#1 most frequent
United States of America
61.8%1,124 installations of 1,819
What is FreshBooks?
FreshBooks is an accounting service for small businesses. The solution enables users to send and manage invoices, track billable time and collect online payments. The vendor’s value proposition this that their solution provides a straightforward service that simplifies the billing process.
Categories & Use Cases
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Screenshot of the dashboard
Top Performing Features
Single sign-on capability
The software system supports a centralized authentication mechanism allowing the user to access multiple systems with a single, centrally managed password.
Category average: 8.8
Role-based user permissions
Permissions to perform actions or access or modify data are assigned to roles, which are then assigned to users, reducing complexity of administration.
Category average: 8.8
Cost of goods sold
The software calculates the direct costs attributable to a finished product, such as materials and labor, and includes roll-up pricing.
Category average: 8.5
Areas for Improvement
Expense management
The software can log and track business expenses and reimbursements, including travel-related expenses, with the ability to tie them to particular projects.
Category average: 8.5
Regulations compliance
The software helps users adhere to typical accounting standards and regulations such as IFRS, GASB, or GAAP.
Category average: 8
Custom reports
Users can create custom reports.
Category average: 8
Who Buys & Uses FreshBooks
#2 most frequent
Canada
16.8%305 installations of 1,819
#3 most frequent
India
5.8%106 installations of 1,819
Great bookkeeping software for small businesses.
Use Cases and Deployment Scope
We use Freshbook for bookkeeping and account production, but a few of our clients also use it for the same reason. The software offers free online software solutions for Barclays clients and is one of the leaders on the market, providing all the needed features for us and our clients.
Pros
- Online payments.
- Reports
- Sales ledger.
Cons
- Link with other software.
- The software should include the MTD feature, not a third-party add-on.
- More advanced reporting.
Return on Investment
- Software is free for us and for other Barclays users; therefore, ROI is infinite.
- It does save time with online solutions.
- It cuts error time through the use of an online system that automatically updates for all users.
Usability
Alternatives Considered
Xero, QuickBooks Online Advanced, QuickBooks Self-Employed, QuickBooks Online, FreeAgent, BrightPay, BrightOffice CRM, Sage 50cloud Accounting and Sage Accounting
Other Software Used
Xero, QuickBooks Online Advanced, Sage 50cloud Accounting
FreshBooks works for Professional Service Providers.
Use Cases and Deployment Scope
FreshBooks is the accounting and invoicing tool for my business coaching practice. I use recurring invoices with auto pay with clients and electronic payment receipts from the invoices I send. I manage all my expenses and have my bank account and credit cards automatically syncing to my account. My costs are mostly auto-categorized, so my bookkeeping and tax prep are seamless. I also use the time reporting features to track time spent on engagements. I use the reporting features to track my time spent with clients, the revenue billed by clients, and my monthly revenue targets.
Pros
- Generating invoices from existing invoices and recurring templates.
- Syncing bank accounts and credit cards.
- Reporting capabilities are easy to use.
- Converting proposals into invoices in one click.
Cons
- The mobile app is not as robust as I would like compared to the website.
- I would love to use the mileage tracker, but it is not as reliable as other apps that work.
- I would love to see lower transaction fees.
Return on Investment
- I invoice clients in less than an hour per month.
- I manage all client data, proposals, invoices, and payments in one place.
- Recurring invoice structures get me paid sometimes up to 30 days faster.
- I have one place to track my time, AR, expenses, proposals, and all my bookkeeping and tax needs.
Usability
Alternatives Considered
QuickBooks Desktop Premier and QuickBooks Online
Other Software Used
Cloverleaf
FreshBooks is a great choice for small businesses!
Use Cases and Deployment Scope
Using Freshbooks helps me know my bottom line every month. At a glance of my P&L, I know what is missing or wrongly categorized. I can quickly see the report and know if I missed paying a bill for my fixed expenses, which saves me time before I close the month.
Pros
- Payment Processing.
- Copy Billing Invoices
- Notifications.
Cons
- Rule setup to recognize repeating expenses.
- More reporting for lower level platform.
- Ability to customize my COA.
Return on Investment
- Well worth my monthly cost.
- Time is money and I spend little time managing process issues in FreshBooks.
- Tagging costs to a project to know my billing costs are appropriately quoted.
Usability
Alternatives Considered
QuickBooks Online
Other Software Used
QuickBooks Online, Intact Platform, Macola
Perfect for what it says it does.
Use Cases and Deployment Scope
We use FreshBooks for recurring and project-based billing. it provides an easy way to keep track of what we have outstanding and what has been paid, and we like that it offers many payment options for clients that we don't have to cobble together. It also helps us compare our billing and collecting payment data over the many years we've had it. We're on a level with it where we can only support 50 clients, but that's not too onerous to deal with.
Pros
- Recurring invoices.
- Project based invoices with multiple payments.
- Offering payment options to clients.
Cons
- 50 client limit is annoying.
- Sometimes recurring payments can be wonky.
Return on Investment
- Quantifying year over year performance.
- Making it easy for clients to pay sooner.
Usability
Other Software Used
Ahrefs, Google Analytics
Highly recommend, if you can convince your bookkeeper & accountant to use it
Use Cases and Deployment Scope
We used FreshBooks exclusively for invoicing for 4 years. It allowed us to partially automate our invoicing process and do a much better job of tracking client invoices. Prior to using FreshBooks, we were invoicing our clients manually, with no way of taking payments online, or via PayPal. Our invoices were scattered and disorganized, with no central way to keep track of them.
Once we started using FreshBooks, our invoice aging reduced dramatically; what took 60-90 days to receive payment (with multiple manual reminders sent) reduced to under 30, almost immediately.
Once we started using FreshBooks, our invoice aging reduced dramatically; what took 60-90 days to receive payment (with multiple manual reminders sent) reduced to under 30, almost immediately.
Pros
- Invoice Tracking
- Automated invoice reminders
- Stripe payment processing connectivity
Cons
- Market share
Return on Investment
- Reduced average unpaid invoice age from 90+ days to less than 30
Usability
Alternatives Considered
QuickBooks Online
