Intro: FreshBooks Review & Pricing
If you run a business, an accounting and invoicing system is vital. You need a reliable way to get paid as well as a solid method of keeping track of those funds once they reach you.
Thanks to cloud-based accounting software, you can now keep track of your funds much easier than in the past. That’s great news for small businesses and freelancers. The options for cloud-based accounting software are definitely not lacking either.
So, how do you decide? And which product will best meet the needs of your business and budget? Let’s take a look at one of the biggest names in cloud-based accounting software: FreshBooks.
Image Source: FreshBooks Reviews
What Is FreshBooks?
No FreshBooks review would be complete without looking at its story – a unique tale in the world of accounting.
While most of the other makers of cloud-based accounting software and invoicing software for small businesses were already producing more complex accounting products, FreshBooks got its start when Mike McDerment – at that time, running a small design agency – accidently saved over an invoice using Microsoft Word.
Frustrated with his plight and his insufficient tools, Mike took matters into his own hands. Rather than just grumbling about the situation, he created his own solution, and FreshBooks was born.
FreshBooks grew quickly from its humble beginnings in 2003 to being the #1 cloud-based accounting software for small businesses.
What can FreshBooks do for your business?
FreshBooks was originally developed as a solution for invoicing software for small business owners, so, naturally, invoicing is the core of the software and probably its strongest feature.
FreshBooks’ invoicing software offers some great features that allow users to bill customers with a variety of methods. Users can create custom, professional invoices that can then be emailed, saved as a PDF or printed.
Users of FreshBooks can add their own logo, payment terms, and other client-specific data.
The software also allows users to easily accept credit cards as well as set up automatic billing with recurring invoices. Clients can then pay directly through the invoice, even on a mobile device.
If you’re working internationally, users can still easily bill clients. With FreshBooks, users can accept any currency, making it great invoicing software for any small business.
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Handling Expenses with FreshBooks
In addition to invoicing, FreshBooks also allows users to track and manage business expenses.
Users can easily add expenses on the go with FreshBooks mobile app. The app allows users to take a picture of their receipts and then record the expense.
FreshBooks also allows users to import and categorize financial data from their bank accounts and credit cards. Users can then assign expenses to invoices and bill clients if needed.
A close review of FreshBooks reveals that users can then track their money with an easily customizable expense report. For reporting purposes, users can filter expenses by category, vendor, client, project, and date range.
Another feature of FreshBooks invoicing software for small business owners is the ability for an individual to track the amount of time spent working on a project and then bill clients accordingly.
Billable hours can be tracked from anywhere: from a user’s computer or on the go from a mobile device. An accurate snapshot is always available as well, allowing users to analyze their time worked and their project budget. Multiple team members are also able to access the time tracking feature.
Reporting with FreshBooks
If you don’t have an accurate method for monitoring your company’s financial situation, you’ve got a problem. Good cloud-based accounting software can help you stay on top of your finances.
With FreshBooks, you can easily view your transactions and sort data based on client, date, and other options. You can also see which clients are paying and which are not.
FreshBooks invoicing software’s reporting features allow users to track and report on tax data. Reports can easily be generated with an accountant if needed.
Here’s a few examples of reports that can be generated through FreshBooks:
- Profit & loss
- Tax summary
- Payments collected
Receiving Payments with FreshBooks
FreshBooks invoicing software for small business owners also allows users to accept payments. Payments can be accepted directly through FreshBooks with no extra set up or through other major payment authorizers, like PayPal and Stripe.
Image Source: Freshbooks Cloud-Based Accounting
By accepting payments directly through FreshBooks, users can securely move funds directly into their bank accounts in as little as two days. There are also no transfer minimums, so money can be moved at any time.
FreshBooks summarizes all of your recent transfers and deposits clearly on the dashboard within the application, so you don’t have to worry about when you last received a payment.
Another great feature of FreshBook’s payment system is the ability to set up automatic, recurring billing for clients. With this feature, FreshBooks will automatically send an invoice directly to your client, removing the hassle of following up with clients for payment.
