If your business plan is to get invoices frequently, FreshBooks could be the accounting software for you. This cloud-based accounting software may be a step above the competition when it comes to invoicing.
FreshBooks is a solid accounting tool for very small businesses and freelancers, especially if they’re focused on providing services instead of good. Larger businesses or those with complicated expenses might want to seem further, however.
We selected FreshBooks because the best invoicing software for tiny businesses because it makes it simple to make and send invoices.
It allows you to line up recurring invoices, schedule automatic payment reminders, and accept credit and debit card payments for your invoices online.
FreshBooks monitors the status of invoices after you send them, showing you when customers receive and look at them. It tracks billable time and expenses, allowing you to add them to invoices.
This makes it a terrific option for freelancers and self-employed professionals, also as agencies and firms that provide professional services, like those within the creative, IT and legal industries.
FreshBooks offers tremendous versatility to small businesses that generate invoices regularly.
FreshBooks takes billing out of your hands and puts it on autopilot. set up automated invoicing, online payment options (ACH and Credit Card), and late payment reminders to get paid 2x faster.
Next, boost team productivity with precise time tracking and collaborative project tools, so every minute, file, and conversation is tracked and logged.
FreshBooks is a web-based accounting solution that caters to small businesses. FreshBooks serves various industries, like marketing, legal services and business consulting, trades and home services and information technology (IT).
FreshBooks is competitively priced and offers four plans, which are tiered by the number of clients you work with. If you buy FreshBooks on a yearly subscription instead of paying once a month.
you’ll save 60%. you’ll also benefit of the 30-day free trial to try out all the features before you subscribe. Here are details on the plans and costs for FreshBooks.
The Lite plan costs $4.50 per month and allows you to bill up to 5 clients. you’ll connect the software to your bank account, track time and accept invoice payments online. there is no limit to the number of estimates and invoices you’ll send, and you receive free access to the FreshBooks mobile app.
The Plus plan costs $7.50 per month and allows you to bill up to 50 clients. This plan adds the ability to charge late fees and send recurring invoices, automatic payment reminders and proposals.
It now uses double-entry accounting and allows you to run financial reports.
The Premium plan costs $15 per month and allows you to bill up to 500 clients. This plan is just like the Plus plan but supports a bigger client base.
The Select plan offers custom pricing, so you will need to talk with a sales agent who can provide you with a quote for your specific needs.
This plan is for businesses that bill a minimum of $150,000 annually or have quite 500 clients. additionally to Premium features, it gives you a dedicated account manager to work with.
Additional users cost $10 per month each. this is applicable to business partners, contractors and employees you increase your account. The exception is accountants, whom you’ll invite to access your account for free of charge .
FreshBooks Payments, which allows you to simply accept payments online, costs 2.9% plus 30 cents per transaction. Alternatively, you’ll connect your Stripe account to the system.
Advanced Payments costs $20 per month plus 3.5% and 30 cents per transaction. This add-on service gives you a virtual terminal that permits you to simply accept payments over the phone and face to face .
Your clients can authorize recurring payments once you have this add-on.
FreshBooks has some unusual features, but there also are some basic features missing, like payroll and bill reminders.
It also doesn’t have an inventory tracker, which makes it a nasty fit product-based businesses.
To form up for this, FreshBooks offers integration with quite 100 applications, but it’s still easier to use a more balanced platform, like Xero or Wave.
FreshBooks is a wonderful cloud accounting platform for service- and project-based businesses.
It’s an excellent array of tools that work perfectly with one another to assist you track your income. Its invoicing feature is simple to use and features a lot of automation options, like repeating and scheduled invoices.
FreshBooks has some unusual features, but there also are some basic features missing, like payroll and bill reminders. It also doesn’t have an inventory tracker, which makes it a nasty fit product-based businesses.
To make up for this, FreshBooks offers integration with quite 100 applications, but it’s still easier to use a more balanced platform, like Xero or Wave.
If FreshBooks doesn’t sound like a good fit your business, you’ll check our list of the simplest accounting software tools to seek out something better.
However, if you’re a part of alittle team trying to find a platform to manage your projects and track billable hours, try FreshBooks’ free 30-day trial or read on for the complete review.
- FreshBooks has several features to make your accounting tasks easier and faster. The invoice and estimate screens have a WYSIWYG interface, making invoice creation an easy process. you’ll add new customers, products and services as you go, which may be a useful feature – some programs require you to add that information before you start creating invoices or they do not save the information you’ve manually added.
