In its simplest definition, FreshBooks is an easy accounting app that runs from the cloud and includes the following: FreshBooks’ main features include expenses, invoices, time, and reports, which can be accessed through the FreshBooks mobile app.
FreshBooks’ main target audience is clients in the SME sector or Small and Medium-Sized Enterprises. It effectively integrates invoicing and accounting business by maintaining a simple user interface.
FreshBooks provides various features to help independent contractors and business owners manage their finances and companies.
Here’s a breakdown of the key features:
Through invoice tracking, FreshBooks enables you to create and customize unique and professional invoices, set automatic payment reminders, and give your clients multiple payment methods, including credit cards and ACH. It also assists in tracking the time that clients view and pay bills, such as through invoices.
You can receive payments online through checks and invoices and track the payments you are paid automatically. With FreshBooks, you can accept different payment methods and manage deposits as well as partial payments with the help of payment gateways such as Stripes and PayPal.
Thanks to FreshBooks time tracking, users can record time on each task and include it in the invoice. It has a calendar with a built-in timer to enable you to record time spent on projects. The time can be recorded according to clients, projects, or tasks. Effective time reports can realize efficiency in billing.
FreshBooks also supports the following features: It uses the double-entry accounting system, synchronizes bank statements for easy reconciliation, and tracks accounts payable and receivable.
You can also create other key financial statements, such as statements of revenue and expenditure, also known as the profit and loss account, and the statement of financial position, also known as the balance sheet.
It is possible to save receipts as photos and sort expenses automatically. It connects with your bank accounts for the automatic import of expenses and is rather convenient for tracking taxable expenses.
The money management software produces several account statements, such as profit and loss, tax summary, and expense statements. These reports can be generated for specific dates, clients, or projects and are convenient to present to accountants or business partners.
Many of the business trips made by an employee can be automatically recorded by the car’s GPS mileage tracking feature for tax returns. There is also a plethora of mileage reports that will help you maintain records of all of your business travels.
It also organizes and categorizes expenses and receipts. This provides a real-time link to bank accounts and credit cards and allows data to be shared with bookkeepers and accountants for better transparency of financial transactions.
Freelancers, small business owners, service industries, and IT/software technology industries are some of the common users of FreshBooks.
It’s because of the well-organized interface that helps it achieve what seems to be quite complicated for an inexperienced user to execute accounting operations. Here’s a breakdown of who typically uses FreshBooks: Here’s a breakdown of who typically uses FreshBooks:
Small business owners, freelancers, and one-person businesses in which the contractor handles several clients and their bills enjoy FreshBooks’ easy-to-use invoicing, time, and expense tracking tools.
FreshBooks is particularly good for small businesses with a single key owner or operator; it has all the requisite tools for invoices, payments, and costs.
Freelancers in trades, contractors, and companies that offer professional services also find it useful for managing client projects, billing hours, and receipts.
Based on these, FreshBooks is a good choice for IT and SW Technology companies as it has almost all the functions to handle financial transactions, expenses, invoicing, and scaling.
FreshBooks is suitable for companies with employees since it makes calculating their pay, tracking their expenses, and preparing financial statements easier.
Small businesses that hire contractors can also benefit from it in the same way that it is used to handle clients’ payments, track expenses, and even categorize data.
FreshBooks is trusted by a variety of companies, including FreshBooks is trusted by a variety of companies, including:
It is easy to use, and it can be beneficial to users with little knowledge of accounting since FreshBooks will take care of most accounting tasks for the user’s business.
FreshBooks accounting software means that you will be able to use all of the necessary tools for your accounting. Targeted for the self-employed people as well as the business people who are investing in the growth of their businesses.
To start, you only need to create an account with FreshBooks and input your business information. Then, you are set. Some activities that can be accessed from the FreshBooks dashboard include the invoicing tools, the ability to create more invoicing clients, the option to take payments for your FreshBooks invoices in the form of credit cards, reports, accounting tools, project management, and many others.
Moreover, if you prefer to run your business on a mobile device, you can use the FreshBooks mobile app to do all the accounting on the go.
FreshBooks is fully functional and compatible with all devices, making it easy to operate your business anywhere at any time. Whether you are using a PC, Mac, iPad, iPhone, or any other Apple product or an Android tablet, smartphone, or other device, FreshBooks is a web-based application that you can easily access over the Internet.
