Freshbooks Accounting Software Review

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freshbooks review

It’s easy and can prove to be quite helpful in fitting your business needs. As an idea of how this works, you can add on the capability to accept credit card payments, set up and schedule meetings, and much more. All you need to do is find the right add on out of the 100 or so that FreshBooks offers.

freshbooks review

All of these capabilities can truly influence how you optimize your processes, giving you the ability to manage multiple facets of your business within one software platform. Moreover, if you want to add team members, you’ll pay an additional $10 per user, per month. Similarly, like the other FreshBooks plans, it will cost 2.9% + $0.30 per transaction for credit card processing and 1% per transaction for bank transfers. Certified Public Accountant If you’d like to opt for FreshBooks Advanced Payments, you’ll pay an additional $20 per month fee. The FreshBooks pricing for the Premium plan is $50 per month. Just like the Lite and Plus options, if you choose to pay for a full year of FreshBooks Premium, you’ll receive a 10% discount and only pay $45 per month. Finally, the best FreshBooks option for high-volume, high-activity businesses is FreshBooks Premium.

But your accounting records have a new, solid framework that provides more structured record keeping and improved insight into your finances. Projects, Estimates, Mobile, and more – FreshBooks is ideal for small business owners and their teams. They can invite contractors, employees, and business partners to manage projects, and set permissions for file access. Simple collaboration features are built in to easily get feedback from others. Features include chat tool, project due dates, project status overview, team project and deliverables management, and others. It also has customizable Proposals, estimate approval by client for project kickoff, estimate status tracking, estimate preview, addition of discounts, and more. Mobile apps for iOS and Android devices are available for creating invoices on the go, capturing receipts for expense logging, chat, status updates, and others.

Another exciting part of this project management tool is that you can discuss and chat about the project with your team and share images and files with one another. Files can also be shared with the client for feedback and suggestions. This feature lets you track every billable hour spent on the project so you do not have to worry about being left unpaid for a certain work you do on the project. Furthermore, once the project concludes, an invoice can be sent directly to your clients. FreshBooks also allows you to invite your accountant to have access to your financials and manage your accounts. The accountant can do the journal entries for your business. For Example; if you are a freelancer the project management, invoicing, expense and time tracking features of FreshBooks are sufficient for you.

Whether you need a more affordable option or a platform that can provide additional tools, like inventory management, there might be a FreshBooks competitor that will work better for you. This qualification is certainly restrictive, especially if you don’t need the additional capabilities of say, the Plus plan, but have more than five billable clients. In this case, you would have to pay the extra $10 monthly, even if you only have seven billable clients. Keeping these advantages in mind, let’s discuss the areas where FreshBooks accounting software is lacking. Therefore, it’s quick and easy to get set up using FreshBooks and won’t take you an extended amount of time to figure out how to make the most of their platform. Plus, if you have any questions or issues, you can contact FreshBooks customer service via phone or email, as well as explore the support resources they include on their website.

You can invite your client to the project, giving them visibility into how things are going and how the project budget is holding up. FreshBooks has many competitors in the crowded online accounting space, some of which earn a mention or two in this review. FreshBooks comes with an impressive array of features no matter which of the package options you adopt. Even the Lite edition sparkles with the capacity for unlimited and customizable invoices, unlimited expense entries, the ability to accept credit card payments online and ACH bank transfers too. Within its browser-based design you’ll find a whole host of options that cover any and all aspects of running a business. It doesn’t matter if you’re a lone freelancer or someone who’s growing a business and employing staff.

Simply click on time tracking, and you’ll get the screen above. Finally, you can also add expenses via the Freshbooks mobile apps. This is easy to do, and you can add a photo of the receipt with your smartphone camera, although Freshbooks doesn’t include the receipt scanning technology offered by some of its rivals. It’s an easy way of making sure that your records match the money actually coming in and going out of your business.