- FreshBooks saves this data so you do not need to enter it again on future invoices.Key features of FreshBooks include invoicing, expense tracking, time tracking, reporting and payments management. Users can brand their invoices, accept online payments and set auto…
Here are a number of the ways FreshBooks saves you time along with your invoicing:
- On the invoice screen, you’ll quickly customize the design of your documents to match your branding. you only upload your logo, then choose a template, a font, and an accent color. you’ll also customize your payment terms, add a note to your customer, request a deposit and make a payment schedule directly on your invoice with just a couple of clicks.
- You can convert estimates and proposals to invoices in two clicks. it is easy to duplicate and tweak past invoices rather than creating new ones from scratch.
- You can mark the time you tracked on a project as billable and add it to an invoice. you’ll also easily add billable expenses to invoices.
- You can email invoices and receive updates when your clients view and pay them. If you set up FreshBooks Payments or connect the software to your Stripe account, your customers can click a button on the invoice to pay it, eliminating the time you’d normally await a check to arrive within the mail.
- The software allows you to schedule recurring invoices to be sent weekly, monthly, annually or as frequently as you select . you’ll set the quantity of occurrences and permit customers to save lots of their credit cards for automatic payments.
- You can send automatic payment reminders before or after the due date to encourage customers to be prompt with their invoice payments. you’ll also set up the software to automatically apply late fees to past-due invoices, as either a percentage or a flat fee.
- Using FreshBooks’ mobile app, available for iOS and Android, you’ll create invoices immediately after meeting with a client instead of waiting until you go back to to the office. you’ll also use the app to capture receipts, chat with customers and check invoice statuses.
- Like other popular accounting solutions, FreshBooks connects to your business bank and credit card accounts and automatically imports your expenses every day .
- Also, the Premium and choose plans now use double-entry accounting – which may be a significant upgrade to the software – and permit you to make a chart of accounts and run new reports, like a ledger , record and trial balance. Bank reconciliation is additionally available.
Powerful Features Included in All Plans:
- Customize invoices and look professional
- Send forecasts that help you win the job
- Accept credit card and ACH bank transfer online
- All your information is stored securely
- Award winning customer service is based in Toronto
- budget projects that keep your team on track
- Dashboard that keep your finger on the pulse
- strong report with insights about your business
Strengths & Weaknesses
- Can process credit card payments
- Project management & time tracker
- Collaboration tools along with your team or perhaps your client
- many automation features for invoicing
- No bills
- No payroll
- Limited report customization options
Here are a couple of more things you can do with FreshBooks:
FreshBooks is a solid accounting tool for very small businesses and freelancers, especially if they’re focused on providing services instead of good.
Larger businesses or those with complicated expenses may want to look further, however.
You can manage projects and base your billing on an hourly or flat rate.
A time budget shows how much time you’ve got remaining on the project, how much of your tracked time is unbilled, and a countdown of days until the project’s maturity .
you’ll monitor how many hours your team members spend on each project, and also share files and discuss the project with them.
In addition to the reports mentioned above, you’ll run profit and loss reports, sales tax summaries, accounts aging and expense reports, invoice details, payment collected, and time-entry details.
After running reports, you’ll email them, print them or export them to Excel.
More than 80 apps and integrations are available from FreshBooks, allowing you to attach this accounting software to several other business services and systems you’ll already use.
You can invite business partners, employees, contractors and accountants to your FreshBooks account. Their user role determines the information they will access.
Your business partners can access everything except integrations. Employees can access their projects, tracked time and expenses.
Contractors can view only the projects you’ve added them to, and that they can track time toward those projects.
Accountants can see your dashboard, reports, expenses and invoices, but they can’t create invoices.
It’s easy to register for FreshBooks’ free 30-day trial. Register by filling in your email address and password.
Then you’ll receive an email with a verification link. Click on the link, then you want to fill in your personal and business details before you’ll access your FreshBooks account.
FreshBooks contains a clean layout, unlike FreeAgent. There’s many space between elements and everything is clearly labeled.
Almost every page has a summary at the highest , which helps you quickly scan its information. On rock bottom of the page, you’ll find the content details, like a listing of your invoices or projects.
FreshBooks’ navigation bar is located on the left side and displays most of the pages, including “invoices,” which has two sub-options: “retainers” and “other income.”
On the highest section of the navigation bar, you’ll see your profile settings and notifications. you’ll access your account settings, “items and services” list and FreshBooks’ support page through your profile settings.
FreshBooks contains a slight learning curve, but you’ll master it quickly because most of the tools are simple and you get explanations once you first open a page.
it’s a clear layout, and its Android and iOS applications also are easy to use. you’ll also track some time or check your invoices on the undergo these apps.
There are two ways to generate an invoice from scratch. you’ll create an invoice through the dashboard by selecting the “create new” button or through the “invoices” page.
