As a small business owner, you know how hard it is to manage your finances and keep up with client invoices and expenses. You also need to track your team’s work. In today’s fast business world, finding the right accounting software is key to your success. But with so many choices, picking the right one can be tough.

FreshBooks is a top choice for small and service-based businesses. But is it the all-in-one solution you’ve been looking for? In this review, we’ll dive into its main features, pricing, and what it can do. We aim to help you see if FreshBooks is the right partner for your business.

Key Takeaways

  • FreshBooks started as a simple invoicing tool but has grown into a full-featured accounting app for small to medium-sized businesses.
  • FreshBooks is an Editors’ Choice winner, known for its great user experience and strong financial management skills.
  • It stands out from QuickBooks Online Plus as the top pick for sole proprietors, freelancers, and service-based businesses because of its ease of use and good looks.
  • FreshBooks has various pricing plans for different business sizes, from the basic Lite plan at $17 a month to the custom-priced Select plan.
  • It offers more than just invoicing and expense tracking. It also has strong project management tools, team collaboration features, and detailed financial reports.

What is FreshBooks?

FreshBooks is a cloud-based accounting software for small businesses and freelancers. It started with invoicing but now offers more like expense tracking, time tracking, project management, and financial reporting. It’s easy to use and aims to make accounting fun for those who aren’t experts in the field.

GetApp gives FreshBooks a top rating from 4,400 reviews. The FreshBooks Support team is highly rated at 4.8/5.0 from 120,000+ reviews. With over 100 Support staff in North America and Europe, customers get quick and expert help when they need it.

FreshBooks has accounting software for the financial services industry. It’s a great choice for businesses in this field. The company offers a special deal that’s 50% off the annual price for three months. It costs $4.25 per month, making it an affordable way for businesses to try it out.

FreshBooks Pricing Plans

FreshBooks offers four plans for freelancers, small businesses, and growing companies. Each plan is designed to meet different needs. Whether you’re starting out or managing a big team, FreshBooks has a plan for you.

Lite ($17 per month)

The Lite plan is perfect for freelancers and solo entrepreneurs. It includes unlimited invoicing, tracking expenses, and time for up to five clients. It’s a great choice for those new to digital accounting.

Plus ($30 per month)

The Plus plan suits small businesses with up to 50 clients. It offers key features like automated payment reminders, recurring invoices, and online payment acceptance.

Premium ($55 per month)

The Premium plan is for growing businesses needing more advanced features. It includes unlimited clients, project estimates, and detailed reporting. This plan helps you manage your finances better.

Select (custom pricing)

The Select plan is for large companies with special needs. It offers a dedicated account manager, team collaboration tools, and system integration.

Every plan comes with a 30-day free trial. This lets you try out all the features and find the best fit for your business.

FreshBooks review, financial tools

Managing finances for a small business can feel overwhelming. Luckily, FreshBooks offers a suite of financial tools to make things easier. It helps with invoicing, tracking expenses, managing time, and reporting. This keeps your small business financial management in check.

FreshBooks shines with its invoicing features. It has automatic reminders for late payments, online payment options, and turns estimates into invoices easily. This makes FreshBooks financial tools perfect for service-based businesses needing efficient invoicing.

It also has great project management tools. You can track time, manage projects, and work with your team in one place. This blend of accounting software features and project management tools suits many small businesses well.

FreshBooks has grown a lot, getting $80.75 million in funding and $50 million in debt financing in 2021. It hit a $1 billion valuation. The company teamed up with Barclays to give free FreshBooks accounts to small business owners. They also launched a new accounting feature in 2023.

FreshBooks is known for its easy-to-use interface and strong financial tools. It’s dedicated to improving its products. For small business owners, it’s a great choice to simplify financial management and boost efficiency.

Invoicing and Billing Features

FreshBooks is known for its easy-to-use invoicing and billing tools. You can make professional invoices that match your business’s style and send them to clients easily. It does more than just create invoices, though. It also helps you set up automatic payment reminders to get payments on time.

