Freshbooks Review: Best Invoicing Software for Freelancers and Small Business
Now that you’ve already built your business, how are you managing everything financially? What do you use for financial records and tracking? Are you still in the Jurassic era of pen and paper listing? Do you even use a spreadsheet for financial records at the minimum? Or are you now in the middle of deciding on which accounting system to pick?
The primary goal for every business is to have a good bottom line. However, if you don’t have clear visibility on your current financial standing, how can you move towards your goal? Every business’s success is dependent on effective budget management and the right financial strategies. Sound financial management can give you a good return on investment in the long run.
When you have a robust accounting process in place, you get full visibility of your business’s financial health. When you know everything that’s going on in your business, you get ample guidance in knowing what steps to take next to make your business grow. However, if you don’t have a good sight of your financial health, your business can go down the hill without you noticing.
Having a reliable accounting process from the beginning is essential in every business. As your business grows and starts earning more, your bookkeeping and accounting processes will become more complex and challenging to maintain. For starters, you can begin with simple accounting software to automate your business’s accounting process.
One of these accounting solutions is FreshBooks. In this blog, I’ll be discussing FreshBooks’s services, features, and cost to give you a full view of FreshBooks. At the end of this blog, you should be able to decide if FreshBooks is the perfect choice for your business.
FreshBooks is an online accounting system that helps freelancers and small to midsize businesses (SMBs) automate financial tracking and records. Since starting in 2002 as an invoicing solution, FreshBooks now offers a full suite of accounting solutions and has helped over 10 million customers globally. It is a web-based application, specifically a Software as a Service solution, which essentially means that you won’t need to install and maintain software since you can access all your files online through a laptop or mobile device.
A Full Suite of Accounting System
FreshBooks offers a simple yet comprehensive solution to business owners and individuals in managing their finances. Starting as a mere invoice tool, FreshBooks grew to be able to provide a complete accounting management solution to self-employed individuals in different industries worldwide.
The application boasts tons of features that help make your life simpler and faster. The platform adopts a WYSIWYG interface that lets you create and finalize invoices quickly. Unlike other platforms, you can add new customers, products, and services as you go with FreshBooks, which is a simple yet useful feature for many.
Here are some other notable features of FreshBooks:
- Expense tracking
- Time tracking
- Accounts receivable
- Billing & invoicing
- Bank reconciliation
- Billing portal
- Mobile payments
- Online invoicing
- Payment processing
- Recurring / Subscription billing
- Contact database
- Hourly billing
- Online payments
- Project billing
- Tax calculator
- Quotes & estimates for construction
- Receipt management
- Financial reporting
- Project management
- Tax management
- Deferred billing
- Multi-period recurring billing
- Recurring invoicing
- Automatic time capture
- Mobile time tracking
- Billable & Non-Billable hours
- Multiple billing rates
- Activity tracking
- Time tracking by client & by project
Ease of Use
If you’re not an accountant and have no idea about the jargon in the accounting world, this is perfect for you. FreshBooks is popular for being extremely easy to use and requires minimal accounting background. FreshBooks is easy to set up and fairly simple to navigate. The application’s user interface makes a good user experience, not to mention its regular updates to improve the interface. However, if you still experience some difficulties, you can always tap FreshBooks’ customer support, which will surely give you useful tips and tricks on how to use the platform.
Third-party app integrations
Third-party app integrations come seamlessly with FreshBooks. The platform allows you to access over 80 third-party apps, which you can easily add and remove any time. This feature lets you integrate the application with other business services and systems that you may already be using.
Customer Service & Support
FreshBooks is known for providing quality support to its users. All customer issues get prioritized regardless of their scale of severity. FreshBooks puts priority in customer service, which is evident with its several customer service awards.
If you ever face an issue, you can quickly contact their support team through phone (Monday -Friday, 8 AM-8 PM ET), email, and by filling out their support form. Phone calls get answered almost instantly while you can get an email response within a few hours. Many customers expert satisfaction on how the customer support assisted them in their issues, with many saying that the customer agents are friendly, helpful, and insightful. The only kind of help you need when you’re close to getting frustrated.
On the other side, you can also take advantage of its extensive Help Center. This space allows you to find useful resources to address your issues and guide you in navigating the platform. The Help Center features tons of How-to articles that are well-written with step-by-step instructions for better understanding.