In the “invoices” page, you’ll find a summary of your invoices at the highest and an inventory of your invoices at the bottom.
you’ll also connect your account with Stripe through the “activate online payment” button to receive mastercard payments.
To create an invoice from the “invoices” page, click the “new invoice” button on the top-right corner of the page.
Unlike QuickBooks Online or Xero, FreshBooks allows you to fill in your invoice straight onto the template, so you’ll see it as how your clients would.
Click the “add a client” button to assign an invoice to a customer. once you fill out your customer’s details, FreshBooks will suggest available clients.
you’ll pick a customer from your client list or continue filling within the form to add a new customer.
To create a new invoice item, click the “add a line” button below the item description table.
A bit like adding clients, you’ll pick a product from your item list or add a replacement product.
If you’re creating an invoice for a client with unbilled hours, FreshBooks recommends adding the hours as soon as you click on the “item name” box.
The “request a deposit” and “add a payment schedule” features divide your invoice into multiple payment terms. you’ll pick either a flat rate or a percentage for both features.
“Deposit” divides your invoice into two payments, while “payment schedule” divides it up into 12 terms. These features are often helpful if you’re taking up a giant project and need multiple payments.
You can set up invoice reminders through the “send reminders” button under customer settings, which can show up after you choose a client.
you’ll send up to 3 reminders with customizable intervals and private messages. FreshBooks will automatically send reminders to the client for their future invoices, so you simply need to do that once.
If you would like to create a recurring invoice, click the “make recurring” button under your invoice settings.
Then the “settings” section will show a form where you’ll set up the schedule, delivery and payment options for your repeating invoices.
To customize FreshBooks’ invoice template, click the “customize invoice” button within the “invoice settings” section.
FreshBooks only has two fonts and templates to use, unlike Xero or QuickBooks Online. Fortunately, you’ll still pick an accent color, upload your logo and add a header image to personalize your invoices.
FreshBooks’ “expenses” feature doesn’t have a bills manager where you’ll set up reminders or pay your bills online, such as you can with QuickBooks Online (read our QuickBooks Online review to learn more).
However, you’ll still track your expenses using FreshBooks.
Similar to invoices, you’ll add a new expense through the dashboard or through the “expenses” page. within the dashboard, click the “create new” button and pick “expenses” from the dropdown menu.
Otherwise, from the “expenses” page, click the “new expense” button on the top-right corner of the page.
On the “new expense” page, you’ll fill out the details of your expense. If you wish to, you’ll also attach a receipt through this page. Unlike in “invoices,” you can’t add items to the current entry, so attaching a receipt helps you retain track of what you buy .
You can assign an expense to a client through the “mark as billable” option on the proper side of the page.
FreshBooks will suggest adding this cost subsequent time you create an invoice for the client, and it’ll mark the item as “unbilled” within the “expenses” page.
You can also quickly add an entry through the “new expense” button under the “all expenses” section. instead of leading you to a new page, a form will show up where you’ll fill in the details without leaving the “expenses” page.
Another option is to add a bank connection, which can automatically import your transactions into the “expenses” page. this may also import your statements to the “accounting” category within the navigation bar to reconcile your transactions.
You can reach FreshBooks’ reporting feature in the “reports” option on the navigation bar. almost like Wave, FreshBooks has explanations on the “reports” page which will assist you understand each report.
FreshBooks’ report templates aren’t as customizable or plentiful as QuickBooks Online or Xero, but it does have 14 report templates under four sections.
On the “invoice & expense reports” section, you see one expense report and three sales reports arranged by invoice, item and client.
The sales reports offer you an summary about your income, like which item is that the most popular or which client is that the most profitable. this information is crucial once you want to implement a new strategy for your business.
There are two reports in the “payment reports” section: “accounts aging” and “payments collected.” Both reports offer insight into your income from different angles.
“Accounts aging” gives you a report of which clients still owe you, the amount and how much time it’s been overdue. Meanwhile, “payments collected” gives a brief report of all of your paid invoices.
FreshBooks’ “accounting reports” section consists of six reports, including “profit & loss,” “trial balance” and “balance sheet.” you’ll use these reports to observe the financial health of your business.
As of 2019, FreshBooks uses the double-entry accounting template for these reports, making it easier to trace the money in your accounts.
The “time tracking reports” section consists of two reports: “time entry detail” and “retainer summary.” Both reports allow you to see an summary of the hours you’ve logged, the same as what you’ll see in the “time tracking” and “retainers” page.
The customization options for every report vary, but each report allows you to a minimum of customize the period. Comparatively, QuickBooks Online and Xero are more customizable, as they need more filters and column options to use.
