Freshbooks Cloud Accounting Software Review [Features, Reliability, Pricing & Much More]

When it comes to accounting and invoicing for businesses FreshBooks is the number one choice of more than 10 million people.

Initially when FreshBooks was launched it was just an invoicing software.

But, as time went by FreshBooks developed and improved new powerful features.

It went from just an invoicing solution to a full-fledged online accounting service for freelancers as well as startups.

FreshBooks is a clear cut favourite among small sized businesses.

I know there are a lot of people who still do not know or lack information about this amazing accounting software.

So today in this post I will share all the main features that FreshBooks provides to its customers.

Also, I will be sharing the Pros, Cons and the cost that you need to pay in order to use this software for your business.

So lets begin.

FreshBooks Accounting Software Features

When it comes to accounting, FreshBooks seems to have covered all the basic features it needed to.

FreshBooks is a cloud-based software which requires no downloads or any installation of software on your part.

It also provided you with various automation features which will surely save your time and increase productivity.

Here are some features that I personally liked:

1. Dashboard Interface

This is the best and the simplest interface that I have see so far when it comes to accounting softwares.

Make no mistake, though it is simple and it lets you quickly access all your information from one place.

If you love an organized user interface then you will love this dashboard.

It shows you multiple things at one place which include outstanding revenue, total profit, revenue streams, your spending and the total unbilled time.

There is a menu on the left side which you can use to quickly see your key reports.

On the top right corner of your dashboard you will find a create button.

2. Invoicing

Though, FreshBooks only offers you 2 templates currently, they are very customizable.

You can change the colors, font, logos as you want.

You can also make the header custom as you like.

One of the most amazing feature that I like about FreshBooks is its built-in chat features that it offers to its customers.

On top of that if you are a premium member you have the options to add reminders, charge your clients for late fees and also you can set your invoices to recurring mode.

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3. Estimates

Imagine a feature which can help you to send estimated of the project that you will be doing to your client.

Awesome! Right?

FreshBooks has really simplified this process.

Now you can create estimates, convert them in to invoices and easily view the status of those estimates from your dashboard.

And it includes all the estimates that you have viewed, sent or accepted.

4. Client Portal

This is the feature that will not only save you a lot of time but also ease your business significantly.

It is a small dashboard kind feature for your clients where they can reply, comment of the estimates that you have sent them.

What’s great about this feature is that the clients can also save their payment information in this portal.

5. Contacts Management

This is one of the most advanced feature of FreshBooks.

Here you can add not only the client information but also your internal notes which will help you immensely.

What’s great about this feature is that you can set you default currency that you want.

On top of that you can also set reminders and set up late fee penalties for your client payments.

It gives you an overall picture of the overdue amount, outstanding balance and the amount that is currently in draft.

You will also get a birds eye view of all you clients in a directory format where you can easily send their billing and payments statements on demand.

6. Tracking Your Expenses

Earlier freelancers found it tough to track their expenses, but now FreshBooks has made the process really easy.

You can not only manually enter all your expenses but also import your bank statements in one place.

Or even you can connect your live bank feeds which update once a day.

FreshBooks gives you several options when you choose to manually enter the expenses.

You can add a vendor, receipt of your image, description of the product, total units and you can also add your expense to a particular category.

How cool is that?

This categorization will specially be useful when you file your taxes.

Another awesome thing that you can do is you can separate your business and personal expenses.

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7. Project Management

This feature is what most customers look for in an accounting software.

With the help of this feature you can not only create hourly or flat-priced projects but also you can assign them to your employees.

If you like to communicate with your team while doing a project, like giving them updates etc then you can do that in FreshBooks.

It offers you a chat feature that you can use to internally communicate with your team about the project.

Also, when you are done working on a project you can very easily bill your clients by turning your projects in to invoices.

8. Tracking Time

This is a useful feature for people or their employees who work on a time based job.

You can manually add the time or you can use the in-built timer to track time.

What’s cool is that you can also track the time of your employees.

You can then add the total time spent in to the invoices and charge your clients accordingly.

9. Proposals

This is the most up to date feature that you will rarely find on other billing and accounting softwares.

It not only allows you to show your work to your clients but has ample of space to write notes and also attach relevant images to the project.

This section of FreshBooks includes a lot of things like a complete overview, timeline of the project, your notes, terms & conditions of the project.

What’s great that you can also add an e-signature to the proposals that you create and are approved.

You can also save a lot of time because you get an option to convert your client proposals to invoices.

But this particular feature is included only in the plus and premium plan.

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FreshBooks Ease of Use

Since FreshBooks launch it is known for its simplicity.

This is the reason many new customers like this tool because of the easy to use, attractive and simple interface of FreshBooks.

Also, FreshBooks time to time has been updating their software and making it better with each update.

Even if you have not used any invoicing or billing software previously you won’t find it difficult to use FreshBooks. It is that simple.

