- Free trial available
- Ideal for large and small business owners
- Offers automatic payment reminders
- Connect bank accounts
- No 24/7 support
- Lacks vendor management
Free plan available
Starting at €8.50 Per Month
Kanban-style - user friendly
Starting at €8.50 Per Month
FreshBooks Accounting Software Review and Pricing 2023
This is a cloud-based accounting software tool that is designed to help large and small businesses manage their finances. FreshBooks provides a variety of features including invoicing, time and expense tracking, project management, and reporting tools. With Freshbooks, you can create professional-looking invoices and send them to your clients via email or postal mail. It’s a powerful tool that helps streamline accounting processes, customize invoice templates, and automate payment reminders for overdue invoices.
The software allows you to track your expenses, receipts, and categorize them for tax purposes. It also offers mobile apps for iOS and Android devices, so you can manage your finances on the go. In this FreshBooks review, we will cover all the features available and how you this tool can help you can streamline your business more efficiently. Read on to find out more.
What is accounting software?
Accounting software is a type of computer program designed to help businesses and individuals manage their financial transactions, such as sales, purchases, expenses, payroll, and taxes. It allows users to record financial transactions, generate reports, and track financial information over time. Accounting software typically includes a range of features such as:
- General ledger – This feature allows users to record all financial transactions.
- Invoicing – With this feature, users can create and send invoices to customers and track payments.
- Accounts payable – This feature helps users manage their FreshBooks account bills and expenses and track accounts payable.
- Financial reporting – Users can generate financial statements such as balance sheets, income statements, and cash flow statements.
- Accounts receivable – Thanks to this feature, users can track money owed to them by customers and clients.
- Budgeting – Allows users to users plan and manage their budgets and expenses.
- Tax preparation – A perfect feature to prepare tax returns and keep track of tax obligations.
The above-mentioned accounting software tools help save time and reduce errors that can occur when managing finances manually.
This tool is a popular choice for invoicing thanks to its wide variety of features that make the invoicing process easy and efficient for business owners. The platform offers a range of customizable invoice templates that are designed to look professional and polished, thus helping your business make a good impression on clients.
Along with your company logo and brand, the customized invoices will allow you to add your own payment terms and notes to personalize the invoice for your clients. It also sets up recurring invoices, which can save you time and help ensure you get paid on time.
Thanks to Freshbooks’ invoicing features, users can focus on running their business rather than managing their finances. FreshBooks integrates with popular payment gateways, such as Stripe and PayPal, allowing you to get paid online to your bank account directly. Other features include:
Why FreshBooks Is Best for Invoicing
If you compare FreshBooks accounting software tools to QuickBooks online, you will note that both software tools offer many of the same bookkeeping features for a similar price, making it an alternative to consider.
However, FreshBooks focuses more on invoicing features, giving it the edge over QuickBooks Online in that area. FreshBooks enlists many more software tools and allows users to try out its products for 30 days without making any down payments. Therefore, the answer to ‘can FreshBooks replace QuickBooks Online’, is a yes.
Robust invoicing services
When it comes to robust invoicing services, Freshbooks helps small business owners streamline their billing process and get paid faster.
Provides greater accuracy
The time and mileage tracking feature is included in all FreshBooks plans. This allows users to track time and expenses easily, and use that information to generate invoices for your clients. This feature is especially useful for businesses that bill clients hourly, as it allows you to accurately track and bill for your time converting your hours into invoices.
Freshbooks allows you to track time to the minute, giving you greater accuracy and control over your time tracking. The setup process is straightforward and only takes a few minutes. By default, Freshbooks will round your time entry to the nearest 15-minute interval, but you can also modify this to track time to the minute. This will allow you to track time giving you greater accuracy and control over your time tracking.
Limits on users and clients
User and client limits at FreshBooks are designed to accommodate the needs of small to medium-sized businesses. Each plan has limits on the number of users and clients that you can have.
