About FreshBooks

Category: AR/AP
FreshBooks is one of the top picks in the market if you are running a small business and need an account payable and receivable management system. Multi-currency payments are also supported, and it integrates well with other platforms. As a freelancer or contractor, you can also track your time and bill it directly to clients.

Company: FreshBooks

FreshBooks is accounting software used primarily for small and medium-sized businesses. Its flagship program of the same name is a web-based SaaS model with a desktop site and mobile app. Additionally, it supports multiple tax rates and currencies and incorporates payroll and project features.

In-Depth Analysis

0 Overall
Price 4.0
Ease Of Use 4.5
Features & Functionality 4.5
Customer Support 4.5

Pros

  • User-friendly interface
  • Excellent customer support
  • Provides means for deposit requests
  • Supports payments in more than 170 currencies

Cons

  • Limited number of users per account
  • No 24x7 customer support
  • Quite costly for startups

FreshBooks Comparisons

VS
VS
VS
Plans & Pricing

Depending on the special AP/AR needs of businesses, FreshBooks offers four different plans to users. These plans are Lite, Plus, Premium, and Select.

However, at this writing, FreshBooks is offering a 50% discount on all the plans for a subscription period of 3 months. This discount translates to a monthly subscription fee of $7.50, $12.50, and $25 for the Lite, Plus, and Premium plans, respectively.

  • Extra users: $10 monthly for each user.
  • Advanced Payment add-on: $20 monthly.
  • Credit card payments: $0.30 + 2.9% for each transaction.
Lite
$15
/mo
30-day FREE Trial
Money-Back Guarantee
Plus
$25
/mo
30-day FREE Trial
Money-Back Guarantee
Premium
$50
/mo
30-day FREE Trial
Money-Back Guarantee
Select
Custom
30-day FREE Trial
Money-Back Guarantee

Lite

The FreshBooks Lite plan is ideal for accountants and business owners having basic accounts payable and receivable needs. It allows one user to send an unlimited number of invoices to a maximum of 5 customers. Users of this plan can also send estimates, receive payments and track tax and expenses. The mobile-friendliness and report-generating feature of this plan also makes its $15 monthly fee worth it.

Plus

At $25 per month, the FreshBooks Plus plan allows businesses to enjoy better automation and improved business insights. Along with the features of the Lite plan, this plan supports mileage tracking, estimates and proposal sending to a maximum of 50 customers. It also allows users to set recurring payments with clients, invite accountants to the platform, run health reports on their businesses, and carry out double-entry accounting operations.

Premium

For businesses looking to bring out the best in their employees, the FreshBooks Premium Plan is their finest bet. It costs $50 per month and allows users to bill 500 customers, in addition to the features of the Plus plan. User can also access complex AP/AR functions, customize templates and signatures for their emails, receive payment via checkout links, and automate payment reminders and late payment fees. To enhance business growth, this plan also allows users to track the profitability of their projects.

Select

The Select plan is most suitable for businesses looking to go beyond basic AP/AR to embrace more complex accounting processes. It allows up to two users to migrate from third-party platforms, bill an unlimited number of customers, and enjoy cheaper transaction rates. This plan also gives users access to an exclusive support number, accounting reports, and clients’ card details via phone calls at a custom price. The removal of FreshBooks tags and stamps from clients’ emails also makes this plan excellent for businesses that can afford it.

Ease of Use

The limited number of users and businesses supported by this software can be a huge turnoff. However, its intuitiveness can quickly overshadow this user limitation for most companies. FreshBooks is straightforward to use and does not have a complex UI. Since it is cloud-based, this accounting software does not require prior downloads or installations to be used. All you need is an internet-enabled device, and you can actively manage your accounting operations with a few simple clicks.

FreshBooks has been paying rapt attention to its users because its navigation has improved over the years. You can easily access its features from either its desktop version or mobile application.

Customer Support

Despite not having as many accounting features as its counterparts, FreshBooks still offers a great customer support system. Users of this software get to enjoy the following customer support services:

Additional support includes:

Blog

FreshBooks has a plethora of blogs published on its website regularly. Users can gain business and accounting insights from these blogs.

Support Form

You can equally fill a support form on the FreshBooks website to have your issues resolved.

Resource Center

A resources center also contains webinars and FAQs sections on the FreshBooks website to help users navigate the software.

Social Media

Users can also find helpful information on FreshBooks’ social media accounts. They are active on Twitter, Facebook, LinkedIn, Instagram, Pinterest, and YouTube.

