anything, can quite aptly do many things quite well for a reasonable price. It has it all covered from invoicing, bank feeds, expenses, payroll, tax estimation, profit and loss, VAT to online filing of self assessment tax returns. Features wise, it's very good.
What do you dislike?
General user experience is very awkward, it just simply doesn't work as well as many of it's competitors (Xero, Kashflow, Quickbooks Online etc). It strikes me that the very basic of it's double entry & how the data interacts with itself is just build wrongly from the ground up, you can't do basic things such as adding a credit note for part of an invoice (instead it must be written off as a bad debt, even if it isn't). Doing certain things feels like wading through very difficult treacle, things that are done very easily on it's competitors platforms.
Aside from that, the integrations are quite limited, but that isn't surprising considering how it positions itself in the market is in direct competition to anyone who places them self as a cloud integration specialist who can help with this kind of thing. That is a feature which severely limits itself as any kind of long-term growing business solution.
For full disclosure, I'm an accountant by trade and FreeAgent is positioning itself to be the software that removes businesses from needing one, but which will result in business paying more tax, doing things wrongly and not managing themselves properly. I therefore fundamentally disagree with FreeAgent's course.
Recommendations to others considering the product
What are your long-term ambitions for the business? If you are a small one man band who sends out a few adhoc invoices a month, has to manage VAT and already knows how the tax system works inside out, then consider FreeAgent. If not then there's more powerful tools out there, which can also be cheaper (in particular see Xero or Quickbooks Online).
What business problems are you solving with the product? What benefits have you realized?
As compared to excel, you are getting a piece of software that removes the need for duplication, helps you do finance stuff more quickly and correctly, and helps with your invoicing. Only recommended for the most basic.