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From my own first-hand experience, I can attest to the fact that FreshBooks has developed from an easy invoicing solution into a comprehensive accounting platform for small businesses that supports double-entry bookkeeping. It is always adding new features and making improvements to the ones it already has. Today, FreshBooks connects with Gusto for payroll management and offers a wide variety of solutions to handle inventory, accounts receivable, and payable, as well as accounts receivable and payable.
Recent versions have included enhanced editing capabilities in the Chart of Accounts, as well as changes in a variety of other areas, such as the Profit & Loss report, journal entry creation, and reconciliation. It is clear that FreshBooks is one of the most popular options available when it comes to accounting software for small businesses, and because of this, I strongly suggest that freelancers and single proprietors use FreshBooks, particularly the Lite version.
FreshBooks Specifications
A FreshBooks review is important for small business owners who want to find good accounting software. It tells them about how the software is getting better and how its features are changing.
| Feature | Description |
|---|---|
| Invoicing | Create and send professional invoices with custom branding and payment terms. |
| Payments | Accept online payments through credit cards, PayPal, and other payment gateways. |
| Expense tracking | Track and categorize your business expenses, including receipts and mileage. |
| Estimates | Create and send estimates to potential clients. |
| Time tracking | Track your time and bill clients by the hour. |
| Project management | Create and manage projects, track billable time and expenses, and generate project reports. |
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What is FreshBooks?
In my own use of FreshBooks, I’ve discovered that the online accounting and invoicing service is one that provides significant value to my business. Not only does it make time-consuming administrative work easier to complete, but it also ensures that my financial records are well-organized and that my company always presents a professional image.
The intuitive design of FreshBooks makes it simple to handle finances in an effective manner while simultaneously satisfying the requirements of my accountant for the appropriate level of detail. My ability to keep accurate financial records has been vastly improved as a result, and I now have more time to devote to expanding my company.
FreshBooks review: Look and Feel
In my time working with FreshBooks, I’ve found that the Dashboard provides a helpful overview of the current state of the finances at your firm. Your receivables are broken down into more manageable chunks with the help of the pending Invoices graph, which also displays overdue payments and those that are still pending.
You are able to tailor the date range for the sections on Monthly Recurring Revenue and Total Profit, which both provide real-time insights into how your business is currently performing financially. Your expenditures are broken down into their respective categories here. FreshBooks now features two additional charts that offer a full perspective of your company’s financial well-being: Revenue Streams and Unbilled Time. Both of these charts are extremely insightful.
In the bottom right corner of the screen, you’ll discover links to the FreshBooks Help Center and any available software upgrades. You’ll find links to invite team members, including accountants (unless you’re using Lite), as well as links to create new records and transactions, in the upper right corner of the screen. The lack of a to-do list and the have to scroll quite a bit in order to examine the charts are two small limitations that are unfortunately present.
FreshBooks review: Creating Invoices
You are transported to a page that provides a complete summary of your accounts receivable status when you click on the Invoices button in the toolbar. However, the page does not make use of the accounting phrase “accounts receivable.” This page, known as the Invoices page, contains a wealth of information about your current and previous invoices.
When you have the “From Me” page highlighted, you will be able to view the total dollar amounts of any invoices that are either past due, unpaid, or in the draft stage immediately. In addition, you’ll discover links to the most recent and updated versions of your bills. There is a list of all of your invoices and recurring templates toward the bottom of the page. Estimates can also be crafted with the help of this useful feature.
Simply clicking on the “New Invoice” button will get you started on creating a new invoice. An invoice template that has already been developed will appear on the screen. It will include your company’s name and logo, as well as the current date, the day payment is due, and a special invoice number. You may quickly complete the rest of the document by selecting the products or services you want to purchase and entering the amounts that you need. If you have already established the rates for the sales tax, it will be quite simple for you to assign the appropriate one (or ones).
The capacity to add discounts is exclusive to FreshBooks and is a feature offered by only a few accounting software programs for small businesses. Even more surprising is the fact that you can request a deposit and set up a payment plan using FreshBooks; these are capabilities that are not available everywhere. When you have finished creating your invoice, you will have the option to either store it or immediately send it to the appropriate party.
Final Words
In the time that I’ve spent using FreshBooks, I’ve seen it transform from a straightforward invoicing service into a full-featured accounting tool that’s specifically designed for use by small businesses. It is constantly getting better by introducing new features and making improvements to the ones it already has. Today, FreshBooks connects with Gusto for payroll processing and offers a full suite of tools for managing accounts receivable, accounts payable, and inventory. In addition, FreshBooks offers a complete range of solutions for handling accounts receivable.
Recent notable enhancements include expanded editing capabilities in the Chart of Accounts and improvements in areas such as the Profit & Loss report, journal entries, and reconciliation. Other areas that have benefited from these updates include the Chart of Accounts, journal entries, and reconciliation. The Lite edition of FreshBooks comes highly recommended by me for use by sole proprietors, freelancers, and other types of small enterprises. When it comes to accounting software for small businesses, it is widely considered to be among the best options available.
Questions and Answers
Small and medium-sized businesses (SMBs) that need more advanced accounting and reporting tools to sell goods and services should use QuickBooks Online. FreshBooks is better for freelancers or solopreneurs who sell services and need built-in features for tracking billing time.
FreshBooks has gotten good reviews for how easy it is to use, the tools it has for managing clients, how well it tracks time, and how well it makes reports. For freelancers and small businesses that want an easy-to-use accounting program.