Freshbooks Accounting Software Features

From there, users can gradually familiarize themselves with its deeper and more complex features. FreshBooks is a clean and powerful invoicing and time-tracking package for small businesses. In this niche it goes head to head with the likes of Wave and GoDaddy Bookkeeping, both of which are cheaper, though less well established. FreshBooks offers a flexible SMB and enterprise pricing scheme where plans are tailored to suit the needs of every business or small accounting team.

New features and integration are regularly introduced, such as with Gusto Payroll, profit and loss report, Dropbox integration, and same-day deposits. QuickBooks This review is filled with so many amazing features, which leaves one to wonder if there’s a bad side of the FreshBooks accounting software solution.

With about 5 million global users,FreshBooksis one of the most popular cloud-based accounting programs available. It provides intuitive, non-technical tools to help with invoicing, expense tracking, timekeeping, and basic project management. Similarly, Premium gets all the Lite and Plus features along with up to 500 client capacity and the ability to add team members (at freshbooks $10 per person). FreshBooks has something of a reputation as a great bookkeeping and invoicing package for freelancers. It does a very good job of recognising that some users opening it for the first time may have very little previous experience of bookkeeping or accountancy software. Beginner or not, it takes just minutes to set FreshBooks up and start sending invoices.

Users can also use the platform to send out estimates and to conduct double entry bookkeeping. Users simply click on areas of the invoice where they need to enter information. The style of the invoices created can be customized for color, or built around a template. In order to add a custom logo to the invoice or add line items, all users have to do is click on parts of the document. New users need to progress through a basic questionnaire to get set up on the system. The automatic onboarding program asks them for their name, business name, currency, and location. Once this information is registered and saved, any invoices that users create will be automatically populated with the correct details.

Supported Languages

Meanwhile, Freshbooks Classic, the previous version of Freshbooks, is still available should you choose to keep it. Get a 30-day free trial to access discounted USPS and UPS shipping rates and print labels in no time. The super simple Lendio process is an easy, transparent QuickBooks way to comparison shop for a loan, saving your business time and money. Now, greed, fees, nickel and dime practices and ‘problems’ with classic make this one of the poorer choices. I would look at other options and will when I determine it’s time to switch.

Being a cloud-based software FreshBooks doesn’t have any hardware and software requirements. The only requirement is that you need to have an internet connection to use FreshBooks. The android and iOS mobile application for FreshBooks can be easily downloaded on your android or iPhone.

freshbooks review

So, bank reconciliation is basically a really good way of making sure your records are correct. Every time money comes in or goes out of your account, it should match an entry in Freshbooks.

Side note – FreshBooks actually has a free invoice creator for one-off projects. FreshBooks invoices can be edited and customized much more fully to look like a professional invoice. Like I mentioned in the intro, I was coming to FreshBooks from a weird mixture of PayPal’s free invoicing software and Google Spreadsheets. They also have lots of internal add-ons like project time-tracking that you can add or leave off depending on how simple you’d like to keep you own FreshBooks’ setup. FreshBooks has approached these needs through the ability to integrate simply with all sorts of other platforms, payment systems and even 3rd party users. Every single business has all sorts of random requirements and needs. However, they have been trying to rapidly grow outside their original wheelhouse of freelancers billing hourly time.

Client Info

Create and send invoices to clients and advertising partners and track their accounts. A lifetime New Yorker, I am a veteran finance and business journalist that has contributed to several national media outlets including Forbes, Investopedia, and I have spent my career providing consumers and business owners with advice and guidance to help them navigate the world of finance. As a senior finance writer, I report on all aspects of finance from managing cash flow to choosing the best accounting software. FreshBooks offers more than 80 apps and integrations, allowing you to connect this accounting software to many other business services and systems you may already use.

  • My speed and efficiency in invoice payment has significantly increased.
  • The major difference between Wave and most other accounting solutions is that it is an entirely free accounting solution.
  • FreshBooks also allows you to invite your accountant to have access to your financials and manage your accounts.
  • Although FreshBooks Classic remains in use by many businesses today, the remainder of this FreshBooks review will cover the latest New FreshBooks accounting software.

