Whether you are a small business owner, a freelancer, or someone who is just starting in the business landscape, you will need the best cloud-based accounting software to manage your small business.
This article is going to make you discover Freshbooks, which among the most popular accounting software. It has been helping businesses and self-employed individuals to manage their customer and supplier accounts since 2002.
Using Freshbooks will be one of the best management decision you ever took; it integrates cloud-based accounting applications that manage all aspects of a small and medium business efficiently. This will give you enough free time to serve your clients better.
- Name: FreshBooks
- Founder: Founded by Mike McDerment and partners in 2002
- Headquarters location: Toronto, Canada
- Activities: Accounting software for small and medium businesses
- Operating system: Windows, macOS, Linux, Solaris
- Overall ranking: 92 out of 100
What Is FreshBooks?
Freshbooks is a popular software that provides small business owners with the best cloud-based accounting solutions. In 2019, it was recognized as the best software to handle accounting small and medium business operations.
This software integrates a robust set of features offered in flexible and friendly pricing plans. It will help you to streamline your client’s invoicing and track them on time to avoid cash flow issues.
FreshBooks contains reliable features that turn complex financial management into an enjoyable experience. You can use it to create professional-looking invoices in a few clicks without prior experience in accounting.
It automates tasks related to client follow up, time tracking, expenses organization to save you more time and allow you to concentrate on other activities and grow your business better.
The software has a friendly interface that integrates seamlessly with a variety of third-party apps like PayPal, G suite, Stripe, Shopify, and lots more. These applications enable users to extend the software functionalities.
You can also install Freshbooks mobile apps on your mobile device (iOS and Android) and run your business from anywhere and anytime.
It will allow you to send invoices, manage expenses, track all operations on time, receive updates, and chat with your clients to resolve issues that may occur.
The owners have completely redesigned the software’s interface to make it more friendly. You can now customize all invoices and track customer and supplier accounts with advanced tracking capacity.
The next section is going to give you an overview of the Freshbooks features.
The FreshBooks Main Features
Responsive mobile design
The Freshbooks owners have designed the version of a mobile app to help you stay connected and keep managing your business even when you are not in the office.
The app is available on both iOS and Android devices. You can use it to manage your income and expenditure accounts, communicate with clients and suppliers, and even take photos of receipts.
The software will also enable you to set up a billing schedule, automated recurring payments with auto-bills that charge your client’s card automatically and securely.
There is also a multicurrency function that allows sending invoices in the currency you and your client prefer.
The system prioritizes all tasks and displays them in a way that helps you to assign the appropriate tasks to your team members.
Simplicity of Use
The software integrates customized features that you can use to trigger notifications and set alerts for delayed payments as well as attaching all the files you want,
You can forecast a budget for each account, track the associated expenses, determine the variances and their causes to avoid them in the future. This is one of the many advantages that distinguish FreshBooks from most of its competitors.
Invoice payment functionality
Freshbooks has a reliable billing system functionality that allows users to see when clients receive and open invoices sent to them.
This feature will allow you to deal with customers who claim they didn’t get the invoice. The software will help you to avoid such misunderstandings and ensures that all invoices have been delivered to clients properly.
You can even print the billing history for a given period and use it as evidence in the case of dispute by some of your customers. It is the best way to keep track of past and current invoices.
Also, the system will allow you to pull out unpaid invoices at any time, analyze late payments, and make possible reminders to avoid cash flow issues to your business.
It allows easy management of all payments. You can settle accounts for online payments with Google Checkout, Visa, MasterCard, Amex, or PayPal.
It is also possible to automate the recurring billing process to save time and use the multi-currency function to bill customers in local currency.
Tracks your business expenses
Freshbooks will track all expenses regarding your business; you can attach receipts and organize them easily according to their nature. In such a way, you will be better prepared for tax returns.