Automatic Reminders

FreshBooks’ automatic reminders are a big help for busy entrepreneurs. You can send payment reminders to your clients automatically. This makes billing smoother and cuts down on late payments. It keeps your cash flow steady by making sure invoices are paid on time.

Online Payment Options

FreshBooks works with Stripe and PayPal for online payments. This lets your clients pay their invoices with just a few clicks. Offering easy online payment options means you’re more likely to get payments on time. This helps your business’s finances stay healthy.

FreshBooks makes managing your business easier with its invoicing and billing tools. Whether you’re making custom invoices, setting up reminders, or taking online payments, FreshBooks has what you need. It helps you focus on growing your business by simplifying FreshBooks invoicing, online payments, and billing features.

Expense Tracking and Management

Keeping a close eye on your business expenses is key to staying financially healthy and boosting profits. Luckily, FreshBooks expense tracking has powerful tools for small business owners. These tools help you manage your spending well.

With FreshBooks, linking your bank and credit card accounts is easy. It automatically imports and categorizes your expenses. This saves time and ensures your records are accurate. You can also upload receipts and bills by email or through the mobile app’s receipt scanner. This keeps all your expense documents in one spot.

FreshBooks does more than just track expenses. It lets you mark some expenses as billable to clients. This makes it easier to get those costs back. You can also track expenses by project or client. This gives you insights into where your money is going.

Tracking expenses is vital for small businesses. It helps you spot unnecessary costs, figure out your profits, and give stakeholders a clear financial view of your company. Using FreshBooks expense tracking and small business expense management tools, you can manage your finances better. This helps you make smarter choices to grow your business.

Time Tracking and Project Management

FreshBooks has great tools for tracking time and managing projects. You can easily add billable time to projects and clients. You can do this manually or use the timer on the mobile app.

The mobile app also has a mileage tracker. This lets you log business miles for taxes easily. It makes tracking time and expenses simple for service-based businesses, helping you get all the deductions you deserve.

Mobile App Capabilities

FreshBooks is also great for managing projects. You can set budgets, track how projects are doing, and work with your team easily. The mobile app makes these tools available anywhere, anytime.

  • Track time for specific clients and projects
  • Log mileage for business-related travel
  • Set project budgets and monitor progress
  • Collaborate with team members on projects

With FreshBooks, managing your time and projects becomes easier. This lets you focus on giving your clients the best service possible.

Reporting and Financial Analysis

As a small business owner, keeping up with your finances is key to success. FreshBooks, a top cloud-based accounting software, has powerful tools for reporting and financial analysis. These tools help you make smart decisions and improve your operations.

FreshBooks lets you customize your reports. You can view invoices, expenses, payments, time tracking, and project data. These reports give you a full picture of your financial health. They help you track your business’s performance and find areas to get better.

But FreshBooks doesn’t stop there. It also offers important financial statements like the Balance Sheet and Cash Flow Statement. These reports show you your company’s financial standing, liquidity, and cash flow. This info is crucial for managing your finances well.

FreshBooks’s reporting might not be as detailed as some others, but what it offers is clear and can be exported to Excel. This lets you dig deeper into your financial data. You can find valuable insights to help your small business grow.

Recent reviews have given FreshBooks high marks for its reporting and financial analysis. Many small business owners say it has eased their tax season stress. With the right tools, you can handle your FreshBooks reporting well. You can do thorough financial analysis and make informed decisions to grow your business.

Report Name Description
Profit and Loss Report Provides a comprehensive overview of your business’s income and expenses, allowing you to track profitability.
Sales Tax Summary Report Helps you manage and report your sales tax obligations, ensuring compliance with relevant regulations.
Accounts Aging Report Identifies outstanding invoices and the age of your accounts receivable, helping you monitor cash flow and collections.
Payments Collected Report Tracks all payments received, providing insights into your business’s revenue stream.
Expense Report Categorizes and analyzes your business expenses, enabling you to identify cost-saving opportunities.

User Collaboration and Permissions

FreshBooks is made just for small businesses. It has top-notch features for working together as a team. You can invite people like business partners, employees, contractors, and accountants to join your FreshBooks account. Each person can have special permissions to see and do things in the software.