Bring order and rigor to your business accounting with double-entry accounting reports that provide a fuller, more accurate picture of your cash flow. You can send automatic recurring invoices at regular intervals, eliminating the need to create and fill regular clients’ invoices manually. FreshBooks has a built-in time clock, which you can start and stop at will, that keeps track of your billable hours. Keep a separate time clock with different rates for each client. You can create invoices directly from your time sheets whenever you like. The FreshBooks platform lets you accept payment in any currency via major credit card or bank transfer using a third-party payment application. When you’re paid in part or in full, the amount due on the invoice changes to reflect that.

The data is then presented in an easy to digest form showing how many people had positive and negative experience with FreshBooks. With that information at hand you should be equipped to make an informed buying decision that you won’t regret. Freshbooks is constantly adding and updating the features of their platform to continuously improve its functionality. Advanced features such as non-invoice income recording and bank accounts reconciliation are expected to be added. Some of their most recent updates include enabling saved credit cards to be visible on the Client’s Profile and filtering by Uncategorized expenses when searching in the Expense section.

For professionals and small businesses that want deeper business insights, FreshBooks offers industry standard double-entry accounting. You can connect your bank, match transactions with the expenses and invoices on FreshBooks, and keep your books clean.

Freshbooks Features

By logging in your billable time and keeping track of it using FreshBooks you can generate an invoice right from the time log and send it to your client. With the time tracking tool, you can keep a close watch on your and your team’s efficiency and where most of your time is being spent/utilised. You can manually enter your time or start the timer on FreshBooks. At Fundera, Randa specializes in reviewing small business products, software, and services. Nevertheless, with a free 30-day trial and no credit card required, you have the opportunity to try FreshBooks accounting software for yourself. By creating a FreshBooks account and exploring the platform firsthand, you’ll have a better sense if this solution can fulfill your business accounting needs.

and the language in which you’re creating the invoice for a client. to a client for their invoice a certain number of days before or after the due date. If you want to add your bank account number and transfer details or any other terms and conditions, then the bottom left corner of the invoice provides you with those options. While you’ll get around FreshBooks pretty quick, even when needed the customer support is excellent and you can expect a quick resolution of most of your issues. Indeed friendly YouTube walkthroughs and links to support articles (with anchor text as “Learn more”) will accompany you on many features on the platform. Once you plug the necessary info, the vibrant FreshBooks dashboard welcomes you. You can create your first professional-grade invoice straightaway.

Only the two largest plans come with double-entry accounting and the subsequent accounting features. You can make monthly payments or purchase a yearly subscription, which will get you a 10% discount. No credit card or banking information is required, and the service can be canceled at any time. FreshBooks is easily accessible from a desktop, laptop, or mobile device, with the mobile app supporting both Android and iOS devices.

Each of FreshBooks’ pricing plans only supports one user, and the software does not support multiple businesses. FreshBooks has decent user permissions to help you manage your employees’ access to the software. Despite these drawbacks, FreshBooks is incredibly easy to use and has some of the best customer support on the market. It’s also one of the few programs to offer built-in proposals. This software could be a good option for some small businesses.

There is a lock icon in the address bar when you are using FreshBooks signifying that you are using the original FreshBooks website and not some impersonating website. All the data entered into FreshBooks lies behind firewalls so it is very well protected.

FreshBooks is one of the biggest names in the invoicing and accounting scene and is the software choice for over 10 million customers. FreshBooks has a number of key accounting features, double-entry accounting, and numerous integrations. FreshBooks has finally stepped up to the plate with its feature-set and joined the big leagues with other accounting competitors, such as QuickBooks Online and Wave. Reports offer little in the way of customization, though they can be exported to Microsoft Excel if customization is desired. Frequently run reports can be saved as a Most Popular report, where it can be easily accessed and run in the future. Another nice feature is that FreshBooks users can add their accountant as a FreshBooks user, giving the accountant access to the dashboard and reports. FreshBooks users can quickly create a project, custom proposal, quote or retainer, with clients able to approve an estimate online.

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