You have your own business, and you’re now actually bringing in enough money that you start thinking more about your finances. Questions run through your mind such as, “how can I make sure I stay on top of accounts that are pass due”, or “how can I be sure to monitor expenses”, or “what numbers will I need to file my taxes this year”.
In researching accounting software for small business, I came across FreshBooks. FreshBooks is a cloud-based software designed for entrepreneurs who are either sole proprietors, or for those who have a team. If you’d like to learn more about FreshBooks, continue reading my FreshBooks accounting review.
FreshBooks Overview
FreshBooks was created in 2003. Since then, over 24 million people have used FreshBooks in over 160 countries throughout the world.
In 2017, the software was completely redesigned and relaunched as “New FreshBooks.” As time has passed since its release, New FreshBooks is now just called FreshBooks. FreshBooks Classic, the original version, is still available, but the company’s focus is now on improving the new version, and that is what this review will focus on as well.
The company has been constantly updating the software by adding more features, improving navigational issues, adding user permissions, increasing the number of integrations, and adding key accounting features.
Overall, 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 is a good fit for some small businesses. To see if it may be right for you, keep reading.
What Type of Business Is Best Served by FreshBooks
When deciding which accounting software you want, you have to look at which software is the best fit for your specific business. FreshBooks is a great software for freelancers and small businesses in need of simple accounting, such as invoicing, expense tracking, and project management.
FreshBooks is very easy to use, even for someone who is completely unfamiliar with accounting software. Its tools are simple, and navigating between screens is easy.
The software is easy to set up and use and requires little previous experience. If you do have any trouble using the software, FreshBooks offers strong customer support and provides plenty of tools to help.
Let’s look at the functions that FreshBooks offers. Your dashboard at a glance is shown below.
Track Clients
This screen shows your clients information at a quick glance, including any amount owed, and if any of that amount is past due.
Invoicing
FreshBooks offers two basic invoice templates that are customizable. You can change the colors, font, and logo or header. You can also add terms and notes to invoices at the bottom.
Track Payments
FreshBooks tracks your payments, and includes a checkout page to accept payments without invoicing.
Track Expenses
FreshBooks makes expense tracking easy. You can enter expenses manually, import bank statements, or connect to live bank feeds. When you enter an expense manually, you can add a receipt image, a vendor, description, total, and a category. Categories are set up to closely resemble IRS tax filing categories, which will organize your expenses to make tax season easier, either for yourself, or for your accountant.
Estimates and Proposals
FreshBooks has a section dedicated to estimates and proposals, perfect for the entrepreneur. This section even allows you to invoice a client from an estimate with a simple click.
The proposal feature allows you to showcase your work with plenty of space for writing, images, and attachments. You can also require an e-Signature on approved proposals and easily convert proposals into invoices as well.
Time Tracking
Another useful feature in FreshBooks is time tracking. This is a great place to keep track of total time spent on each project, and transfers those hours into an invoice in a single click.
You can either log time in FreshBooks manually, or you can use the built-in timer. You can also easily review the logged time of any employees or contractors that you may employ. Time can be added to projects and billed as an invoice, and you have the ability to record unbillable time as well.
Accounting
When tax-time rolls around, FreshBooks offers double-entry accounting for your accountant. They also offer an array of reports, not only for your accountant, but for your records as well. This is a great way to understand the financial details of your business, and to help you work smarter.
Excellent Customer Support
FreshBooks customer service is one of the highest in the industry. They have won numerous customer service awards for good reason. Phone calls get answered right away, and e-mails are responded to quickly.
FreshBooks also offers support through their help section in the software itself, an online support form, and through their social media accounts.
FreshBooks Extras
FreshBooks is cloud-based, so it’s easy to use while you’re on the road, making it very convenient when you are with your clients. FreshBooks offers an app for both Android and iOS mobile.
FreshBooks is compatible with over 150 different currencies, as well as 14 different languages, making it easy for any international business that you may have.
FreshBooks offers over 100 integrations to bring added functionality to your account and your business.
