FreshBooks Review 2022: Features & Pricing

It was co-founded in 2003 by Michael McDerment and Levi Cooperman to provide an accounting solution that suits the needs of self-employed professionals and their teams. Today, over 24 million people are using FreshBooks software in more than 160 countries to manage their accounting and invoicing requirements. Check out our article on the best accounting software of the year to explore alternatives. And while we like that FreshBooks doesn’t limit the number of users you can add, wedon’tlove that each user costs $10 extra.

Another thing that makes Freshbooks a great software is that it adheres to the rules of double-entry accounting. It supports structured record keeping, allowing you to have improved insight into your finances.

FreshBooks Customer Support

Speaking of typical accounting software features, FreshBooks’ lack of double-entry accounting with every plan gives us cause for concern. FreshBooks argues that freelancers don’t need to use the more meticulous double-entry bookkeeping system, since it’s most useful for businesses with complex finances. But we don’t agree—and neither do most providers, like Xero and QuickBooks Online, both of which offer double-entry accounting with every plan.

We like the fact that the level of access is automatically set depending on the type of person you invite to view your accounts such as accountant, contractor, business partner or employee. We like the fact that you can also setup automated payment reminders to be sent out at customizable intervals with an option for charging late fees too. Internal transfers between accounts and refunds are clearly highlighted so there’s no confusion between them and invoice payments that have been accounted for. FreshBooks can also automatically reconcile invoice payments and card payments. FreshBooks will learn how you reconcile regular payments and automatically suggest reconciliation details for your approval. The accounting tools provided with FreshBooks help to ensure accuracy in your records, maintain compliance, and give you a better understanding of your financial situation.

Faster Payments

Time can be added to projects and billed as an invoice, or you can choose to record unbillable time as well. You can create duplicate estimates, quickly convert https://www.bookstime.com/ them to invoices, and view the status of your estimates (sent, viewed, accepted, etc.). FreshBooks offers two basic invoice templates that are customizable.

When we tested the recurring templates, we found that they were delivered to clients promptly, with all the correct information. Clients will receive an email where they can view the invoice, send a message to your business via email, and pay the invoice.

Invoicing and Accounting Software Built For Any Business Size

QuickBooks is better suited for larger companies as it enables more customization options, but it comes at an additional cost. FreshBooks, on the other hand, is a better fit for small businesses and situations where no more than one person freshbooks is managing the account. With the Lite plan, you’re able to send unlimited invoices to up to five billable clients. That number jumps to 50 billable clients with the Plus plan, and then an unlimited number for the Premium plan.

• You can also reopen any saved invoice and edit it, or click the More Actions button for additional tasks, such as emailing the form, applying a payment, and assigning it to a project.
• Built For Business OwnersOver 30 million business owners have used FreshBooks to save up to 550 hours every year on accounting and invoicing.
• There is however an excellent FreshBooks mobile app which works on iOS and Android.
• The Best Bookkeeping Software for Small Business 2022 To find the best bookkeeping software, we looked at key accounting features, ease of use,…
• I hope the following will give you a general idea of how FreshBooks stacks up against the competition.

While many support questions can be easily answered by using the other resources available in FreshBooks, it’s incredibly refreshing to have the option to call support when it’s needed. Accountants, who can access FreshBooks reports, categorize expenses, and create journal entries. We all want to be paid for our time, but how often do you forget to write down how much time you’ve spent on a job? Using the time-tracking option, you can easily log your time for any job, or start a timer to record the time automatically. You can set reminders, with FreshBooks notifying you if the payment is late, and can add a late fee if a client’s payment is really late.

How much does FreshBooks cost per month for nonprofits?

Regrettably, you have to scroll a lot to see the charts, and you don’t get a to-do list. Specifically, FreshBooks has a Chart of Accounts and General Ledger. Last year, it added Other Income , Cost of Goods Sold, bank reconciliation, and two additional standard financial reports . FreshBooks has several support options available, like phone, email, online support forms, knowledgebase, blog, YouTube, Facebook, Twitter, Instagram, Press Center, & webinars. General User Experience – The initial setup is fantastic, regardless of the size of the business you manage. The beauty of FreshBooks is that blends simplicity with power.

Since there is no settings section, you must manually add the sales tax on each line item of an invoice. FreshBooks does save the sales tax rates that you add, but you still have to select them manually. A nice client page features graphs that show total money overdue, amount outstanding, and the amount in draft. Underneath this chart is a list of recently active clients and a full client directory.

Users can create and send invoices, take pictures of receipts and record expenses, collaborate with clients, and receive updates about viewed, paid, or overdue invoices. FreshBooks also syncs data across all desktop and mobile devices so that your account is always up to date. Many other reviews talk about how FreshBooks has saved users hundreds of hours. They say the software makes it easy for them to create, send, and keep track of invoices, and also convenient for clients to pay online via credit card or bank transfer.

• Because of the easy-to-navigate interface, FreshBooks is accessible to those who have little knowledge of or experience with accounting.
• For every Client you create, FreshBooks will create a client homepage, which will eventually populate with additional information once you have a billing history with them.
• From there, transactions can be assigned to bank accounts, but only by utilizing the connection to your bank account.
• Along with that, there are reports across invoicing and expenses, payments, accounting, and time tracking.
• With FreshBooks, you can convert estimates and proposals to invoices in two clicks.