Add-ons and Integrations
FreshBooks invoicing software currently offers users the ability to integrate over 30 other apps or services with FreshBooks. In addition to FreshBook’s own payment processing, users can also integrate popular services such as PayPal, Stripe or authorize.net.
Some other notable integrations include the following:
- Google: Access FreshBooks with a click of a button from Google Apps.
- Gusto: Payroll, benefits, and compliance in one integrated product.
- Fundbox: Helps you take control of your cash flow. Quickly turn unpaid invoices into cash.
- HubSpot: Inbound marketing platform that helps you attract visitors, convert leads, and close customers.
- Braintree: Direct credit card processing – a robust, easy setup payment system.
We’ve looked at all of the services and features included with the cloud-based accounting software, but what about FreshBooks pricing?
You can get started with the service for free. FreshBooks offers a completely free 30-day trial with no credit card required.
If you decided to buy the software, you have a few options. FreshBooks currently offers four pricing tiers plus one additional option for larger organizations that are not priced on the website. You’ll have to call FreshBooks and provide some details about your organization for a quote. The other options are billed monthly or annually, and none of them require a contract.
Let’s take a closer look at FreshBooks Pricing:
- Sprout: $12.95/month or $11.66 annually. Bill up to five clients and get unlimited invoices, expenses, and time tracking.
- Seedling: $19.95/month or $17.96 annually. Bill up to 20 clients and get unlimited invoices, expenses, and time tracking.
- Evergreen: $29.95/month or $26.96 annually. Bill up to 200 clients and get unlimited invoices, expenses, and time tracking.
- Mighty Oak: $39.95/month or $35.96 annually. Bill up to 200 clients and get unlimited invoices, expenses, and time tracking. In addition, add an additional staff member, take advantage of Team Timesheets, and track expenses and revenue through the staff member.
FreshBooks fifth product tier, Redwood, is designed specifically for larger organizations. You’ll need to be generating at least $10,000 in online sales per month for Redwood to fit your business. One similarity that Redwood shares with the above options is that there is still no contract to sign.
FreshBooks Review: Is It a Good Fit for Your Business?
FreshBooks has a lot of great features, but is the invoicing software a good fit for your small business?
FreshBooks invoicing software for small business owners offers a great set of invoicing tools and features. It also offers some good expense-tracking abilities and basic accounting features. The software itself is also very cleanly designed and easy to use. And the company is not hard to like with the fun, laidback approach it has taken to an area that is often very intimidating for small businesses.
FreshBooks reviews are also generally quite positive. It is currently a BBB accredited business with an A+ rating. It currently has no complaints with the BBB.
With Google Marketplace, FreshBooks currently has a rating of 4.4 stars out of 5. Many reviewers praise the cloud accounting software’s ease of use and intuitive design. One purchaser wrote, “FreshBooks is actually fun and easy to use. The interface is friendly and modern with lots of options for help.”
G2 Crowd gives FreshBooks 4.5 stars out of 5. Like Google Marketplace, most of the positive reviews center on the software being easy and intuitive to use. FreshBooks cloud accounting reviews well with G2 Crowd users for invoicing, email receipts, time tracking, and automated billing.
One area where FreshBooks does fall a bit short is with accounting. It is not a true accounting solution for most businesses, so keep that in mind if you are considering the software. FreshBooks was, after all, conceived as invoicing software for small business owners and not as a full accounting solution.
A Final FreshBooks Review
As we saw above, FreshBooks reviews show that the company offers solid invoicing software for small businesses as well as some good accounting features. One of the biggest advantages of FreshBooks is its ease of use and intuitive design. It was also conceived and created by a small business owner for small businesses.
When you’re considering investing in a piece of software – especially an expense like invoicing software for small business owners – it’s important to do your research. You’re making a big commitment that will require time and resources from your business – so do your homework. Hopefully, this review has provided some insight into the unique offerings and value FreshBooks brings to the table.
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