Freshbooks Accounting Software Review

FreshBooks accounting software is a reliable and fast accounting suite that turns the otherwise complex financial management of an organization into an enjoyable experience. Businesses get to manage invoices and recurring subscriptions in a lot less time and collect online payments within the same system.

Setting up your account is a quick process, requiring minimal steps. Your account page is clean, organized, and clearly labeled.

The main dashboard provides an overview of your company’s information, such as paid and unpaid invoices for the past six months, and a report showing what amounts are 30, 60, or 90 days old or more.

FreshBooks Accounting Software Review

It is an award-winning finance & accounting software and one of the best cloud solutions for small business owners. It is the current holder of FinancesOnline’s Best Accounting Software Award for 2017 as well as the Supreme Software Award for 2016 and has the highest customer satisfaction rates of all similar apps in this category.

How FreshBooks Accounting Software Works?

Contacts

When clicked on the big green New Client button, the next screen displays a graphical representation of a paper card. You just enter each client’s name, mailing, email address, and phone number. FreshBooks does something in addition that We’ve never seen a site do.

It goes out and looks for a picture or logo online that matches your client’s contact information. It worked for us during testing. Click on contact once saved, and you’ll see a history of transactions and a whole lot of other interactions.

Expense Tracking

After connecting bank accounts, you see a list of recent transactions, when one clicks the Expenses tab (you can also manually add new ones). FreshBooks tries to automatically categorize these (Professional Services, Supplies, Meals & Entertainment, Personal, and so on) when it brings them in, but it doesn’t always hit the mark.

In the Edit option and you can modify anything, by selecting from a drop-down list of categories and clicking the Apply to Future Imported Expenses link.

You can also attach a file, such as a photo of a receipt that you took using FreshBooks’ smartphone app. Wave offers this ability, too. Expense Settings off to the right include the option to mark the expense as billable to a client.

Project Working

If your small business works with projects, you can define them in FreshBooks. Give your project a name, assign it to a client or to internal staff, and enter an hourly budget and end date, if you’d like.

Then you have the option to set a blanket billing rate for the project, either hourly or in total. If you’re working solo and you’re only charging one rate for your work on a project, that’s fine.

You can also invite employees and contractors to enter their own hours and share ideas within the project. Clients, too, can join in. FreshBooks handles team collaboration very well.

Features

Creating Invoices

The main invoicing screen conveys a lot of information without feeling overcrowded, Freshbook’s hidden depth features come up at this point. The user’s neat and organized UI coupled with the vast array of options to choose from gives all the power a proprietor dreams about.

Being Smart

FreshBooks displays links to context-sensitive settings over to the right of the screen during Invoice creation. Unlike other sites have one giant section of the site where you define all of its settings. You can also make the invoice recur at specified intervals, either automatically or manually.

One can also have reminders sent at designated intervals and charge late fees, again a first. Once you’ve saved an invoice, you can open it again and edit it or click the More Actions button for tasks like emailing it or applying for payment or even checking its history.

Accessibility

FreshBooks compared to other accounting apps provides the availability of fully-functional mobile apps and add-ons you can get for Android and iOS devices giving you the power and convenience of the software remotely and access records or make changes on the go.

Impressive FreshBooks Features

Online Invoicing

• Customizing your invoice
• Tracking Invoice Views
• Putting Business on Auto-Pilot
• Getting paid with deposits
• Getting paid with credit cards
• Customizing due dates
• Quick discounts
• Estimates
• Online Payments
• Late Payment Fees
• Recurring Invoices & Auto Payment
• Multi-Currency & Multi-Language
• Client Portal
• Late Payment Reminders
• Sales Taxes
• Client Credit
• Track Offline Payments
• Send Emails or Snail Mail
• Automated Tax Circulations
• Invoice Previews
• Customer Invoice Seen Feature

Time Tracking

• Timer
• Team time-sheets
• A clear breakdown of the day
• Tracking against clients and projects
• Detailed Time entry notes
• Automated bills, hours per project
• Project Managers
• Track Un-billed Time
• Different Rates for each Project
• Generate Invoices

Expense Tracking

• Automatic expense import
• Tracking spending per project
• Remember vendors
• Tax-friendly categories
• Easy-to-read categorization
• Attach receipts (PDF or Image)
• Expense Report Filters
• Recurring Expenses
• Assign & Re-bill Expenses

Projects

• Sharing images and files
• Collaborating with clients
• Project due dates
• Centralized conversations
• Current Project overviews

Payments

• MasterCard, Visa, and American Express
• Quick bank deposits
• Automatically recorded payments
• Fees recorded as expenses
• Safe & secure
• Simple payment experience

Accounting Reports & Taxes

• Accounts Ageing
• Profit & Loss
• Balance Sheet
• Expense Reports
• Item Sales
• Sales Tax
• Invoice Details Reports
• Accounts Ageing Reports
• Filters for report customization
• Summary of outstanding revenue

Pricing And Plans

FreshBooks has a free 30-day trial which is a great way to see if their “cloud accounting” will work for you.

You can use the “Lite“for $17.00 per month for up to 5 clients, and from there, you have the “Plus“ plan at $30.00 per month and then the “Premium“ plan at $55.00 per month catering to up to 50 clients and 500 clients respectively.

For more than 500 clients you have to opt for the Freshbooks Select Package. There is an option for Yearly plans as well which will save 10%. All of the accounts through FreshBooks are set up for one user and you can only. To have more than one additional user in that plan, you will have to pay $10 extra for each.

Popular Alternatives of FreshBooks Accounting Software

• Quickbooks
• Zoho

In conclusion, Freshbooks accounting software with its robust invoice and payment processing features gets a good rating from small business users.