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Pros and Cons of FreshBooks: Is It The Best Accounting Software?

FreshBooks: No. 1 Accounting Software

USER SATISFACTION 99%
OUR SCORE 9.8

freshlogoFreshBooks is one of the best cloud accounting apps out there. It was designed to help companies handle their finances in a secure and easy manner. Freshboks offers a simple yet efficient way to manage expenses, invoices, reports, and time tracking. The product was designed to help you save the time spent on difficult number crunching, and to automate and streamline the accounting process. In this article, we will evaluate the major FreshBooks pros and cons to help you decide if it’s the right accounting software for your company. We will look at its highlights, main features, and user experience, and also compare it with two other top accounting apps: QuickBooks Pro and Intacct. You can also read our detailed review of FreshBooks here.

The key advantages of FreshBooks are its extensive features and affordable pricing plans that were appreciated by both our review team and actual customers who used the app. Our experts also noticed the exceptional level of customer support which is always a strong factor that impact our opinions about SaaS products. You can also test FreshBooks on your own with a great free trial plan it offers and see if it’s a tool that can actually save your team some time and make your finances more streamlined. You can easily get FreshBooks free trial here.

USER SATISFACTION 99%
OUR SCORE 9.8
FreshBooks won our Best Accouting Software Award for 2017

Main highlights of FreshBooks are:

  • It is a very popular cloud accounting app for small business, used by about five million customers worldwide
  • It offers a wide range of freatures, from cloud-based invoicing to an online payment gateway
  • Users can snap a picture of receipts or link to bank for quick expense tracking
  • You can transfer your timesheet data to invoice and collect payments more quickly
  • Its customer support received the Gold medal at the 2014 Stevie Awards for Sales & Customer Service

Main Features of Freshbooks

Excellent Invoice to Payment Functionality

FreshBooks offers excellent invoice to payment features that can be very useful to small companies. It enables you to track exactly when your client has opened your invoice email. This helps a company deal with customers who claim they didn’t receive the invoice. FreshBooks also makes sure your invoices are properly delivered to clients.

It is easy to manage your billing history as the app provides a lot of tools to help you keep track of past and current invoices. For instance, you can quickly find any unpaid invoices from past months. You can also send automatic payment overdue reminders to your clients.

Managing payments is flexible as you can settle accounts with Visa, Mastercard, or American Express for credit card processing or use PayPal for online payments. FreshBooks streamlines cloud invoicing with an online payment gateway to provide an efficient tool to collect payments without the need to discuss the issue directly with a client. You can automate the recurring billing process to save time. FreshBooks also offers multi-currency invoicing to enable you to bill customers in local currency.

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You Can Track Expenses Easily

This feature is especially useful if you need to liquidate expenses after a client meeting: simply take a snap of the receipt and attach the picture to an item in FreshBooks to log the expense. You can easily track which expense belongs to which client, or add the expense to an invoice as a reimbursement deal with a client. Plus, FreshBooks allows you to import expenses directly from your bank by linking the Expense Tool to your credit card or bank account. All this can help you track the amount of money your company spends each day.

Detailed Time Tracking of Work and Payments

FreshBooks makes charging fees a detailed and verifiable process that can be helpful if you need to dispute a payment. If you are in the field, you can use FreshBooks’ Android or iOS app to precisely record your working time, down to every billable second if need be. It is also simple to change your work timesheet to an invoice and send it to your clients. FreshBooks’ billing features are flexible: you can set time tracking to an hourly or flat rate depending on the project stipulations. Your team members can log in their time separately for each project to help you track individual and overall time progress and easily calculate the bill for your clients.

FreshBooks Makes it Simple to Create Reports

FreshBooks enables you to generate financial reports by simply processing data that has already been entered. You can generate a profit & loss report with just a few clicks. You can also quickly create an expense report allowing you to view things like this month’s total costs, or monitor your balance sheet in real-time. FreshBooks also simplifies the taxation process. It enables you to filter through your financial records and generate accurate tax reports. You can also export your reports to a CSV file or other formats to share with a tax adviser or accountant.

What Customers Think About FreshBooks

Customer reviews about FreshBooks reveal a very positive user experiences with the tool. FreshBooks is mostly used by freelancers and small businesses, and one of the common opinions is how easy the app makes billing for recurring invoices. Liza, a designer clothing consultant in Chicago, reveals she bought FreshBooks as she has more than 100 recurring monthly invoices. She used to spend a week to process and track these bills in a spreadsheet. FreshBooks helped her drastically reduce the invoicing to payment process time. Liza uses a template, and schedules the email and late payment alerts. Now, all she needs to do is check her PayPal account in the weekend to see how much payment she has received.

Another feature of FreshBooks that has received high praise from users is how it helps a small business project the professional image of a large enterprise, which is critical to bag big projects. FreshBooks allows you to put your company logo in the invoice. A FreshBooks user who owns a small publishing house in California states that the product helps his business look professional. He can not only put his logo in his invoice, but also send reminders to late payers. This user does not like the hassle of arguing with clients for payments. FreshBooks eliminates that stress. Now, he does not have call his client to collect money, only to discuss a project.

Cons of FreshBooks

Despite a wide range of excellent features users have pointed out a few minor things that can be improved in FreshBooks: its metrics, goal setting, and reporting features can be better. One user also found bugs in FreshBooks’ email click-throughs and automated expenses which did not function to his liking. Apart from these insignificant glitches, hoever, there is no doubt that FreshBooks is a top notch accounting product that can bring a lot to your accounting deparatament.

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Freshbooks vs. QuickBooks and Intacct

Besides FreshBooks the other two popular accounting solutions are QuickBooks Pro and Intacct. Let’s compare the three products against each otehr to see which one is the best:

In our test of top accounting software services QuickBooks Pro got a high rating. It is an entry-level accounting product that offers standard but solid accounting tools and features. The platform’s financial reports include Trial Balance, Statement of Cash Flows, and General Ledger. The app’s report frameworks are also refined and customizable. Other main features are transaction categorization, automated recurring payments, and configurable sales forms. You can find more information about this software in our detailed review of QuickBooks Pro.

Intacct is a much more sophisticated and powerful accounting tool for small companies and developing organizations. It is not an entry-level accounting product however, and you are recommended to have an internal accounting professional on your staff to be able to fully utilize Intacct’s features. Otherwise, you’ll find FreshBooks much more user friendly and flexible. Intacct is used by companies in a wide range of industries including education, healthcare, hospitality, franchises, software, retail, wholesale, and professional services. Its main features include project accounting, time tracking, task management, subscription management, fund accounting, revenue recognition, point of sale, and recurring invoices. On the flip side, Intacct lacks a module for payroll operations.

In comparison with QuickBooks Pro and Intacct, FreshBooks comes out on top partly because it is so easy to use and yet offers a wide range of robust features. FreshBooks’ outstanding qualities have been already discussed above and its award-winning customer support is yet another reason why we think it’s the top accounting software solution out there.

Conclusion

After a thorough analysis of the FreshBooks pros and cons, our experts are certain the app will offer you top-quality accounting solutions combined with great customer support and flexible pricing. You can easily try out this app’s outstanding features yourself by signing up for FreshBooks free trial here.

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