This way, you can keep your financial info safe. You can give different roles like admin, manager, employee, contractor, or accountant. Each role comes with its own set of permissions. If someone isn’t assigned a role, they’re still tracked in the account without extra cost. But, adding new people to your team might cost a bit more.

You can invite team members to work on projects. Their role and permissions will tell them how they can use the platform. You can set their billable rates, cost rates, and how much work they can do. If you use FreshBooks Payroll, they’ll get extra options for managing payroll.

Role Access Permissions
Business Owner Full access to all sections and features
Admin Manage Clients, Estimates, Invoices, Payments, Expenses, Projects, Time Tracking, Payroll, Reports, Apps, Team Members, and Settings
Manager Access Clients, Estimates, Invoices, Payments, Expenses, Projects, Time Tracking, Reports, and Settings
Employee View Clients, Time Tracking, Projects, Expenses, Bills, Uploads
Accountant Access Dashboard, Invoices, Payments, Expenses, Uploads, Accounting, Chart of Accounts
Contractor Access shared project information like Projects and Time Tracking
Unassigned No access to the FreshBooks account

FreshBooks makes it easy and safe for small businesses to share financial info and work together. You can control who sees what, keeping your data safe. This lets your team, contractors, and accountants work smoothly together.

Conclusion

FreshBooks is a top choice for small businesses, especially those in service industries. It’s easy to use, has great invoicing tools, and helps manage finances well. It may not have all the features of complex software, but it excels in ease, mobility, and simplifying financial tasks for small business owners.

This software gets a solid 4.25/5 rating for its reliability and efficiency. It helps with invoicing, tracking expenses, and financial reports. Features like automated invoices and payment reminders save time and prevent mistakes. Plus, it works well with different payment systems and lets users work together with clients and teams.

In summary, FreshBooks is a great pick for small businesses wanting to get their finances in order. It’s easy to navigate, has strong invoicing and financial tools, and can grow with your business. It’s a smart choice for both new and established businesses as your financial partner.

FAQ

What is FreshBooks?

FreshBooks is a cloud-based accounting software for small businesses and freelancers. It helps with financial management, including invoicing, expense tracking, time tracking, project management, and financial reporting.

What are the FreshBooks pricing plans?

FreshBooks has four pricing plans: Lite ( per month), Plus ( per month), Premium ( per month), and Select (custom pricing). The Lite plan is for sole proprietors and gig workers. The Plus and Premium plans are for small businesses. The Select plan is for larger organizations.

What are the key features of FreshBooks?

FreshBooks has many financial tools like invoicing, expense tracking, time tracking, project management, reporting, and collaboration. It’s great for invoicing with automatic reminders and online payment options. It also has strong project management tools for service-based businesses.

How does FreshBooks handle invoicing and billing?

FreshBooks is top-notch for invoicing and billing. Users can make professional invoices with their brand. They can set up automatic payment reminders and use Stripe and PayPal for online payments.

What are the expense tracking and management features in FreshBooks?

FreshBooks has great expense tracking and management. Users can link bank and credit card accounts for automatic expense imports. They can categorize expenses, assign them to clients or projects, and mark them as paid. There’s also a receipt and bill upload feature for easy expense tracking.

How does FreshBooks handle time tracking and project management?

FreshBooks has strong time tracking and project management tools. Users can track time to projects and clients manually or with the mobile app’s timer. The app also tracks business mileage for taxes. It has project management features like budgets and progress tracking for service-based businesses.

What are the reporting and financial analysis capabilities of FreshBooks?

FreshBooks offers customizable reports like invoices, expenses, payments, time tracking, and projects. It also has financial reports like the Balance Sheet and Cash Flow Statement. Reports can be exported to Excel for more analysis.

How does FreshBooks handle user collaboration and permissions?

FreshBooks lets users invite team members with different permissions. This controls what they can access and do. It ensures only authorized people can see sensitive financial info, making it secure for small businesses.

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