"Recurring invoicing, time tracking, project management and reporting all seamlessly work together thanks to FreshBooks."
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Pros
  • Automated bank reconciliations
  • Industry-leading pricing with several plans available
  • Large number of integrations
  • Award-winning customer support
Cons
  • High cost per user
  • Manual balance sheet generation
Company Background

FreshBooks is a SaaS cloud accounting software product operated by 2ndSite, Inc. It’s best known for its billing and invoicing suite, but it also provides powerful accounting and bookkeeping features for small and medium-sized businesses at industry-leading prices. Plus, it’s known for its award-winning customer support agents.

Plans & Pricing

FreshBooks offers a 30-day free trial without restrictions on any of its features. You can upgrade to one of FreshBooks’ three paid plans if you’d like, or get a custom plan if your business is large enough. Each regular paid plan charges $10 per employee per month on top of the base subscription price.

Lite
$7.50/mo
30-day FREE trial
Money-back guarantee
Plus
$12.50/mo
30-day FREE trial
Money-back guarantee
Premium
$25.50/mo
30-day FREE trial
Money-back guarantee
Select
Request a Quote
30-day FREE trial
Money-back guarantee

Lite

Lite costs $7.50 per month (monthly) or $6 per month (yearly) for three months, then $15 per month afterward on both payment schedules. With Lite, you get unlimited expense tracking, custom invoicing, unlimited estimates, recurring invoices, tax reporting features, client information tracking/storage, and more. Lite lets you have up to five billable clients.

Plus

Plus is the most popular FreshBooks plan, costing $12.50 per month (monthly) or $10 per month (yearly) for three months, then $25 per month after on both payment schedules. Alongside all Lite features, Plus adds automated late payment reminders, retainer contracts, double-entry accounting reports, bank reconciliations, accountant access, unlimited proposals, and more. Plus supports up to 50 billable clients.

Premium

At the top is Premium. It contains all Essentials and Plus features, but you can add up to 500 billable clients. New features include custom email templates and signatures, automated client emails with dynamic fields, project profitability reports, and accounts payable. This plan costs $25 per month (monthly) or $20 per month (yearly) for three months, then $50 per month afterward on both payment schedules.

Select

Select is designed for large businesses with over 500 clients. With Select, FreshBooks builds a custom plan with custom pricing fit to your unique needs. You get a personal account manager, team training, the lowest credit card transaction rates, customized onboarding and data migration services, and easy integration with Xero/Quickbooks. You can also remove FreshBooks’ branding from your client.

Overall, FreshBooks offers some of the best deals in the industry. Each plan is reasonably priced for the size of business each is meant to serve, given the number of features.

Features & Functionality
General Features
Automated Bank Reconciliations

Reconciling your books with the bank regularly eats up time — yet all you’re doing is making sure numbers match up. You could spend that time better on mission-critical projects if you could somehow automate your bank recs.

FreshBooks lets you do that. Once you import transactions from your bank, FreshBooks suggests transaction matches that you can approve with one click or edit in case there are errors.

You can create a summary report for these and export it to Excel as well.

Billing and Invoicing Features

FreshBooks is best known for its wealth of invoicing features, especially its invoice customization. You can change the currency and language if you’re working with customers or clients in different countries.

Additionally, you can create recurring invoices to collect payments from routine clients or customers. For example, freelancers can use this feature to automate payment collection on retainer contracts.

Lastly, FreshBooks lets you set automated payment reminders and toggle automatic late fees if your clients/customers don’t pay on time.

Accounts Payable

Freshbooks isn’t just great for getting paid — it also helps you track what you owe to others. You can view bills you owe for a much easier bookkeeping experience on the accounts payable side of things.

Accountant Access

Do you have an accountant that needs to access your software for tax purposes? Or perhaps you have a bookkeeper keep your accounting records straight for you?

Fortunately, FreshBooks offers accountant access for all plans above Lite. You can add or revoke accountant access as needed.

Reporting/Analytics

Freshbooks offers you the ability to generate several types of reports, such as Profit and Loss statements, accounts agin reports, tax summaries, expense reports, invoice details, and more. You can sort and filter by various factors to get the exact data you need.

You can save these reports, export them to Excel, and even print them out to keep a hard copy.

Features
  • General Ledger
  • Manages Accounts Payable/Receivable
  • Income & Expenses Tracking/Management
  • Account Reconciliations
  • Bookkeeping Services Integration
  • Financial Reporting
  • Receipt Scanning
  • Invoicing
  • Dashboards
  • Auditing
  • Inventory Tracking/Management
  • Pay Bills
  • Cloud-based
  • Collections
  • Multi-currency
  • Multi-user Access
  • Manage Vendors/Contacts
  • Manage Purchase Orders
  • Bank and Credit Card Synchronization
  • Payroll Management
  • Convert Quotes to Invoices
  • Mobile App
Tax Preparation
Features
  • Tax Compliance
  • Manage Tax Calculations/Reporting
  • Accountant-prep Friendly/Accessible
Time-Saving Automations
Features
  • Automation of Invoices/Notifications
  • Suggests Transaction Matches
  • Purchase Order Automation
Add-Ons

Plus and Premium let you add Advanced Payments — a feature that lets you charge your client’s stored credit card ahead of time — for $20 per month. Customers on Select get it for free.

FreshBooks also offers Gusto Payroll on its pricing page as an add-on, although you’ll have to see Gusto pricing to determine how much you’ll pay.

FreshBooks integrates with numerous other products, such as Acuity, Bench, Calendly, Stripe, Zoom, Hubspot, Shopify, G Suite, and more. Paypal is only available for importing transactions — not for payment processing.

Lastly, you can hire a bookkeeper through Freshbooks. Pricing is customized to your business, but it’ll likely be a more significant investment than doing things yourself. Still, the time saved and expertise gained might be worth it for some businesses.

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

FreshBooks was designed with beginners and those without bookkeeping experience in mind. It manages to balance extensive functionality with a sleek and simple interface. For example, you can get a quick yet comprehensive overview of your business’s financial situation via charts in your dashboard.

All you need to get started is your email and a password. Once you confirm your email, you can start using FreshBooks.

Customer Support

FreshBooks’s award-winning customer support team is among the best in the business. You can reach phone support Monday-Friday from 8 am – 8 pm EST or reach support via email whenever.

Additional customer support:
Blog
Visit the FreshBooks blog to learn general accounting and small business subjects, as well as FreshBooks-specific topics.

Phone Support
Phone Support
Phone support is available 8 am - 8 pm EST during the week
Email
Email
Email a question or concern at any time to open a ticket
Video Tutorials
Video Tutorials
FreshBooks’ YouTube channel has plenty of tutorials
FAQ
FAQ
Extensive FAQs library available on its site
Final Word

FreshBooks offers fantastic value for freelancers and small businesses who need a versatile accounting solution. It’s simple and intuitive, yet offers the features you need to simplify your bookkeeping, as well as your billing and invoicing. Thanks to it’s amazing prices, it’s among the best freelance/small business bookkeeping solutions out there.

Bradley Schnitzer
Author: Bradley Schnitzer
Bradley Schnitzer helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers.