A Review of Freshbooks
Freshbooks is one of the highly reputed finance and accounting software available for small and medium businesses.
It combines modern accounting technologies with cloud deployment to offer a well rounded double-entry accounting experience.
The design is intuitive and attractive, distinguishing Freshbooks as the best choice for businesses looking to streamline and automate their accounting.
Freshbooks has features that support online invoicing, expense tracking time tracking, payments and estimates, accounting reports, taxes, projects and more.
If you are looking for reliable beginner-friendly accounting software for your business, Freshbooks easily makes it to the top of all recommendations.
It has won various awards for the best accounting software in the SMB model and has. However, there are multiple alternatives and the offer also features shortcomings.
Here is a brief review of Freshbooks, including what you can achieve with it, specifications, applications, pros and cons.
The Package: What You Get from Freshbooks?
Freshbooks is an accounting suite that promises reliability, speed and automation by breaking down complex accounting management tasks into simple, enjoyable experiences.
You do not require advanced technical knowledge to start using Freshbooks.
However, you need basic computer skills and some accounting insights to help you make the most of the package. Freshbooks offers the following features:
a) Online Invoicing
Freshbooks offers everything you need in online invoicing software.
You can customize invoices, track invoice views, run the business in autopilot and receive your payments through deposits, credit cards and other online payments.
Other online invoicing features include quick discounts, late payment, auto payments, sales taxes, invoice previews and tracking of both online and offline payments.
Whether you need automated tax circulations of want to know if the customer has seen your invoice, Freshbooks provides all the essential features required to manage your invoices online.
b) Expense Tracking
You can use Freshbooks to track various kinds of expenses. The tool allows you to achieve automatic expense import, track spending per project, assign ad re-bill expenses, import files and attach receipts in PDF and Image formats. It also provides easy to read, tax-friendly categories, snaps and vendor memory. Whether you need to handle recurring expenses or manage separate projects that might share some resources, Freshbooks has the features needed to automate all expense tracking. It can also generate reports to help you fast track expenses in your projects.
c) Time Tracking
Every accounting system needs a reliable time tracking solution that features a timer, team timesheets and detailed entry notes. This is precisely what you get from Freshbooks and more. It provides a clear breakdown of the day, tracks time against clients and projects, automates bills for tracked hours, tracks unbilled time, allows custom project rates and generates invoices. Freshbooks time tracker is one of the most convenient features in the accounting suite, making it a natural choice for many project managers.
d) Projects And Payments
You can share images and files, collaborate with contractors, employees, partners and clients, view due dates for each project, generate project overviews, centralize communication and so much more.
Freshbooks is designed to help simplify project management and streamline collaboration among involved stakeholders. Concerning payments, Freshbooks accepts MasterCard, Visa, American Express and quick bank deposits.
Payments are recorded automatically, all fees are included as expenses and the experience is simple, safe and secure. Setting up payments is also very easy, as it is a single-click process.
e) Accounting Reports And Taxes
Freshbooks provides a detailed report of all the critical entries. You can generate reports for accounts aging, profit and loss statement, balance sheets, expenses, item sales, taxes, invoice details, outstanding revenue summary and breakdown of all spending. The tool also exports to CSV and Excel, provides filters you can use to customize business reports and automates your tax calculations. You can also schedule periodic reports.
Advantages of using Freshbooks
Freshbooks is a dynamic solution designed with the needs of small and medium businesses in mind. As such, it is suitable for SMBs that are looking to eliminate human error by streamlining and automating their accounting system.
It simplifies various functions, making it easier to manage your accounts, projects and collaborations.
It also has a user-friendly dashboard with a robust set of features you can use for mundane accounting tasks.
Some of the unique advantages of using Freshbooks include:
1. Responsive Mobile Design
Freshbooks is available for both Android and iOS platforms, so you can create and send invoices on the go. The responsive mobile design allows you to take images, communicate with partners, track expenses and manage your accounting from anywhere. As a cloud service, you can keep up to date without having to visit the office, as every report and info is accessible through your smartphone.
2. Automated Accounting System
Many processes, such as invoice creation, entry recording, billing, time and expense tracking, reporting and data synchronization across all devices, are automated. Freshbooks uses a simple, user-friendly design that is easy to understand and most tasks require a few clicks to complete since they are automated.
3. Fully Customizable
You can customize everything from your suite’s dashboard to the invoices you create and reports generated by the application. This is critical since invoices and reports carry brand identity elements and require 100 percent customization to stand out among the competition.
4. Invoice To Payment Functionality
Freshbooks allows you to create invoices, track time and expenses, bill automatically, correspond with partners, businesses and clients, automate payment using popular methods and so much more.
It offers an invoice to payment functionality that makes it a one-stop-shop for all SMB accounting solutions.
There are several other merits of using Freshbooks, including affordability. The pricing plans begin from as low as $15 per month for Lite to $50 for Premium.
Downsides of using Freshbooks
Freshbooks cost less per month when compared to other top competitors. However, it lacks some features, such as vendor management and inventory tracking, especially in mega enterprises.
The mobile report is also quite limited and recent updates might be costly. Other than that, Freshbooks has shown tremendous functionality for SMBs and makes for a perfect solution for such enterprises.
If you own a mega store or large business, Freshbooks might not be the ideal solution.
However, the platform is unrivaled when it comes to meeting the needs of small and medium-sized enterprises.
Freshbooks is an innovative accounting solution that comes with a free trial and various monthly plans. It is less expensive than most solutions and targets SMBs, making it ideal for the niche.
The platform is continuously being updated with new features to improve functionality, so users can expect more advancement in the future.
If you are looking for an affordable accounting solution that can manage and keep track of invoicing, accounting and reporting, Freshbooks is a viable option.
It boasts a growing reputation among users and continues to extend its functionality, having the potential to grow into a comprehensive accounting solution for all kinds of online businesses.
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