When matched against Wave, FreshBooks’ and Wave’s reporting features are almost on a similar level. Both have but 20 templates and limited customization options.
Even so, Wave’s report layouts look better, especially for people that are new bookkeeping software, because they need a summary at the highest of every report.
Ease of use is a main advantage of FreshBooks. setting up an account is a quick process, requiring minimal steps.
There is no credit card required to open a trial account; you merely enter your email address and a password, then click on a link within the email it sends you.
When you log in to your account, you’ll notice how clean, organized and clearly labeled the interface is. On the dashboard, you’ll see an summary of your outstanding invoices, total profit, expenses and advanced reports.
The left sidebar makes it easy to navigate the software, and you’ll use the Create New shortcut at the highest of the dashboard to begin creating invoices, estimates, expenses and customer profiles.
Each screen greets you with suggested tips, tasks or short video tutorials to assist you start using different features.
It’s worth playing around with the trial version of the software before making a purchase. there is no better way to determine if an answer will help your small business than using the software on a trial basis.
Another plus is that once you invite your customers to projects, they will set up a client account that permits them to comment on documents, like proposals and estimates.
you’ll reply to their comments and share files and links with them. they will also save their credit cards on file, making it easy for them to pay new invoices.
We also like that you simply can format invoices in several languages besides English, like Spanish, French, German and Swedish.
Multicurrency billing is additionally available; using FreshBooks Payments, you’ll accept payments in international currencies. These are helpful features if you’ve got a global client base.
- Super intuitive interface and simple actions.
- Integrations with other web services like Gusto help the handoff of tracking of payroll.
- Being a hosted platform, it’s simple to share links for reference to my tax service people for access to any numbers.
- Reporting is great because it can break down the P&L and compiling deductions during tax time.
- Offers several features like online payment gateway and cloud-based invoicing.
- It has robust reporting functionalities that enable users to make informed decisions.
- Allows users to transfer their timesheet data to invoice and receive payments quickly.
- The reporting feature of this software is very demanding because none of its data lines within the report is hyperlinked.
FreshBooks is capable accounting software that creates invoicing easy, but there are a couple of things to think about before you choose if it is the right accounting solution for your business:
It lacks inventory tracking and vendor management. However, it does have time-tracking and project management features, so it is best fitted to service- and project-based firms and entrepreneurs instead of businesses that sell products.
There are not any batch-invoicing shortcuts, which might be useful if, as an example, you’re invoicing multiple customers for a similar service at a similar rate.
With just two templates and fonts to choose from, its invoice customization options are narrower than those of the many of its competitors.
Although most features are available on the mobile app, you cannot view reports. If you would like to try and do this on the go, you will have to use a browser to access your account, which is less convenient.
- The accounting side of the software isn’t as developed because the invoicing and time tracking side.
- If you’ve got a lot of clients or want some of their add-on options, it gets expensive fast.
- The mobile app is nice but doesn’t work well for a few features
- The remake has higher costs, with some features removed, and no new features that we’d like .
- FreshBooks seems to have lost their identity and their sense of who their customer is.
- No ability to customize interest/late fees per client or per invoice. just one structure and a yes/no toggle per client.
To examine FreshBooks’ customer service, we contacted the corporate , posing as a small business owner looking for an accounting program, and that we were pleased with the support we received.
The representative we spoke with provided clear support. They were very curious about how we were managing our finances currently and what we were looking for.
If you’re confused about the software or searching for a walk-through of the program, we recommend calling the company directly. they’re more than willing to go over aspects of the software and explain certain features.
During our call, we didn’t feel any pressure to get the program; the representative just wanted to teach us more about what FreshBooks offers and how it could potentially be a positive resource for our company.
Customer support is available weekdays from 8 a.m. to 8 p.m. ET by phone, email and live chat.
We tried out the live chat and received prompt, helpful assistance. The company’s website has a searchable knowledgebase, a blog, free e-books and a webinar that teaches you how to use the software.
For a little business where you would like to add to link your business bank account, track expenses, log hours on projects and invoice customers without any hassle, this is the platform to use.
Easy to line up, customize and you’ll send invoices via email and get paid electronically. If they send you checks you’ll send them into your bank, log the checks and close out invoices.
Mobile apps are great for tracking time and checking on payments. you can’t beat the simplicity. If you employ other tools like Gusto, the integration is great and that i get reports of these costs to run the business right inside Freshbooks.
It’s very easy to get started even without tutorials and therefore the interface is simply intuitive.
If you’re a much bigger team or need something with accounting features, you’ll want to look elsewhere. FreshBooks does integrate with 3rd party software, including accounting software, so you’ll still make it work.
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