FreshBooks is an efficient accounting tool for solopreneurs, as well as small and medium-sized businesses. It is considered one of the most prominent cloud-based accounting and bookkeeping solutions, and combines streamlined functionality with an interactive dashboard and a wide range of accounting features. It provides complete automation of daily accounting requirements including invoicing, payment acceptance, expense tracking, and real-time financial reporting.
Is FreshBooks right for my business?
FreshBooks is a solid accounting and bookkeeping tool for small business owners, freelancers, and self-employed individuals. The range of services provided by FreshBooks including automation of daily accounting activities and invoice creation, which is a good choice for businesses that bill hourly and/or rely heavily on project work. Its billable time tracking feature allows freelancers to work efficiently.
What features does FreshBooks offer?
- Efficient invoicing, expensing, time tracking functions with complete automation of payment reminders, bill due dates, and late fees
- Ability to collect credit card payments through sent invoices
- Automatic updating of expenses from connected business credit cards
- Ability to import expenses from screenshots of receipts
- Efficient project and time tracking functionality
- Ability to add employees, contacts, and clients to contribute to a project
- Complete management of access control
- Inventory management and payroll processing through third-party applications
How much does FreshBooks cost?
FreshBooks offers three distinct pricing plans:
Lite
- Costs $15/ month
- Provides an unlimited number of invoices and estimates
- Ability to track time and expenses
- Seamless import of expenses from your bank account
- Limited to 5 active clients
Plus
- $25/month
- Includes all the benefits of the Lite plan
- Automatic payment reminders
- Charge late fees for overdue invoices
- Ability to schedule recurring invoices
- Ability to send proposals
- Can bill up to 50 clients
Premium
- Costs $50/month
- Includes all the benefits of the Plus plan
- Ability to bill up to 500 active clients
Pros of using FreshBooks
- Interactive, user-friendly and easy to use interface
- User-friendly dashboard with a number of features to control different accounting functions
- Comprehensive customer support and 24×7 availability
- Effective mobile app with a wide range of features
- A wide range of attractive invoice templates for customization
- A high number of third-party integrations
- Efficient time tracker feature that lets you record the time you spend working on projects
- Simple yet flexible notes section to store time entries
- Provides tools for team collaboration, and estimation of projects
Cons of using FreshBooks
- Only allows single-entry accounting functionality which restricts its usage
- Limited features in comparison to other based accounting software applications
- In contrast to the number of features and benefits provided by the software, has a relatively expensive monthly cost
- Buggy email click-throughs and automated expenses
- The reporting function is not flexible
- Lack of a dedicated Android App
- Monthly invoices do not display the pending amount from previous unpaid invoices
