FreshBooks Review

FreshBooks
Product:
Vendor:
Founded:
Headquarters:
FreshBooks
FreshBooks
2003
Toronto, ON
Ownership:
Customers:
Deployment Model:
Free Trial:
Private
Unknown
Cloud
Yes
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FreshBooks At A Glance

Good: Ability to offer customers flexible payment methods, project management and time-tracking features, mobile app for creating invoices and updating expenses on the go.
Bad: A robust Accounts Payable solution is not currently offered.
Bottom Line: Robust automated alternative to spreadsheets that helps small businesses effectively track their finances, projects and more.

Product Overview

FreshBooks is a cloud-based all-in-one accounting software that helps small businesses better maintain their operations. It includes automated tools that streamline processes, such as invoice processing and payment collection. In addition to managing their finances, users can track their projects, too. FreshBooks also has a mobile app, so users can create invoices, capture expense receipts and connect with their clients on the go.

Other benefits of the software are:

  • Less manual work, so more time can be focused on running the business
  • Increased revenue due to quicker payments from customers
  • Accurate record keeping that complies with tax and other regulatory bodies
  • Integration with customer relationship management (CRM), eCommerce, payroll and other third-party systems

Features

FreshBooks has many valuable features. Here are its key ones.

Client Hub – The Client Hub lets users see all of their clients’ activities, such as contact information or overdue payment, in one place. They can easily add a task associated with a particular client (e.g., creating an invoice) with a single click. This feature gives users more time to focus on building client relationships.

Accounting – The software includes a general ledger, a balance sheet and a trial balance sheet, and it automatically performs checks and balances to ensure that there’s no discrepancies. Users can track the cost of goods sold, journal entries and other income (e.g., rental income). They can also invite their accountant(s) to access FreshBooks.

Invoicing – With the invoice generator, users can create and personalize their invoices quickly by adding their logo or other custom details. They can also add in billable expenses, payment methods, payment due dates, payment terms and late fees to invoices. Users are able to set up recurring invoices and reminders, so FreshBooks can send their clients alerts about their payment deadlines. Additional invoicing features include discounts, automatic tax calculation, invoice preview, currency preference and alerts when invoices are seen and paid.

Expense management – Users can track their expenses by connecting FreshBooks with their bank or credit card accounts. They can quickly and easily take photos of receipts and store them within the software. Users can also manage expenses by category, which can be a time saver when filing taxes.

Payments – This feature lets companies offer different payment options (e.g., credit card, mobile pay) to their customers. Because FreshBooks links with most U.S. bank accounts, users can set up online payments in just a few clicks. The vendor has a dedicated payment processor called FreshBooks Payments that charges 2.9% per month plus 30 cents per transaction for credit card payments and 1% for bank transfer fees for ACH payments. Companies can alternatively use Stripe payment processing, which offers transaction fees similar to FreshBooks Payment. Note that FreshBooks recognizes payment processing fees as an expense within the software.

In addition, there’s an advanced payments feature that lets users accept payments online, over the phone or in person. They can create subscription-based client profiles, set up recurring payments for certain clients and save credit card data for future billing.

Reports – The software has built-in dashboards and reports on various accounting and other metrics, such as profit and loss, sales tax and accounts aging. Users can access important reports quickly via the dashboard, and they can also filter reports by client or date.

Other features – FreshBooks includes project management functionality, so users can track their project cycle, including sharing files, chatting with collaborators and assigning tasks to their employees. They can also bid on new projects with the proposals and estimates feature by outlining the project’s scope, timeline and deliverables within the software. Finally, the time tracking feature lets users record their time with a built-in timer, record time against specific projects for billing and manage their team’s work.

Target Market

FreshBooks is intended for small businesses that want to migrate from Excel or another accounting solution. The vendor doesn’t publicly list the names of their customers, so please contact them directly for references.

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Implementation/Integration

New clients can sign up for the 30-day free trial and begin using the software quickly. After the free trial ends, they can select one of the subscription plans.

FreshBooks integrates with over 200 third-party applications, such as Google Suite, Accounts Receivable solutions, CRM systems and document management software.

Customer Service & Support

Users can access the help center to browse topics and submit tickets. They can also contact support by email or phone during regular business hours.

Pricing

FreshBooks has four pricing plans (based on annual billing). We’ve listed the plans’ original pricing, but note that the vendor is currently offering a 70% discount.

  • Lite – The Lite plan costs $15 per month for up to five billable clients. It includes unlimited invoicing, unlimited expense entries, unlimited estimates, unlimited time tracking, tax reporting, online payments (e.g., credit card, ACH transfers) and automated bank import. If a company wants to add team members to the account, it costs an additional $10 per person, per month.
  • Plus – The Plus plan costs $25 per month for up to 50 billable clients. It includes all the features of the Lite plan, plus unlimited proposals, automated recurring invoices, double entry accounting reports, scheduled late fees, automated payment reminders and client retainers. The advanced payments feature costs an additional $20 per month.
  • Premium – The Premium plan costs $50 per month for up to 500 billable clients. It includes all the features of the Plus plan.
  • Select – The Select plan is intended for companies that have over 500 billable clients and require custom services. It includes a personal Account Manager, customized end user training, lower credit card transaction fees and integration to Xero and QuickBooks. Please contact FreshBooks directly for a quote.

Shortcomings

FreshBooks doesn’t currently offer a robust Accounts Payable solution, but it’s on the roadmap for the end of 2020.

Screenshots

FreshBooks Screenshot 1
FreshBooks Screenshot 2
FreshBooks Screenshot 3

About

FreshBooks is the No. 2 small business accounting software in America, with paying customers in 100+ countries. The company has helped more than 20 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management, and online payments features. Recognized with 10 Stevie awards for the best customer service in the world, FreshBooks’s mantra is to “execute extraordinary experiences everyday.”

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