If you run a small business, keeping up with accounting and bookkeeping can quickly become time-consuming and tedious. Luckily, online accounting platforms are reliable and efficient, and they offer a range of benefits.
We scoured the web in search of the best, and it turned out that FreshBooks is highly recommended.
So, here’s what we learned after putting it to the test and preparing our in-depth FreshBooks review.
Pros
- Automated invoicing
- Credit card payments
- Affordable pricing
Cons
- Limited invoice customization
Minimum Project Price
$10+
A Comprehensive List of FreshBooks’s Features
FreshBooks accounting software comes from a Toronto-based company launched in 2003, and it ranks among the leaders in the online accounting community. Like most accountancy software reviews, our guide also examines the product’s features step by step, providing business owners with reliable and relevant information.
Without further ado, let’s check out what makes FreshBooks one of the best online accounting solutions.
A Web-Based Platform
Also known as cloud-based solutions, web-based services like FreshBooks don’t require installation on local devices. Unlike on-premise software, these platforms store data on remote servers.
Instead, users can access their preferred cloud accounting software via a web browser or a mobile app. Essentially, the only requirement to use FreshBooks is internet access.
Since FreshBooks is entirely web-based, users can check their financial data anywhere and anytime. Also, cloud-based solutions provide an extra layer of security, making FreshBooks an ideal option for small businesses concerned with data protection.
In addition, web-based systems are less expensive than traditional accounting platforms. That’s why many opt for FreshBooks for personal finance, besides using it for business.
Double-Entry Accounting
As a fundamental concept in modern bookkeeping and accounting, the double-entry system is a common practice worldwide. As expected, FreshBooks also supports the double-entry approach, allowing users to record transactions as either debits or credits.
Overall, FreshBooks’s double-entry accounting is streamlined and easy to use, with five primary areas showing elements such as outstanding revenue, total profit, or spending. So, by using the interactive dashboard, users can get a quick overview of their company’s financial situation.
No matter what stage your business is in, FreshBooks can facilitate accounting and bookkeeping thanks to its intuitive interface and attractive design. In addition, less experienced users will receive plenty of guidance in the early days of using FreshBooks.
Expense Tracking
Tracking your expenses is the secret to financial stability, and one of the main FreshBooks features is expense tracking. In addition, most modern business owners appreciate the efficiency of automated expense reports.
With FreshBooks, you can say goodbye to manual entry because the program will automatically update your recent spending. That’s why FreshBooks is among the best small business accounting software solutions on the market.
Also, FreshBooks credit card processing will let you categorize expenses while keeping taxation in mind. Therefore, your team can monitor spending per project and stay within the budget. Of course, FreshBooks also supports multi-currency tracking and recurring expenses.
Customizable Invoicing and Billing
Even though the global market offers plenty of options for invoicing, FreshBooks stands out from the rest with its customizable yet effortless billing. Interestingly, FreshBooks started as an invoicing solution and later expanded its scope to become a full-blown accounting service.
As you’ve already noticed in our FreshBooks review, this platform is all about allowing users to relax and put their business on auto-pilot. So, the same philosophy applies to invoicing, where automation lets you send reminders at customizable intervals and charge late fees.
On the other hand, FreshBooks also provides a convenient system for getting paid upfront with deposits. Moreover, with retainers, users can create a stable cash flow and potentially forecast upcoming income. In any case, the FreshBooks invoice generator is easy to use and packed with exciting options.
Estimates and Proposals
Getting its name in front of aspiring clients as fast as possible should be the goal of any company. Naturally, FreshBooks also understands this need and offers templates for creating professional and customizable proposals.
FreshBooks allows users to place electronic signatures on documents, alongside text and tables that span several pages. Since competitors usually don’t offer these elements, the FreshBooks price will look like a bargain to most small businesses. Most importantly, the process of designing and sending estimates is seamless and easy to follow.
Likewise, clients can accept proposals and approve projects with one click. In other words, users can track the status of estimates through the interactive dashboard, responding promptly to clients’ feedback if necessary.
Mileage Tracking
Another important element we should mention in our FreshBooks review for 2021 is the super-easy mileage tracking. Essentially, logging your trips for business expenses with FreshBooks is also convenient and practical. As a result, companies can stay tax compliant and deduct every mile by filing easy-to-use reports.
Tax deductions can reach staggering amounts depending on the company, so it’s vital to stay organized and get the best returns. Fortunately, FreshBooks also provides automated mileage tracking via a free-to-try app.
Later in our FreshBooks review, we’ll cover other aspects of FreshBooks apps. We should also mention that FreshBooks allows you to edit and adjust trip details manually. Of course, users can toggle the tracking on and off with ease. The same goes for sorting and filtering trips by date range.