Phone Support
Phone Support
Support service available between 8:00 am and 8:00 pm EST
Email
Email
Forward your queries via email to FreshBooks customer support
Video Tutorials
Video Tutorials
There are a number of videos available on YouTube.
FAQ
FAQ
The FAQ covers basic and advanced software-related issues.
Features & Functionality
General Features

Recurring Vendors and Payments

FreshBooks recurring vendors feature allows the system to remember the details of your regular vendors automatically. You no longer have to request their bank details each time you have to make payments to them. FreshBooks also automates recurring payments using auto-bills. This way, you can bill your clients on subsequent transactions with simple clicks.

Cloud-Storage of Receipts

The loss of financial receipts can be devastating as they are critical items in virtually all financial transactions. FreshBooks helps you prevent this loss by providing a means to store screenshots, pictures, or scanned copies of your receipts in the cloud.

Make Payments in Multiple Currencies

With FreshBooks, you can make payments in over 170 different currencies via ACH or credit card transactions.

Custom Invoicing

With FreshBooks invoice templates, you don’t have to falter on your professionalism. You can quickly create stellar invoices from the templates by adding your business’s unique touch to them. You can also include a due date to your invoices, personalize your payment terms, and then review your invoices before mailing them to your customers. Best of all, you can perform all your invoicing on the go using FreshBooks mobile application.

Client Portal

With FreshBooks, your customers get to have unique web pages dedicated to you. On this portal, they can make comments on, and approve your estimates and invoices, input their bank details, and also facilitate payments to your business.

Vast Payment Options in Multiple Currencies

With this software, your customers can pay you in a vast number of ways. They can either make ACH transfers, bank deposits, online payments, or physically swipe their cards at your business front. And irrespective of their region or local currency, you can still receive your payments effortlessly as FreshBooks supports over 170 currencies and fourteen different languages.

Time-Tracking

In addition to facilitating payments from your customers, FreshBooks also ensures that you receive your time’s worth of pay. Its time-tracking feature allows you to include your tracked time in your invoices for your clients to see.

Request for Deposits

The essence of AP/AR operations is to manage your business cash flow. As a result, FreshBooks allows you to request deposit or advance payments from clients before starting their projects. This way, you won’t have to jeopardize your cash flow during a project.

Features
  • 1099 Preparation
  • Accounts Payable
  • Accounts Receivable
  • ACH Payment Processing
  • Approval Process Control
  • Approval Workflow
  • Bank Reconciliation
  • Billing & Invoicing
  • Billing Portal
  • Bookkeeping Services Integration
  • Cash Management
  • Check Processing
  • Check Writing
  • Client Management
  • Contact Database
  • General Ledger
Advanced Features
Features
  • Financial Reporting
  • Mobile Payments
  • Multi-Currency
  • Online Invoicing
  • Recurring Invoicing
  • Quotes/Estimates
Billing Features
Features
  • Hourly Billing
  • Multi-Period Recurring Billing
  • Multiple Billing Rates
  • Project Billing
  • Recurring/Subscription Billing
Tax Preparation
Features
  • Accountant-prep Friendly/Accessible
  • Manage Tax Calculations/Reporting
  • Tax Compliance
Add-Ons

FreshBooks helps businesses organize their processes by supporting integrations with over 100 third-party apps. Invariably, users can run different business operations from the FreshBooks interface and never worry about synchronizing these operations later. Since FreshBooks does not carry out payroll operations, it integrates fine with software like Gusto and Bench Accounting to ensure users do not miss out on these features.

There is also an API for software developers who may want to customize specific functions of the platform to meet specific business needs.

Features
  • Payment Processing
  • Payroll Processing
  • Project Management
  • Time tracking
  • Third-party Integrations
Devices Supported
Features
  • Android
  • iPhone/iPad
  • Linux
  • Mac
  • Web-based
  • Windows
Pricing Model
Features
  • Monthly Payment
  • One-Time Payment
  • Annual Subscription
Verdict

FreshBooks makes an excellent choice for startups and small businesses needing simple AP/AR software. It runs basic accounts payable processes like auto-billing, multiple payment methods, and recurring transactions. It also completes accounts receivable operations like invoicing, payment, and client management. However, its limited number of users makes it not so great for large organizations looking to manage their accounts via different means. Fortunately, the high-side pricing of the plans in this software (compared to similar software) has been overshadowed by its intuitiveness and excellent customer service.

Murad Jaffery
Author: Murad Jaffery
Murad Jaffery is a chartered accountant specializing in the field of accounting and finance. He has been writing on these areas for nearly a decade, and is also an accounting tutor. He holds master’s degrees in accountancy and English literature. Murad enjoys traveling and reading.
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