FreshBooks Pricing
FreshBooks offers three different pricing levels. You can make monthly payments or purchase a yearly subscription, which will get you a 10% discount. They also provide a 30-day 100% money-back guarantee if you change your mind after purchasing.
Pricing plans are as follows:
FreshBooks Lite Plan Includes:
- Up To 5 Billable Clients
- Unlimited Customized Invoices
- Unlimited Expense Entries
- Accept Credit Card Payments Online
- Automated Bank Import
- Unlimited Time Tracking
- Unlimited Estimates
- Insightful Tax Time Reports
- Custom Functionality
- Mobile Mileage Tracking
FreshBooks Plus Plan includes all Lite features, as well as:
- Up To 50 Billable Clients
- Unlimited Proposals
- Automated Recurring Invoices
- Double Entry Accounting Reports
- Scheduled Late Fees
- Automated Late Payment Reminders
- Client Retainers
- Accountant Access
- Bank Reconciliation
FreshBooks Premium Plan includes all Lite and Plus Features in addition to:
- Up To 500 Billable Clients
- Advanced Payments
Custom plans for businesses with over 500 clients and special needs, including a dedicated account manager, are also available.
FreshBooks Ranking
Name: FreshBooks
Website: https://www.freshbooks.com/
Overall Rating: 4.5 out of 5
FreshBooks – A Fresh Way to Look at Accounting
FreshBooks is easy to use even for a novice. They are competitively priced, and their superior customer service is second to none compared to the other big names in accounting software.
FreshBooks is not a good fit for small businesses that require more complex accounting features, but for freelancer’s or small business owner’s simply wanting to manage their finances, FreshBooks is great for keeping track of everything in one convenient place.
If you’re not quite sure whether FreshBooks is right for you, try it for free here. No credit card or commitment is required. You’ve got nothing to lose, and only peace of mind knowing that you’ve finally got a handle on your finances.
What are you waiting for, it’s free!
Hi,
From my online studies FreshBooks accounting offers a well rounded, intuitive, and attractive double entry accounting experience that supports invoices and estimates, expenses, time tracking, and projects. It anticipates the needs of freelancers and smaller businesses well better than its competitors. 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.
Thank you.
Aluko.
Hey
Thank you for this valuable product,personally I’m self employed and normally I use free accounting software called “Slickpie” But this is the first time to see this software “Freshbook” and it look so useful for any single person corporation and have limited accounting knowledge that is what I like from this software.
Thank you for this great review I’m looking to try this for future.
It’s free to try, and definitely at least worth checking out.
Many thanks to you for sharing with us a wonderfully informative article on Freshbooks Accounting. It is a cloud-based software that is an essential part of entrepreneurship and can easily be used to settle any small business. I am an entrepreneur myself so I have been using this software for a long time. Using this software makes all kinds of accounting work easier and the most convenient aspect of it is I get a lot of support from them. So I would say that those who know nothing about new accounting can use this software and complete your business accounting instantly.
We have found this to be very informative about keeping track of everything about your clients. Fresh books sound like something that we need to invest in and will be doing more reading on fresh books.
This is interesting and looking into and now this article will provide me with what great price it is for premium up to 500 clients. We have been needing a platform like this and so has our friends.
Will pass on as well to show what savings you get with so much value.
Cheers,
Mathew&Deloris.
I love using Freshbooks. I’ve had it for a couple of years now, and it has served me well.
I’ve been using the last version, and honestly, I’m not even planning on updating it to the second one because the classic one is more than I need.
If it were me, I would have definitely spiced it up with a bulk option for importing and exporting projects, but other than that, it works like a charm.
I highly recommend it!
Thank you for this.
This is the first time knowing about this method of capturing information for a business and I think I will start looking into using this as it will help organize everything and track many things.
Great site with quality based content. You’ve done a remarkable job in discussing. I look forward to seeing more of your great posts.
Great job site admin! You have made it look so easy talking about that topic, providing your readers some vital information. I would love to see more helpful articles like this, so please keep posting!