Updated: Feb 21
Whether you’re in the online lending space as a funding company or a loan broker, or other small business owner, choosing the right accounting software is crucial if you want to operate your business effectively.
Cloud-based software is the goto preference nowadays, and FreshBooks is one of the most successful ones on the market today.
FreshBooks works with both Windows and Mac computers, and the plans are reasonable. As a business owner you cannot be dismissive about tracking your finances, and programs such as FreshBooks allows you to stay on top of them every minute of the day.
The company was founded in 2003 and is based in Toronto, Canada. Freshbooks got its latest upgrade in 2017. The company now boasts more than 10 million customers.
With FreshBooks, not only do you get excellent accounting, billing, and invoicing features but also legal billing services, including calendar and accounting management, time tracking, case management, expense tracking, automatic billing for convenience, and even a client portal to help you stay more organized and efficient.
FreshBooks works regardless of the type of business you own, whether it’s a loan brokerage, construction company, legal firm, or retail business. It doesn’t matter if you have five clients or five thousand, because it can be customized to meet your needs. It is designed for entrepreneurs to medium businesses that are thriving.
The time-tracking tools include ways to track by client or project, manage all reimbursements efficiently, and track specific projects or activities. Tracking time can be done offline and on a mobile app and includes functions such as calculating overtime, automatically capturing of time, tracking vacation and leave time, and even tracking of both billable and non-billable hours.
An Update for More Efficiency
FreshBooks recently provided an update to make it even more efficient than it was before, with the main difference being more structured recordkeeping and better insight into your overall finances. This update has resulted in a Chart of Accounts, Cost of Goods Sold (COGS), bank reconciliation features, and two additional standard financial reports: trial balance and balance sheet, as well as many other features.
With a new solid framework, FreshBooks is more able than ever before to meet your accounting needs.
More Features and Benefits
Overall, FreshBooks is a simple and user-friendly product that even people who are not techies can use with ease. It provides a great estimate and retainer function, great team collaboration tools, a new double-entry accounting feature, the ability to develop all types of projects and proposals, and best of all, the program works great on all of your mobile devices.
It also keeps excellent client records and the user experience is second to none. In fact, FreshBooks is so easy to use you may even look forward to using it to keep track of your finances each day.
Although its main function in the beginning was to create and manage invoices, FreshBooks has exploded into much more than that and now offers features and tools that businesses of all sizes and types will appreciate.
Here are the main Pros and Cons according to real-life customers:
Super easy to use
Excellent customer service department
Great value for the money
Even the free version offers a lot
It is sometimes difficult to organize a lot of individual transactions
You have to manually estimate your taxes in some functions
May not accommodate fancier, more complex proposals
In addition to all of this, FreshBooks offers a well-designed user interface (UI), numerous integrations, and tons of attractive invoice templates that give all of your invoices a more personalized look and design.
You can track who is behind on paying you and it even allows you to start accepting credit cards if you haven’t already done so. The icons are easy to work with and self-explanatory, making your job a lot easier in the end.
FreshBooks offers several different payment plans, and the costs depend on the maximum billable clients each month aligned with other features and benefits.
Their pricing options are as follows:
The above prices are the costs applicable when you choose a yearly plan. Costs are a little higher if you choose to go month-to-month.
There is also a 'Select' option that provides you with a personalized design in case your company is especially large or you have any special needs.
Our Rating= 4 Stars
The bottom line is that this is a popular accounting program that will suit the needs of freelancers, partnerships and overall most businesses. FreshBooks is a user-friendly accounting software that is reliable, fast, and can positively impact your business. It beats out most of its competitors.
FreshBooks is worth giving a try as its versatile, flexible, and it even comes with a 30-day trial, so you have nothing to lose by trying it.