One of the most popular invoicing and accounting software providers, FreshBooks has over 10 million users.
FreshBooks is fully-packed with accounting functionalities and can integrate seamlessly with other applications.
FreshBooks bloomed into a full-service accounting application catering to small businesses. It started as an invoicing solution, and developers added new features, transforming it into a user-friendly accounting application.
I use FreshBooks to track my income and expenditures. And as an accountant myself, I must say that FreshBooks features would be the best fit for sole proprietors and freelancers.
This article will be for you to learn more about FreshBooks and see if it can be the accounting solution for you and your business.
Brief Background About FreshBooks
2ndSite Inc. operates FreshBooks, a small and medium-sized-oriented accounting software platform. It is a web-based software, which users can access through a subscription.
Since 2003, the company’s headquarters has been in Toronto, Canada. Increasingly, small and medium-sized companies use FreshBooks accounting. It has a user-friendly interface and new functionalities that integrate well with leading productivity software and applications.
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How FreshBooks Works
FreshBooks has a 30-day free trial which does not require your credit card details. Signing up is as simple as entering your email address and creating a new password.
After your email verification, you can immediately start building your business profile and listing the goods and services you offer (this is the information you’ll need to fill out in invoices, estimates, and projects).
You will then have to set up your bank accounts (via Yodlee) to begin importing transactions you have made using your bank card.
The FreshBooks platform’s WePay technology lets you take credit card payments once your bank accounts are linked. You will be asked to verify every time you link an account, so you have to watch your notifications.
If you have overseas customers, you can also connect your Stripe account. It can help you record payments you have received.
You can also add team members, create invoices and bank reconciliations, and generate standard financial reports.
Features
FreshBooks is subscription-based accounting software that includes many functional features and services, such as invoicing, accounts payable, time tracking, and payroll.
It has a solid framework for the record-keeping of all your financial transactions. Like all accounting systems in the market, FreshBooks has a Chart of Accounts and General Ledgers.
Recently, FreshBooks added inventory tracking, bank reconciliation, and automatic mileage tracking on its IOS app.
Its robust cloud-based platform allows users to store all their financial data in one place.
It features a free API that enables third-party developers to integrate their apps into FreshBooks.
The software also supports multiple currencies and tax rates.
Here are the main features you can enjoy from FreshBooks:
- Create a ticket from an email
- A repository of information
- Routing tickets and automating scenarios
- An Idea Management and Voting Portal for the Community
- Helpdesk channels for several companies
- Self-service site for customers
- Availability in a variety of languages
- Surveys of Freshdesk Users’ Satisfaction
- Gamification and leaderboards
- Agreements Concerning the Level of Service
- Integration with Freshbooks, Google Apps, Harvest, and CapsuleCRM
Related: What is Finance and Accounting Outsourcing?
Pricing
Lite ($15/month), Plus ($25/month), Premium ($50/month), and Select ($100/month) are the four tiers of FreshBooks pricing (custom pricing).
If you pay yearly, you receive a little better price. Whatever pricing plan you choose, you’ll get a free 30-day trial with no necessary financial information.
Customize and send invoices and estimates to five customers with their Lite plan.
All of your financial information is accessible via this service.
You can generate company reports and accept online payments under FreshBooks Payments.
Each new member of the team costs an additional $10 per month.
The Plus plan allows you to bill up to 50 clients. It includes additional features such as standard financial reports, proposals and client retainers, and e-signatures. You will also receive mileage tracking on your phone using Plus.
You may send an unlimited number of invoices to a total number of customers with the Premium subscription.
It is also possible to customize email signatures and the administration of vendors and bills.
You can check the FreshBooks pricing page for full details.
Pros
- Delightful user experience
- Effective invoicing solution
- Collaboration tools
- Time tracking tools
- Inventory tracking
Cons
- Dashboard deficiencies
- Limited invoice customization
- Bank connection takes time
- Limited financial reports
Other Alternatives
Wave and Sunrise are viable alternatives if you’re looking for a good accounting tool for small businesses that you can start using for free.
FreshBooks is cheaper than QuickBooks Online Plus, which can go up to $17 per month compared to FreshBooks Premium at $12 per month.
For small businesses and freelancers, Wave is one of the best options for accounting software.
Wave Accounting can help you with your accounting, especially if one is on a budget. It has many helpful features, including an easy-to-navigate dashboard with reminders, invoices, and automated data entry. If you’re bookkeeping is not complex, Wave Accounting will be a good choice.
On the other hand, Sunrise is a fantastic software for freelancers and small business owners who need to keep track of their earnings and spending and generate invoices for their clients. It can also work well for small firms that need double-entry accounting but don’t need extensive reporting.
With Sunrise, you don’t have to worry about a degree in accounting to manage a successful company. Using their simple user interface, our clients can perform their responsibilities with fewer clicks than any other accounting software, allowing them to concentrate on their customers.
Overall Review
FreshBooks has the best customer service in the market. It’s also rare to discover software that has built-in recommendations these days. This software is genuinely the best fit for certain small businesses.
This accounting software has many advantages, but it also has certain disadvantages that you should consider. For one, the cost of extra users may quickly escalate with each plan’s one-user limit.
There are also certain functions lacking, such as payroll integration, that you’d find in other accounting software. But in my case, I prepare payroll separately and enter transactions inside FreshBooks. And it still works perfectly.
Despite these shortcomings, FreshBooks provides the most excellent customer service. Its features work well for the needs of a freelancer, a solo entrepreneur, and a start-up with no complex accounting procedures.
Try FreshBooks’ free trial and see if it is the one for you.
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