FreshBooks is another premier small business accounting software that makes tasks like tracking expenses and collaborating with the team a breeze. It also offers time tracking tools and invoicing options. It also offers simple reports like profit, invoice details, and time entry in real-time.
Freshbooks is good for freelancers and sole proprietors due to its cost and simplicity. It doesn’t have the add on features like payroll that Quickbooks does, which may not make it a good choice for larger firms.
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- Affordable: This platform is more affordable than other popular models and this allows freelancers to be efficient. Even the Lite Plan, provides significant value at just $15/mo.
- Additional reports: It’s invoicing report along with project management platform are the main differentiators. Many software options don’t have project management options, which allows small business owners to keep track of tasks. The invoicing report goes into greater detail and has more options than other accounting software.
- Has caps at billable clients: One of the reasons why this software is cheaper is that it caps billable clients per month. This could be tougher if a business is growing and doesn’t want to pay more per additional client. It’s also why FreshBooks could be a better fit for freelancers with a few clients.
- Lacks inventory tracking: Alternatives like Quickbooks have inventory tracking which allows a business to keep tabs on inventory levels. This is crucial for many businesses, especially e-commerce or retail stores.
One of FreshBooks best features is the invoice management system. Not only does this allow online management, but it also allows the user to see if the client viewed it as well as set custom follow up reminders. For example, users can automate the process to follow up after a bill has been unpaid for a week.
Freshbooks also makes it easy to calculate and aggregate sales tax data. This makes it easy to create custom sales tax reports and add percentages with just a click of a button. Unlike its competitors, Freshbooks offers a custom project management tool. This tool allows small business owners to manage projects and properly delegate tasks to internal or external staff. It also has features that help track time worked on each project.
Freshbooks has three plans which are Lite, Plus, and Premium at $15, $25, and $50 per month. All plans have similar features, but the main differentiator is the number of billable clients. The lite features allow up to 5 clients per month, with the Plus and Premium allowing up to 50 and 500 clients per month respectively. The Plus and Premium models also have scheduled late fees along with automated payment reminders.
Freshbooks has email and phone support with knowledgeable English speaking representatives. It also has many training videos and webinars in its training center. It’s famous for its quality customer service and ensures promptness. In fact, it has each employee start in a customer service role for a month prior to moving onto their role. Unlike other competitors, it places a high value on social media. Thus, it has a presence on Youtube, Facebook, Linked In, and Instagram. It also has a comprehensive blog that it uses to educate prospects and users.
Security is taken very seriously and is related to customer support. FreshBooks has partnered with security cloud company RackSpace which stores its servers. This along with the 256-bit SSL encryption as well as Cisco-powered firewalls ensures sensitive data will be secure.