- Lite – 1 user and up to 5 clients
- Plus – up to 50 clients
- Premium – unlimited clients
- Select – unlimited billable clients
If you need to add more users to your account, you can upgrade to a higher plan or add additional users as a team member, which comes at an additional cost.
FreshBooks provides a mobile device application for both iOS and Android devices, which can be downloaded from the App Store or Google Play Store. The mobile app allows users to manage their business on the go, from anywhere with an internet connection.
FreshBooks has several user roles that businesses can assign to their team members or collaborators. Each user role has different levels of access within your account. The user roles available in FreshBooks are:
- Owner – Has access to all features and settings within the account and can add, modify, or delete other users.
- Administrator – Can add and manage users and access most features and settings within the account.
- Staff – Collaborators can perform tasks related to client management, invoicing, and time tracking. However, they cannot add or manage other users, nor can they access certain settings and reports.
- Contractor – Has limited access to the account and can only perform tasks related to time tracking and invoicing.
- Client – Clients have access to a dedicated client portal where they can view and pay their invoices, communicate with the business, and view project status updates.
Which FreshBooks plan is right for me?
Choosing the right FreshBooks plan depends on your business needs and the features you require. FreshBooks’ four plans come with different features and pricing. So, whether you are looking for small business invoicing software or a more complex accounting software tool, Freshbooks has you covered.
Apart from offering a 30-day free trial, FreshBooks also offers Lite, Plus, Premium, and Select pricing plans. Let’s take a detailed look at each plan and what it offers.
The Lite Plan
This plan has been designed for professionals who require basic needs. At $8.50 per month, you can send unlimited invoices to up to five billable clients. Other features available in the Lite plan allow users to track unlimited expenses, send unlimited estimates, and access anywhere on iOS and Android devices. Users can also enjoy track sales tax & see reports and get paid with credit cards and bank transfers.
A simplied accounting system
While FreshBooks does not offer double-entry accounting reports in its Lite plan, it does employ a simplified accounting system that focuses on cash inflows and outflows. Although this system may be suitable for freelancers and small businesses that do not have complex accounting needs, it may not be sufficient for businesses that require more advanced accounting features. Double-entry accounting reports are available in the Plus, Premium, and Select plans
The Plus pricing plan
This is the most popular plan. It is ideal for businesses looking for more automation and insights. At $15.00 per month, it allows you to send unlimited invoices to up to 50 clients. Among its top-most features, you can enjoy mobile mileage tracking, send unlimited estimates and proposals, and send recurring invoices and client retainers. This package also offers accountant access and business health reports allowing you to identify your key strengths and weaknesses.
For growing businesses that want to empower employees, the premium price plan offers the best accounting software tools starting at $27.50. This plan offers you all the features available on the Plus pricing plan. Additional features allow users to send invoices to an unlimited amount of clients, track project profitability, and create trial balance accounts. You can also get paid with checkout links, track bill payments, send outstanding invoices and late payment reminders. On top of that, users can also accept credit card payments, bank transactions and get paid with checkout links.
Select pricing plan
This option is for service-based businesses with more complex needs. Freshbooks offers you an array of services with custom pricing. This allows you unlimited billable clients and specialized features including a dedicated account manager, getting help from migrating other software, access to lower credit card transactions and capped ACH fees. It also allows you to set up your account with custom onboarding services.
What do I get in my 30-day free trial of FreshBooks?
During your 30-day free trial period, Freshbooks offers you access to free accounting software. This includes invoicing, time tracking, customer support, access to create professional invoices, accounting features and more. At the end of the 30-day period, you will need to select a paid plan to continue using Freshbooks.
Add-ons combined products
For each payment plan, FreshBooks offers add-ons advanced payments. This is an add-on of three products combined that provides additional benefits to the user.
- Card Storage – Save clients’ credit card information for future invoices
- Virtual Terminal – Accept online payments over the phone or in-person
- Owner Initiated Auto-Bills aka Subscription-Based Billing.