Streamlined Integrations
Nowadays, businesses use various apps and services to meet their clients’ needs. However, a centralized hub typically improves efficiency and optimizes processes. That’s why even the FreshBooks free plan provides effortless integration with the most popular apps and platforms.
For instance, FreshBooks will allow you to sync automatically with Shopify, Zoom, Squarespace, and Stripe. Moreover, this accounting solution integrates easily with Fundbox and Mazuma. In addition, users can directly add their Outlook contacts and email invoices.
If you rely on Google Workspace to run your business, FreshBooks also integrates with Gmail. Furthermore, users can install an add-on to automate invoicing and accounting by searching for FreshBooks on the Google Workspace Marketplace.
Mobile Apps
FreshBooks for Android and iOS allows users to create invoices on the go, which is a crucial feature in the modern, fast-paced world. In essence, by using mobile apps, accountants and bookkeepers can record expenses and send invoices from anywhere and at any time.
Among other elements, the FreshBooks app also includes an invoice overview feature to know when a client has viewed the document. Similarly, the app lets you know when invoices become overdue. Thus, FreshBooks provides business owners and accountants with essential updates in real time.
With the intuitive FreshBooks time tracking app, users can get the data synced across devices seamlessly. If that’s not enough, you can also chat with clients and snap pictures of receipts. Overall, the list of things you can do via the mobile app includes sending invoices, tracking expenses, and creating payment reminders.
Pricing and Free Trial on FreshBooks
Most online accounting solutions offer multiple pricing options to meet clients’ needs. The same goes for FreshBooks, and the multitiered FreshBooks pricing system comprises three levels: Lite, Plus, and Premium. In addition, FreshBooks offers the option of custom pricing, and companies can request a demo by visiting the official website.
The pricing starts at $6 per month for the Lite plan which covers the basic needs of most small businesses and accounting professionals. More precisely, users can send invoices to up to five clients. On the other hand, the most popular plan is Plus, costing $10 per month and offers up to 50 billable clients.
If you need an unlimited number of billable clients, FreshBooks’s monthly cost climbs up to $20, ranking among the best small business accounting software solutions. Users receive the full range of features by opting for this plan, including accounting reports, mileage tracking, customizable invoices, email signatures, and payment reminders.
FreshBooks Customer Service
Reliable customer support is essential for success in the modern business world, and FreshBooks goes to great lengths to respond to queries and resolve issues. Overall, most Freshbooks reviews praise the efficiency and response speed, citing that most emails receive a reply within 90 minutes.
Besides email, users can reach out to customer service via live chat and toll-free phone numbers. In essence, the support hours cover weekdays from 8 AM to 8 PM ET.
Aside from the head office in Toronto, FreshBooks also has offices in the Netherlands, Mexico, Croatia, Germany, and North Carolina. So, when it comes to FreshBooks’s pros and cons, customer service deserves the highest marks.
Why Use FreshBooks
Unlike most accounting solutions out there, FreshBooks accounting software is an affordable yet feature-rich option. It will cover the needs of small businesses, but larger organizations can also benefit from this accounting platform.
Even though it provides many features, FreshBooks is super-easy to use, with a modern and attractive interface. In addition, mobile apps will allow you to use the program on the go and improve the efficiency of your day-to-day accounting needs.
Frequently Asked Questions
Is FreshBooks safe?
Accounting and bookkeeping require professionalism, and that’s why FreshBooks takes security aspects seriously. In other words, this online accounting software adheres to all industry standards and regulations to protect its clients and their data.
For instance, FreshBooks uses the latest 256-bit Secure Socket Layer (SSL) encryption to scramble passwords and protect private information. In essence, SSL encryption is the gold standard for online security. Plus, FreshBooks stores its databases on highly secure servers to minimize risks.
How much does FreshBooks cost?
Finding reasonably priced accounting software for small businesses can be tricky, but FreshBooks solves this issue by offering several pricing models. In addition, frequent discounts and offers can further reduce costs. Also, users get access to a 30-day free trial with all the features unlocked.
At the moment of writing, FreshBooks charges $6 per month for the Lite plan. You’ll have to pay $10 a month for the Plus plan, while the Premium tier costs $20 per month.
What are the pros and cons of FreshBooks?
FreshBooks is up there with the best accounting platforms because it offers a broad selection of features, but there’s still room for improvement. Namely, the most prominent benefits of this software are inventory tracking, invoice generator, and time tracking feature. Also, FreshBooks provides an excellent user experience, no matter if you opt for FreshBooks apps or browser versions.
On the other hand, this accounting platform doesn’t provide much help with setting up your account. Likewise, invoice customization could offer more options.