One great thing that I liked about FreshBooks is that they really take customers suggestions in to consideration.

They listen to their customers and you can literally see that in every update.

In case you face any difficulty while using the software, you can always reach out to their support. Which is awesome.

Or you can even refer to their help tools that FreshBooks provides to their customers.

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Software Integrations

It is always a task when it comes to integrating your accounting software with other applications.

FreshBooks offers integrations to over 90+ applications around the web.

The applications which you can integrate with FreshBooks include some popular apps like Asana, Gusto, Basecamp etc.

The only downside is that currently FreshBooks allows integrations with just 2 payment processors.

If you are a developer then you can make use of the API feature that it offers.

When it comes to bookkeeping option, FreshBooks does not offer it currently.

Although, you can connect it with the bench accounting software.

A lot of other software’s offer the bookkeeping services and I think FreshBooks might add this feature to their product very soon.

Reliability & Security

When it comes to your data security FreshBooks has one of the best systems in place.

It uses a high end 256-bit SSL encryption as their firewalls.

Your data is backed up daily on not just one but two separate servers of which the locations are undisclosed.

Another great thing about the backup is that FreshBooks takes a nightly back up on to a physical tape. How cool is that?

On top of that it continuously has intrusion protection running all the time.

FreshBooks works with Rackspace to house their servers along with their cloud-based top notch security features.

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Support Feature

If there is one thing that you will be very happy with after subscribing to FreshBooks is their support.

It is one of the best in the industry.

They set their standards very high when it comes to customer support.

They have won many awards in the support and customer service category.

Another thing that makes FreshBooks support very special is that the employees of FreshBooks have to spend their first month as a customer support.

Whenever, you give them a call the support calls are answered within seconds.

Even if you use the email system for help you will find that the emails are also responded with great speed.

Here is a complete list of options available for customer support:

  1. Phone Support: Phone support for its customers is available only on week days Monday to Friday and the timing is from 8 AM – 8 PM EST.
    When you call in this time frame your calls are answered pretty quickly by the support representatives.
  2. Email Support: If you are not comfortable with speaking to them on the phone or if your issue is not very urgent then you can email them your problem and your email will be responded very quickly by the support staff.
  3. Form Option: You can also make use of their support form on the site to send your query. Basically a support ticket is created. The staff will then reply to it.

FreshBooks Knowledge Base

  1. Help Center: If at any point of time you have any issue or you are stuck somewhere then you can refer to their Help Center.
    FreshBooks help center has a wide range of articles on How-To’s.
    The articles are written in depth with step-by-step method so that even a beginner can understand or refer them.
  2. Free Webinars: If you are a newbie and if you want to learn the in and out’s of FreshBooks then you can also signup and attend their Free webinar that they hold every now and while.
  3. FreshBooks Blog: FreshBooks also runs a blog for its customers where you will not only find a lot of help related articles but also product updates and new features that are added.
  4. Social Media: Freshbooks has quite a social media presence. It is quite active on various platforms like Facebook, Linkedin, Twitter, Pinterest and Instagram.
    It also runs a youtube channel where you can find all tutorial videos step by step if you are stuck somewhere.
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Pros and Cons

There are always pros and cons to a software.

So here are the pros and cons of Freshbooks:

Pros of FreshBooks:

  1. Accounting via double-entry
  2. Attractive user interface
  3. Detailed data of your clients
  4. Easy to collaborate with teams
  5. Provide tools to track your time
  6. You can track your inventory
  7. Projects and Client proposals are supported

Cons of FreshBooks:

  1. Provides little help for setting up your account
  2. Invoice template is not that customizable
  3. No option to estimate taxes every quarter
  4. Less features in the mobile app for its users
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Pricing

Freshbooks offers 3 different plans to its customers.

1. Lite Plan: $15/month

Features:

  • create unlimited invoices
  • create unlimited project estimates
  • track expenses of your project
  • manage your contacts
  • manage your projects
  • track time of the project
  • detailed reports
  • 5 clients allowed
  • just one user allowed

2. Plus Plan: $25/month

Features:

  • All lite features
  • allows double entry accounting
  • advanced level reporting
  • client proposals
  • live feed of banks
  • 50 clients allowed
  • just one user allowed

3. Premium Plan: $50/month

Features:

  • All plus features
  • advanced bill tracking of clients
  • 500 clients allowed
  • just one user allowed

Additional User Cost: If you want to add an additional user to your account then it will cost you $10 per month for one user.

Transaction Fees: You can pay via almost any credit card as Freshbooks accepts credit and debit cards from all major card providers. It also charges you $0.30 + 2.9% for each transaction made.

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Conclusion

If you take a look at Freshbooks you will find that it is one of the most easiest to use accounting and billing software out there.

It is best for small businesses, agencies or even an individual freelancer to manage their clients.

One thing you should consider before joining Freshbooks is that if you want advance features then you need to upgrade your account and that will become expensive.

So what are you waiting for?

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