Ideal for businesses with contractors
With FreshBooks, businesses can track the time spent by contractors on specific projects or tasks, and generate invoices based on that time. This makes it easier for businesses to pay their contractors accurately and on time while ensuring that they are not overcharged for the time that was not actually worked.
Processing times for FreshBooks payments
The processing time for FreshBooks payments depends on your payment method and the payment processor. Here’s an overview of the estimated processing times for the most common payment methods:
- Credit card payments – All credit card payments made through FreshBooks take 2-7 business days to process, depending on the credit card company and the issuing bank.
- PayPal payments – PayPal payments made through FreshBooks typically take 2-3 business days to process, depending on the PayPal account and the bank account involved.
- Bank transfers – Payments made through FreshBooks using Automated Clearing House (ACH) usually take 4-5 business days to process, depending on the bank and the type of transaction.
Although FreshBooks processes payments as quickly as possible, there may be occasional delays due to bank processing times, holidays, or other factors outside of FreshBooks’ control. Should you need assistance regarding processing issues, users are advised to contact the customer support department.
Why 30+ Million People Have Used FreshBooks
Thanks to its easy-to-use interface, time-saving features, and customizable template for invoices, it is no wonder that over 30 million people have used FreshBooks for their business needs. It also offers a mobile app to manage expenses on the go.
FreshBooks Customer Service
If you are looking for help, FreshBooks provides robust customer service and support through multiple channels. The FreshBooks support team is responsive and helpful, which can be especially valuable for small businesses that may not have dedicated IT support.
FreshBooks offers support to its customers through a variety of channels. Here are some of the ways you can get help and support:
- Email Support – FreshBooks support team is available via email by submitting a support request through the FreshBooks website or directly from your account.
- Help Center – The detailed help center provides answers to common questions, and articles on how to use the project management tools. This is accessible through the FreshBooks website. Tutorials are also available.
- Phone Support – FreshBooks offers phone support for customers during business hours. FreshBooks users have access to phone support from Monday to Friday from 9:00 am to 5:00 pm (EST).
- Live Chat – The live chat feature that allows you to chat with a representative in real time. The live chat feature is available on the FreshBooks website and within your FreshBooks account.
Does FreshBooks work on all of my devices?
FreshBooks dashboard works on desktop/laptop computers, tablets, and smartphone mobile devices. This is cloud-based software, which means that you can access your account and manage your financial information from anywhere with an internet connection, using a web browser or a mobile app. The FreshBooks mobile app is available for both iOS and Android devices, and allows you to perform many of the same tasks as the desktop version.
How much does FreshBooks charge for transactions?
FreshBooks Payments is powered by WePay, an online service provider based in the United States. It is a digital solution that provides customizable and integrated payment processing APIs to platform businesses such as Freshbooks.
When making transactions via FreshBooks, users have to pay a transaction fee of 2.9% + $0.30 on all credit card transactions. However, while American Express cardholders will have to pay 3.5% + $0.30 on all transactions, payments made with Bank Transfers (ACH) are 1%.
Who is FreshBooks best for?
FreshBooks is the perfect solution for businesses and professionals that need a simple and user-friendly accounting software that allows them to manage their invoices, expenses, and time tracking in one place. It is an accounting and invoicing software tool designed for small businesses, freelancers, and self-employed professionals.
Although we have covered most areas regarding FreshBooks features, we have put together a few of the most FAQs.
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Frequently Asked Questions
FreshBooks has a mobile app that allows you to manage your business on the go. Here, you can track time, bill clients, create invoices, and take payments.
FreshBooks boasts a variety of financial reports. These include profit and loss reports, expense reports, and sales tax summaries. Thanks to these features, you can understand the financial health of your business.
Expense tracking helps you keep track of your business expenses and attach receipts to your invoices. This tool makes it easy to track your expenses and reimburse your team.
FreshBooks allows you to create and send professional-looking invoices to your clients, customize invoice templates, and automate payment reminders for overdue invoices.
FreshBooks integrates with a variety of payment gateways, including credit cards and PayPal, allowing you to accept payments online and get paid faster.