It is even possible to link the “Expense Tool” to your bank account and import expenses directly from your bank. In brief, this software has features that will help you to track your company’s day-to-day financial operations efficiently.
Accurate time tracking
You can set the time tracking; there is a chrome extension that will enable you to do that in apps such as Asana, Basecamp, and Trello.
As a result, you will have more confidence to bill clients for tracked hours with accuracy. You can add the hours you have logged into your client’s invoice. It is also possible to charge an hourly or flat rate according to the predefined agreement with the client.
Also, your team members can log in their time for projects separately. This will allow you to track both individual and team time worked and establish the corresponding bill correctly.
Freshbooks will provide you with financial reports of your activities whenever you want. All you need is to keep your accounts up to date by entering all receipts and expenses invoices regularly into the system.
In this way, the software will generate the balance sheet and profit and loss account for a specified period. It is also possible to monitor the state of budget execution in real-time.
Also, you can easily manage your relations with the fiscal authorities from the system. All you need is to filter the data and instruct the system to generate the required tax reports.
You can then export these reports to a CSV file or other popular formats and share them with your accountant or tax advisor.
The designers of Freshbooks regularly update it to comply with accounting and tax changes as well as new requirements.
Advanced features such as recording unbilled revenue and reconciling bank accounts have been added or are expected to be added soon.
Also, several users say they are satisfied with the most recent updates regarding the activation of registered credit cards to make them visible on the customer’s profile.
These recent updates also concern filtering data by expenses that were not previously categorized during the search in the expenses section.
The image below gives an overview of all the features.
Freshbooks Pros and Cons
- FreshBooks offers a 30 days free period to allow you to evaluate its features as well as benefits and decide whether it is suitable to manage your financial operations or not.
- It has an easy to use and navigate interface.
- The software has undergone several significant updates in recent years to make it more competitive on the market.
- It is less expensive compared to several other popular cloud-based accounting software.
- The software is suitable for small and medium businesses only.
- Some users say the mobile app doesn’t allow them to access reports on the go.
The Cost of Freshbooks
FreshBooks pricing is affordable compared to most of its competitors; all plans include the following powerful features:
- Customized invoices.
- Send estimates that help you win jobs.
- Accept all significant online payments, including credit cards, bank transfers, PayPal, etc.
- The software is secure. It will store your information safely.
- Excellent customer service.
- Project budgets that allow you to keep your team on track.
- An easy to use and navigate interface.
- Powerful reports that provide vital insights about your business.
- Lots more.
You can open an account now and try Freshbooks free for 30 days. If you decide to cancel your account within this period, you will receive an automatic refund with no question.
During this period, you will have unlimited access to all FreshBooks features without contracts nor credit card required.
The company owners will even give you complete support by phone and email to help you understand better how the system works.
You will use FreshBooks at no charge for 30 days (no credit card required). If at the end of this period, you want to keep using the software, you will choose one of the proposed paid plans.
Also, if you are not ready to subscribe to a paid plan immediately, your invoices, expenses, etc. The company will store your invoices and other data securely and allow you to retrieve them later.
FreshBooks uses Secure Sockets Layer (SSL) protocol to protect your personal information. It is the best way to secure all credit card and billing transactions.
You can consult the following image for more details about the pricing.
My Final Thoughts
It is the end of this article that has tried to answer the question of what is the best online accounting software for small businesses; I hope you will find it useful.
As is the case for other software in other industries, Freshbooks is one of the best systems to manage financial operations. It is currently used by more than 10 million business owners to send, receive, and pay invoices.
It is present in more than 120 countries all around the world, and its owners are always determined to make it the number one cloud accounting solution for small business owners.
If you need help setting up your account, don’ hesitate to contact the support team by phone or mail, they are always there to answer all kinds of questions.
Finally, before leaving you, I would like to thank you for taking the time to read this article. If you have some questions or comments, you can leave them at the bottom of this page.
I will be more than happy to get back to you as soon as possible.