Looking for accounting software for your small business? Check out our in-depth Freshbooks review and decide for yourself.
Is Freshbooks the Right Accounting Software for Your Business?
Managing finances is a crucial aspect of any business, no matter how small or large. However, for many business owners, managing finances can be a daunting task. This is where accounting software comes into play. Freshbooks is a popular accounting software that is designed to make managing finances easy and efficient. In this article, we will provide an in-depth review of Freshbooks, including its features, pricing, and benefits.
As a small business owner, managing your finances can be challenging. That’s where Freshbooks comes in. In this review, we’ll explore its features, pricing, and user-friendliness.
What Is FreshBooks?
FreshBooks is a cloud-based accounting software that was founded in 2003 by Mike McDerment. The software is designed to help small business owners and self-employed professionals streamline their invoicing, expense tracking, time tracking, and financial reporting processes. With FreshBooks, you can create and send professional-looking invoices, receive online payments, and track your expenses in real time.
FreshBooks is easy to use and doesn’t require any accounting or bookkeeping knowledge. The software is suitable for freelancers, small business owners, and service-based businesses, such as consultants, designers, and lawyers. FreshBooks has won several awards for its user-friendly interface and excellent customer service.
Freshbooks Review: Features
- Invoicing: With Freshbooks, you can create professional-looking invoices in just a few clicks. The software allows you to customize your invoices with your logo, colors, and payment terms. You can also set up automatic reminders for late payments and accept online payments.
- Expense tracking: Freshbooks allows you to easily track your business expenses. You can upload receipts, categorize expenses, and even set up recurring expenses for items like rent or utilities.
- Time tracking: If you bill clients by the hour, Freshbooks makes it easy to track your time. You can use the built-in timer or manually enter your time. Freshbooks also allows you to generate reports based on your time entries.
- Project management: Freshbooks offers a variety of project management tools, including task lists, time tracking, and team collaboration. You can also set up project budgets and track expenses related to specific projects.
- Financial reporting: Freshbooks provides a variety of financial reports, including profit and loss statements, balance sheets, and cash flow statements. You can also generate custom reports based on your business needs.
Freshbooks Review: Benefits
- User-friendly interface: Freshbooks is designed to be easy to use, even for those who aren’t accounting experts. The software’s interface is intuitive and straightforward, making it easy to navigate.
- Time-saving features: Freshbooks’ invoicing and expense tracking features can save business owners a significant amount of time. Instead of manually creating invoices and tracking expenses, Freshbooks automates these processes, freeing up time for other important tasks.
- Professional-looking invoices: Freshbooks allows you to create professional-looking invoices that can help improve your business’s image. The software offers a variety of customization options, allowing you to create invoices that reflect your brand.
- Easy payment collection: Freshbooks’ online payment collection feature makes it easy to get paid quickly. Clients can pay their invoices online, reducing the time it takes for you to receive payment.
- Integration with other tools: Freshbooks integrates with a variety of other tools, including PayPal, Stripe, and G Suite. This allows you to streamline your workflow and avoid having to switch between different apps.
Freshbooks Review: Drawbacks
- Limited customizability: While Freshbooks offers a variety of customization options, some users may find the software’s options limited. For example, you can’t create custom fields or modify the software’s workflow.
- Limited reporting options: Freshbooks provides a variety of financial reports, but some users may find the options limited. Custom reporting options are available, but they require a higher-priced subscription.
- Price: Freshbooks is more expensive than some other accounting software options. While the software’s features may justify the cost for some users, others may find the price prohibitive.
Freshbooks Review: Pricing
FreshBooks offers three pricing plans: Lite, Plus, and Premium. Here’s a breakdown of the pricing and features:
- Lite: $15 per month (for up to 5 clients)
- Unlimited invoicing and estimates
- Accept credit card payments online
- Expense tracking
- Time tracking
- Plus: $25 per month (for up to 50 clients)
- All Lite features
- Automated recurring invoices
- Double-entry accounting reports
- Premium: $50 per month (for up to 500 clients)
- All Plus features
- Advanced payments and deposit tracking
- Customized workflows and approvals
FreshBooks also offers a 30-day free trial for new users, so you can try the software before you buy.
Freshbooks Review: Pros and Cons
- User-friendly interface
- Easy to set up and use
- Invoicing and payment processing are seamless
- Excellent customer support
- Time tracking and expense tracking features are robust
- Limited customization options for invoices and reports
- No inventory management feature
- The price may be too high for some small businesses
- Limited integrations with other software