FreshBooks Review: Pros, Cons, Features & Pricing
FreshBooks is an accounting software that simplifies invoicing, expense tracking, and time management for users. It’s ideal for freelancers, small businesses, and startups seeking to streamline financial tasks, such as bookkeeping, payment processing, and more.
If you’re an accountant looking to manage finances more efficiently and need a solution designed to scale with your business, this article is for you. In it, you'll learn about FreshBooks's features, pros and cons, best and worst use cases, and pricing to help you choose the best fit for your accounting needs.
FreshBooks Evaluation Summary
- From $6.30/month (billed annually)
- 30-day free trial
Why Trust Our Software Reviews
FreshBooks Overview
FreshBooks is a valuable choice for freelancers and small business owners who need a straightforward accounting solution. It stands out for its intuitive interface and excellent customer support, making it easier for users to manage their finances without much hassle.
However, its feature set might not be as extensive as competitors like QuickBooks or Xero. Overall, FreshBooks is best suited for companies who need ease of use and customer service over a broad range of advanced features.
pros
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The interface is intuitive, making navigation simple for your team.
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Its customer support is responsive and helpful.
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You’ll find the invoicing feature easy to use and customize.
cons
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You might experience occasional syncing issues with bank accounts.
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Some users find reporting options limited compared to alternatives.
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FreshBooks lacks advanced accounting features for complex needs.
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How We Test & Score Tools
We’ve spent years building, refining, and improving our software testing and scoring system. The rubric is designed to capture the nuances of software selection and what makes a tool effective, focusing on critical aspects of the decision-making process.
Below, you can see exactly how our testing and scoring works across seven criteria. It allows us to provide an unbiased evaluation of the software based on core functionality, standout features, ease of use, onboarding, customer support, integrations, customer reviews, and value for money.
Core Functionality (25% of final scoring)
The starting point of our evaluation is always the core functionality of the tool. Does it have the basic features and functions that a user would expect to see? Are any of those core features locked to higher-tiered pricing plans? At its core, we expect a tool to stand up against the baseline capabilities of its competitors.
Standout Features (25% of final scoring)
Next, we evaluate uncommon standout features that go above and beyond the core functionality typically found in tools of its kind. A high score reflects specialized or unique features that make the product faster, more efficient, or offer additional value to the user.
We also evaluate how easy it is to integrate with other tools typically found in the tech stack to expand the functionality and utility of the software. Tools offering plentiful native integrations, 3rd party connections, and API access to build custom integrations score best.
Ease of Use (10% of final scoring)
We consider how quick and easy it is to execute the tasks defined in the core functionality using the tool. High scoring software is well designed, intuitive to use, offers mobile apps, provides templates, and makes relatively complex tasks seem simple.
Onboarding (10% of final scoring)
We know how important rapid team adoption is for a new platform, so we evaluate how easy it is to learn and use a tool with minimal training. We evaluate how quickly a team member can get set up and start using the tool with no experience. High scoring solutions indicate little or no support is required.
Customer Support (10% of final scoring)
We review how quick and easy it is to get unstuck and find help by phone, live chat, or knowledge base. Tools and companies that provide real-time support score best, while chatbots score worst.
Customer Reviews (10% of final scoring)
Beyond our own testing and evaluation, we consider the net promoter score from current and past customers. We review their likelihood, given the option, to choose the tool again for the core functionality. A high scoring software reflects a high net promoter score from current or past customers.
Value for Money (10% of final scoring)
Lastly, in consideration of all the other criteria, we review the average price of entry level plans against the core features and consider the value of the other evaluation criteria. Software that delivers more, for less, will score higher.
Core Features
Invoicing: FreshBooks offers customizable professional invoices, which allow you to create high-level invoices in minutes. You can automate reminders and track payment status easily.
Expense Tracking: You can snap photos of receipts and log expenses on the go. FreshBooks also lets you categorize and organize them to see where your money goes.
Time Tracking: Track your billable hours with a built-in timer. You can easily add these hours to invoices for accurate client billing.
Project Management: Manage projects and collaborate with your team within FreshBooks. You can easily keep your work organized and track progress in real-time.
Reporting: Generate simple financial reports to understand your business's health. You’ll get insights into profit and loss, tax summaries, and more.
Client Portal: FreshBooks provides a client portal where your clients can view invoices and make payments. This feature streamlines communication and payment collection.
Ease of Use
FreshBooks is incredibly user-friendly, making it a top choice for those new to accounting software. You’ll find its interface intuitive and easy to navigate, with clear instructions and a clean layout for most processes.
The software offers key features like balance sheet management and credit card processing, which require minimal setup. FreshBooks also simplifies complex tasks, so you can focus on your work without getting bogged down in details.
Integrations
FreshBooks integrates natively with Hubspot, Gusto, Wagepoint, Zapier, Shopify, Stripe, PayPal, Mailchimp, Trello, and Slack. It also offers an API and connects with third-party integration tools like Zapier.
New Product Updates from FreshBooks
FreshBooks' Key Updates: Manual Bank Creation and More
FreshBooks introduced major enhancements to its accounting platform. These key updates include:
- Manual Bank Account Creation: Users can now manually add a bank account to FreshBooks. This includes the ability to set a starting balance and upload transactions via CSV, allowing users to reconcile books without requiring a direct bank connection.
- Historical Transaction Imports: Users can set their reconciliation start date to any point in the past and import all historical banking data via CSV. This update removes the previous 90-day limit on auto-imported transactions, offering greater flexibility and control over financial records.
- Improved Yodlee Bank Connections: Enhancements include a new guided onboarding flow, in-app notifications, real-time import progress, and actionable troubleshooting tips, making automated bank connections more reliable and transparent.
- Financial Lock: This feature allows users to lock completed accounting periods to prevent accidental edits, ensuring data integrity. Users can unlock the periods later if adjustments are needed, providing a balance between security and flexibility.
- Streamlined Payroll Team Management: Within FreshBooks Payroll, users can now offboard departing employees and rehire returning team members with a few clicks, reducing HR overhead and simplifying payroll management.
For more details, visit FreshBooks Product News.
FreshBooks Specs
- 2-Factor Authentication
- Accounts Payable
- Accounts Receivable
- API
- Balance Sheet
- Billing/Invoicing
- BitCoin
- Budgeting
- Calendar Management
- Contact Management
- CRM Integration
- Customer Management
- Dashboard
- Data Export
- Data Import
- Data Visualization
- Expense Tracking
- External Integrations
- Forecasting
- General Account Ledger
- Inventory Tracking
- Multi-Currency
- Multi-User
- Notifications
- P&L
- PayPal
- Payroll
- SAP Integration
- Stripe
- Supplier Management
- Tax Management
Alternatives to FreshBooks
FreshBooks FAQs
How easy is it to switch to FreshBooks from another accounting software?
Is FreshBooks suitable for multi-currency transactions?
Can FreshBooks handle tax calculations and reports?
How does FreshBooks ensure data security and compliance?
How customizable are FreshBooks invoices?
What kind of customer support does FreshBooks offer?
Can FreshBooks track project expenses and time?
Does FreshBooks offer mobile app support?
What’s Next?
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