Also, they have a rather convenient iPhone/Android app that comes with some other cool features, such as the ability to track your business mileage.
However, FreshBooks is more than just a tool for sending out bills and charging clients. What is amazing about the mobile app is that you can manage your business by just using your phone. Are you looking to develop an invoice or make a charge of customers with frequent billing? No problem.
As a programmer, do you want to define an application for keeping records of expenses, tracking revenues, or linking to the user’s bank account? All of that can be done on the app. It is also easy to enter new customers and monitor your financials all within a few taps on your screen.
FreshBooks guarantees you can effectively manage your business finances regardless of your location, making it ideal for small business entities, freelancers, or anybody with a tight schedule. It is your total financial solution—in the palm of your hand!
The major difference between FreshBooks and QuickBooks is that of almost any businessperson or professional freelancer.
Here are some top tips and tricks to get the most out of FreshBooks and make managing payments and client interactions smoother:
No more headaches for payments! With FreshBooks, you can receive payments using the credit card, PayPal, or POS system. More than that, payment transaction fees are directly input as expenses, so the tracking of the costs is not a problem.
Include the invoice in an email with the option ‘PAY NOW.’ When clients click it, they will be redirected to a payment page in seconds. This will facilitate payments and ensure that you get paid quicker, hence improving your cash flow.
FreshBooks has integrated a helpdesk into the program so that you can communicate with clients easily. It helps you offer prompt assistance and maintains a link, so you do not need to log out of FreshBooks.
This option allows you to personalize the FreshBooks page by modifying the font and adding the logo. It is also an effective means of ensuring that your invoices and pages look as professional as possible and depict the spirit of your brand.
If you are tired of chasing unpaid invoices, don’t do it again. FreshBooks enables one to set up automatic mail to send to clients when they do not pay by a particular deadline.
To sum up, FreshBooks is the best accounting tool for SMEs and freelancers. It reduces frustration in business management, handles chores for you, and assists you in creating rapport with your clients. It also manages your financial transactions for you.
It eases your duty of undertaking administrative work by tracking your expenses, income, and client details. It enables the generation of invoices and reports within the shortest time possible so that you can spend time directing the growth of the business instead of spending time in the accounting department.
This means that FreshBooks’ online invoicing system is effective in the payment cycle. It will let you send your invoices and get paid instantly and much faster than through more traditional means.
In addition, with payment accepted on an automatic recurring basis, there is no need to chase after late payments, thus enabling regular cash inflows.
The software is web-based, which means that the user can log in from anywhere with an internet connection. Such flexibility enables one to view the funds or money position of his business from anywhere at any time.
Most of the time, you must be able to record and track your cash inflow with the help of auto invoicing and payment reminders provided in FreshBooks. This feature ensures that payments are made on time, thus enabling your business to have the cash needed to run.
Today, FreshBooks has seamless integrations with a number of commonly used business solutions, from CRM systems to payment processing services and accounting software. These integrations enhance your efficiency and operation and provide you with convenience by centralizing most of your activities.
At FreshBooks, you will be provided with excellent customer service support. When you require help either with orientation services or with a problem, this company’s customer service personnel will be helpful. You also have a choice to hire accounting services, assuming you do not wish to manage the software by yourself.
With respect to its suitability for large companies, FreshBooks may not be suitable for big firms due to their complicated financial requirements. However, if you need more detailed reports or a more elaborate component in invoice processing, you may definitely look for other solutions aimed at large-scale businesses.
The drawback of FreshBooks is that it is very limited in terms of the number of users and clients. As for the cost structures of the two plans, the firm only allows one user in each plan, and any other user will have to pay an extra fee. The basic plans allow for only 5- 50 clients, depending on the plan you are using, and this can be a major issue if your business is growing.
Suppose FreshBooks doesn’t meet all your business needs. In that case, there are several alternatives to consider.
However, if FreshBooks cannot suit your business needs, there are a few features and services that you can consider as follows:
However, for firms that require such financial management options and reports, the NetSuite ERP system might prove perfect.
Therefore, FreshBooks is well suited for SMBs, companies, freelancers, and businesses in the service sectors. However, the best way to determine whether the application will help you execute your work is to highlight what it actually does and what it cannot do.
