In this FreshBooks review, we'll take a look at one of the most popular small business accounting tools on the market and explore whether it's as valuable as it looks. In the beginning, FreshBooks was a simple but effective invoicing solution. Over the years, the solution has expanded to provide new capabilities for corporate treasury management.
Today, FreshBooks helps business owners and freelancers of all industries process their incoming and outgoing cash more efficiently.
FreshBooks has grown a lot lately and now adheres to the double-entry accounting rule. While you'll still be able to do the same things as before, like creating invoices and tracking hours worked, you'll have a more robust record-keeping framework.
How does FreshBooks work?
FreshBooks offers a 30-day free trial for users to choose from, so you can dive in and see what you'll get as quickly as possible. After the free trial, you will be able to choose a premium plan for your long-term setup.
FreshBooks quickly upgraded its onboarding process and started asking more questions about each user's business, contact information, and whether they wanted to invite team members to the service. After you finish entering your details, FreshBooks takes you into an intuitive user interface.
First, FreshBooks walks you through everything you need to get started, including customizing your invoices with your logo. On the main dashboard, you'll be able to view basic details on your company's financial health in five graphs. These charts cover things like outstanding income (who owes you money), total profit to gain insight into your profit and loss, and more.
The link in the upper right corner of the page will take you to a page where you can invite a team member to join you or connect with an accountant. You'll also have a comprehensive navigation menu for accessing various parts of the tool, such as client lists, dashboards, expenses, estimates, and time tracking tools.
You can also link your financial accounts to your FreshBooks environment so you can automatically track your income and expenses. You can even use tools such as Stripe and FreshBooks Payments to receive payments in your app.
Although there are products with more advanced UIs, FreshBooks provides a very convenient and straightforward solution for the modern business owner. If you've ever used an old FreshBooks, you might be a little confused about how much it's changed.
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FreshBooks Review: Pricing
Let's start our review by considering how much FreshBooks will cost your business. The first thing to keep in mind when choosing a pricing package is that you can get many accounting tools through FreshBooks, so make sure you consider the value of each package before making your choice.
Like many SaaS solutions for accounting, website building, email marketing, and more, FreshBooks also offers discounted options if you're willing to pay for a full year subscription up front. Available pricing options include:
Lite: $15 per month: Support for up to 5 billing customers, unlimited expense tracking, unlimited estimates, credit and debit card payment processing, reporting and sales tax, mobile app, and VAT returns.
Plus: $25 per month: All the features of Lite, but you can send invoices to up to 50 customers. You can also invite your accountant to help you produce a double-entry accounting report. There is an ios and android app, mobile mileage tracking and more.
Premium: $50 per month: Everything you get from Plus, but includes unlimited invoices, bill tracking, accounts payable, earnings reports, custom email templates and signatures. Checkout link. Direct debit and recurring billing settings.
Options: Custom Pricing: All the features of premium invoicing software, plus 2 membership accounts, premium customer support, bank account connectivity, dedicated account manager and custom migrations. Mobile app access, no branding on customer emails, automated expense tracking and late payment reminders, and access to business health reports.
If you need the most advanced service email list FreshBooks can offer, you must contact the team about the "Select" plan.
This package offers all the features of Premium, plus a range of additional features such as multiple member accounts, dedicated account managers, migration assistance (if you're already using other software, and custom onboarding). You can also remove branding from FreshBooks emails.
If you're not sure which features are most important to you, FreshBooks offers a 30-day free trial where you can access all features and see how it all works. Although not as cheap as some of the other alternatives on the market, FreshBooks is still a popular option that offers good value.
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FreshBooks Review: Invoices
As mentioned above, FreshBooks started out as an invoicing brand, so it should also be a place where companies can perform well. If you go to the "Invoices" tab in the toolbar, you will get all the information you need about your accounts receivable. There's also the option to drill down to see who owes how much.
FreshBooks' Invoices page provides a wealth of details about historical and resent transactions. There are a few additional transactions to keep track of here: proposals and estimates. Both documents can be converted into invoices. With a proposal, you basically provide your client with an in-depth estimate explaining what you will offer, and then the client signs it to approve the deal.
When you click the button to create a new invoice, you will be taken to the construction page where your billing data and invoice number are already filled in. You can then handle the rest of the sale by selecting the service and entering the quantity.
Crucially, FreshBooks allows companies to customize their invoices, which is a nice extra touch. You can create templates for your brand that you can reuse as often as you want.
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FreshBooks Review: Accounting
The accounting tools provided by FreshBooks help ensure the accuracy of records, maintain compliance and give you a better understanding of your finances. You can connect with your accountant in FreshBooks for assistance with calculating profit and loss or filing tax return information.
The extensive accounting environment comes with many useful features designed to ensure that business leaders can make decisions based on the valuable information they have about the company. For example, you can track how much money you set aside for tax filing time, and how much you owe for other things, such as VAT.
The accounting section of FreshBooks includes:
chart of accounts
For most companies, the best thing about FreshBooks accounting is the ability to invite your accountant to access important financial data. However, you also unlock a range of other useful tools, such as categorizing transactions, auto-match suggestions, and summary reports that can be exported to Excel.
There's also an Accounts Payable feature, which means you can set up automatic management of recurring purchases in your FreshBooks account to make it easier to keep track of all the money you owe. We're also fans of the "Credits" feature, which allows you to track prepayments, overpayments, and even credits you want to use to reward customers in the future.