Aside from the ones mentioned above, you can also take advantage of FreshBooks’ webinar episodes to help you become more familiar with the platform. There are also several communication materials that you can check for updates like its blogs and press center.
If you’re a social media savvy individual, it might also help to know that FreshBooks has an active Facebook, Twitter, LinkedIn, Pinterest, and Instagram accounts where you can see the latest updates and relevant news. FreshBooks also maintains a YouTube channel wherein you can find how-to videos, demos, and customer testimonials.
FreshBooks offers four kinds of subscription plans: Lite, Plus, Premium, and Select subscription plan. The main differentiating factor is the volume of customers you have. You can sign up for an entire year for which you get a 10% discount, or sign up for a monthly subscription. Let’s go through each of the plans to get a better understanding of what it offers.
First is the Lite plan that costs $15 per month for one user. This package allows you to send unlimited invoices and estimates to five billable clients. You get all the necessary features, including expense tracking, reporting, time tracking, contact management, and project management. You also get access to FreshBooks mobile app wherein you can easily monitor your financial records. Another thing is that you can simply link your FreshBooks account with your bank account.
Next is the Plus package, which costs $25 per month for a single user. This package includes everything on the Lite plan plus a bunch of additional features which include, recurring invoice sending, late fee charges, automatic payment reminders, proposals, and live bank feeds. It also has a double-entry accounting feature that lets you run financial reports yourself. This service is perfect for businesses with up to 50 billable clients.
Then we have the Premium plan, which costs $50 per month for a single user. This package has everything on the Lite and Plus subscription plans. The only difference is that the Premium plan is best for businesses with a more significant client base. In this package, you can send invoices for up to 500 billable clients.
If the previous plans didn’t make it to your checklist, you might want to consider the Select Plan. The Select plan is a custom-plan depending on the scale of your business. The subscription plan includes everything on the previous packages and is fit for bigger companies. It works best for businesses that bill at least $150,000 yearly and have over 500 clients. You also get a dedicated account manager to handle your account exclusively.
Take note that the rates mentioned above are all good for a single user. If you add in more users, the cost will be $10 per user per month. The rate is typically for additional users, including business partners and employees. Your accountant, on the other hand, can gain access to your account for free by inviting them.
30-day Free-Trial & Money-back Guarantee
FreshBooks offers a 30-day free trial where you get full access to the service. Unlike other services, you don’t need to put in your credit card or banking information to enjoy this offering – just sign up for free and check the services for yourself.
Once you’ve decided to sign up for FreshBooks, and for some reason, you’ll need to forego your subscription, you can easily opt-out and cancel within the first 30 days and still get a full refund. These considerations will make you think that FreshBooks is a company of integrity and is pro-consumer.
What its users say
In general, most users seem to like FreshBooks. The company boasts an A+ rating on BBB, 4.6 stars on G2 Crowd (based on 241 reviews), 4.5/5 stars on GetApp (based on over 2,800 reviews), and 8.4/10 stars on TrustRadius (based on 130 reviews).
Many customers express satisfaction on the platform’s ease of use, customer service, mobile apps, and of course – its unbeatable invoicing features.
What I like about FreshBooks
FreshBooks proves to be a flexible solution for small businesses. The solution makes it extremely easy to track expenses, send invoices, and generate reports in just a few clicks. The platform enables business owners like you to focus more on managing the business while keeping track of all financial transactions.
If you’re a service-based business, you will benefit from FreshBooks’ time tracking and project management features in making accurate time reports on invoices.
I also liked its flexibility when it comes to integrating third-party apps. FreshBooks offers tons of third-party apps depending on your requirements, which you can easily add or remove.
Another asset of FreshBooks that most solutions don’t have is the customer portal and tracking. This feature allows you to check whether your customers were able to open and even print the invoices. It also allows you to access your invoicing history, so you get protection in case of client disputes.
Do I recommend FreshBooks?
Overall, I would recommend FreshBooks for individuals and business owners who need a simple yet robust accounting solution.
FreshBooks proves to be a feature-rich accounting system for small businesses. It offers a robust and flexible accounting system that serves all the requirements of small to mid-sized companies. Aside from its full suite of accounting solutions, its excellent user experience, seamless integration with third-party applications, and reliable customer service will give you enough reason for why FreshBooks should be the perfect fit for your business.
What do you think of FreshBooks? Leave us a comment below!
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