What is your rating of the FreshBooks product
FreshBooks Review: Feature-rich Cloud Accounting
FreshBooks Review Summary
Pros: What I liked about FreshBooks
1. Excellent onboarding process
When you first sign up for FreshBooks, the first thing you'll notice is how seamless the experience is. If you provide them with your email address, they will need to be verified and from there you will be immediately included in the onboarding process.
By answering a series of questions, you can set up your account and get it up and running. That way, FreshBooks can set some basics, such as: B. the currency in which you conduct transactions, what parts of the system you use (invoicing, accounting, etc.) or even the basic layout of your forms.
The experience is refreshing and you don't feel like you are being asked a series of questions with no end goal in sight. This is definitely the process a new user should go through.
2. Simple, GUI-driven interface
If you're anything like me at all and shudder when the term "accounting" is mentioned, then this is another positive point for FreshBook. The entire interface is of course very simple and straightforward.
Best of all, it calms people down. Instead of the austere, boring look that most accounting software are known for, FreshBooks gets a fresh design. The pastel colors and the legible fonts and sizes are so easy to use.
3. End-to-end account solution
For many new business owners, accounting can be a challenge, even if you've had some brief experience with it. Fortunately, it can be broken down into separate areas that are connected in some way.
FreshBooks helps users clearly identify the areas they need to work on. The back-end integration is then carried out automatically. This helps users keep things simple while providing a comprehensive accounting package.
4. High degree of automation
Since FreshBooks is a service-oriented system, it helps a lot more with automation than you might think. For example, use one of the invoice forms. This is how you can bill customers. All you have to do is fill in the line items.
FreshBooks sums everything up, helps you send the invoice, counts the accounts receivable, and so on. On the expenditure side, it's basically the same. Fill out the line items and upload the necessary documents such as receipts. Everything else will be tracked for you automatically.
At the end of the day, all you have to do is go to the Reports section and choose what to view to get an overview of your company's finances.
5. FreshBooks is a highly compliant system
Compliance is one of the most feared words in corporate finance. Thanks to the complexities of business and government, a large part of both goals is focused on making sure everything is legitimate - which is compliance.
You'll be happy to know that FreshBooks is designed to comply with many regulations including Taxes Digitally (MTD), PCI, PSD2, GDPR, and more. This means that no matter what country you live in, you can use FreshBooks to manage your accounts.
6. Integrates well with bank accounts
Perhaps one of the best things about FreshBooks is that it can connect directly to your corporate bank account. This makes it easier for him to check (and also automate) a large part of your accounts himself.
No need to spend time updating the numbers when cash comes in or out. This goes back to the automation that many cloud services can provide. However, there aren't many who can integrate with such a large number of financial institutions.
As a good example of this, I tried adding a Malaysian bank account (from a domestic bank here) and was surprised that they actually had it in their database.
7. Large number of add-ons
If you have ever used web-based services, you will find that many of them offer a “core service” as well as integration features that add to the functionality. FreshBooks does that too, and you can add tons of extra functionality to it.
As an idea of how this works, you can add the ability to accept credit card payments, set up and schedule meetings, and a lot more. All you have to do is find the right add-on from around 100 FreshBooks offers.
It's simple and can prove very helpful in meeting your business needs.
8. Live customer support
Because FreshBooks is a cloud-based service, you have centralized control over many things. In this way, they offer very efficient customer service, similar to other cloud-based products. For example, you can first read the knowledge base for help.
If that doesn't work, click the chat icon right in your FreshBooks account and you will be able to bring up a live chat menu. Ask for help and you will receive! While it is true that it may take some time at this moment depending on the customer load, you can eventually talk to someone who can help you directly.
Cons: What I didn't like about FreshBooks
1. Can get expensive quickly
With such a large list of features and things that I love about it, it's no surprise that FreshBooks are paid for. I've compared them to some other cloud-based accounting applications and they seem to be a bit on the high end.
This gets exponentially worse as your business grows as pricing is based on your number of billable customers. In my opinion, this is not a fair way of dealing with things as not all companies work alike.
For example, you can run a business that needs a steady flow of new customers. This measure allows you to bypass the Lite plan at the speed of light as only 5 billable customers are allowed.
On the other hand, some companies live off regular customers, and those companies get the most benefit. Some might even be able to use the Lite plan for ages without upgrading.
2. The way invoices are sent
For some reason, sending an invoice in FreshBooks doesn't actually send the invoice. This means that an email will be sent from FreshBooks to your customer letting them know that they have an invoice ready to view.
While this isn't the worst way of doing things, I can see some customers are suspicious of clicking links included in an email. Cyber security is a real problem these days and you don't want to have to call your customers one by one to reassure them that it is okay to click this link!
3. Team members cost extra
Most online accounting plans provide an allowance for the primary user as well as at least one accountant. This will at least allow the business owner and the person who is responsible for managing the finances to access the system.
Yes, you can do that in FreshBooks too, but be prepared to pay extra. The price you pay when you sign up is for you alone. Anyone else you want to give access to your accounts are team members - and they cost an additional $ 10 per month.
FreshBooks plans and pricing
The pricing structure in FreshBooks is very clear. Almost all of the major core features are included in all plans, with some added benefits that come with the more expensive plans. Lite is already priced at $ 4.50 per month and goes all the way up to Premium at $ 15 per month. There is also the option to create a custom plan.
|Automated bank import||Yes||Yes||Yes|
|Duplicate Account Reports||No||Yes||Yes|
|Automatic reminders of late payments||Yes||Yes||Yes|
|Prepayments||No||$ 20 / mo||$ 20 / mo|
|Team members||$ 10 / person / month||$ 10 / person / month||$ 10 / person / month|
|price||$ 4.50 / mo||$ 7.50 / mo||$ 15 / mo|
* Note: FreshBooks has a discount of up to 60%. The best possible price accuracy can be found on the official website:https://www.freshbooks.com/
If you plan to use FreshBooks for an extended period of time, the annual payment will give you a certain discount. This corresponds to about 10% discount on your original price - all prepaid, of course.
The most important thing to know about FreshBooks pricing is that each plan sets out the number of billable customers you can manage with the system. This means that even if you charge a dime for every 20 customers, you'll have to upgrade from the Lite to the Plus plan.
This is serious consideration as the size of your payment will be highly dependent on how your business works.
Conclusion: is FreshBooks for me?
It's time for brutal honesty. FreshBooks is by far one of the best cloud-based accounting tools I have come across in a long time. It's for and works very well for a small work-from-home business like mine.
Unfortunately, it is difficult to make a call as the prices are also relatively high. I also think the way they charge based on billable customers is a little tricky to swallow, especially since the Lite plan only allows 5 customers.
Who is FreshBooks designed for?
While FreshBooks may not be for me, I can easily see that small and medium-sized businesses will benefit immensely from this system. This is particularly true because of their broad spectrum of bank compatibility and a high level of compliance.
Try it for free:Visit FreshBooks online
Disclosure: WHSR receives referral fees from the tools listed on this website. However, opinions are based on our experience and not how much they pay. We focus on helping small businesses and individuals build websites as businesses. Please support our work and learn more in our Earning Disclosure.
About Timothy Shim
Timothy Shim is a writer, editor, and tech geek. He started his career in the information technology field and quickly found his way into the print media. Since then he has worked with international, regional and local media outlets such as ComputerWorld, PC.com, Business Today and The Asian Banker. His expertise lies in technology from both a consumer and business perspective.
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