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Freshbooks

Perfect for small businesses

(1,488 Ratings) Write Review

What is Freshbooks and how does it work? An accounting software focused on providing expert accounting services to small scale businesses. It is best suited for self-employed professionals, small scale agencies, firms and consultancies. The software expertise in handling accounting tasks related to billing, invoicing and expense tracking. Freshbooks time tracking feature will provide you information so that you can invoice your bill for exactly what you’re worth. This easy-to-use software also provides a mobile app which allows you to keep a check on the accounting processes all the time. Freshbooks was awarded as “Leader in the Fall 2017 Small-Business Accounting Grid Report” based on customer satisfaction and market presence.

FOLLOWERS 29,926 67,978 5,961 6,320

Freshbooks Awards

Freshbooks Features Show All Features

Accounting Features

Tax ManagementThe aim of tax management is to ensure that the provisions of the Income Tax Act and related laws are followed. Through the tax management function of various tools, you can handle local and foreign tax rates.
Spend ManagementThe end-to-end management of an organization's spend is referred to as spend management. Spend analysis, spend categorization/classification, spend data management, and spend performance management are all covered. Spend management is a continuous and ongoing mechanism that aims to improve a company's bottom line by managing and maximizing its spending.
Revenue RecognitionRevenue recognition is a generally accepted accounting principle (GAAP) that identifies the specific conditions in which revenue is recognized and determines how to account for it. The revenue recognition principle, a feature of accrual accounting, requires that revenues are recognized on the income statement in the period when realized and earned—not necessarily when cash is received. Having a standard revenue recognition guideline helps to ensure that an apples-to-apples comparison can be made between companies when reviewing line items on the income statement. Revenue recognition principles within a company should remain constant over time as well, so historical financials can be analyzed and reviewed for seasonal trends or inconsistencies.
PurchasingProcurement or purchasing is the act of obtaining goods, supplies, and/or services. Therefore, project procurement is obtaining all of the materials and services required for the project.
Project AccountingProject accounting is a type of managerial accounting oriented toward the goals of project management and delivery. It involves tracking, reporting, and analyzing financial results and implications, and sometimes the creation of financial reports designed to track the financial progress of projects; the information generated by this analysis is used to aid project management. While project accounting was traditionally used for large construction, engineering, and government projects, it has now expanded into several other sectors. It is commonly used by government contractors, where the ability to account for costs by contract can be a requirement for interim payments. A specialized form of project accounting, production accounting, is used by production studios to track an individual movie or television episode's costs.
PayrollPayroll is defined as the process of paying salary to a company’s employees. It starts with preparing a list of employees to be paid and ends with recording those expenses. It’s a tangled process that needs different teams such as payroll, HR and finance to work together. But, businesses can manage all the complexities effortlessly by choosing modern technology. Simply put, the process involves arriving at what is due to the employees for a particular payroll cycle after adjusting the necessary deductions like TDS, employees’ PF contribution, meal coupons, etc. A payroll cycle is the time gap between two salary disbursements. Businesses can opt to pay salaries on a weekly, bi-weekly, or monthly basis. Generally, it is processed every month in India.
Multi-CurrencyMulti-currency means using more than one currency (such as Canadian currency and American currency) in a multi currency bank account.
General LedgerA general ledger represents the record-keeping system for a company's financial data with debit and credit account records validated by a trial balance. The general ledger provides a record of each financial transaction that takes place during the life of an operating company.
Fixed Asset ManagementFixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. Asset types include vehicles, computers, furniture and machinery. Fixed asset management enables organizations to monitor equipment and vehicles, assess their condition, and keep them in good working order. In this way, they minimize lost inventory, equipment failures and downtime — and improve an asset’s lifetime value. Fixed assets such as servers, transport trucks and elevators require a large capital investment. They may comprise a large portion of a company’s net worth. In some businesses, as much as 40 percent of investment goes to buying equipment and vehicles. The better and more effectively a company manages its assets, the greater the prospect of maximizing value from these investments.
Expense TrackingBeing able to manage and track expenses is what keeps the project within a budget. Expense tracking means to track the expense that each project has.
CPA FirmsA Certified Public Accountant Firm (CPA firm) is simply a firm that is licensed in the state in which they operate and owned, at least in part by a Certified Public Accountant. CPA firms are comprised of auditors who conduct both public and private audit engagements. Apart from the auditors CPA firm usually consists of people at various levels in their accounting career. Hence, CPA firm consist of staff accountants and seasoned accountants who are experienced in all aspects of accounting. Most CPA firms, are auditing firms and seldom provide tax and accounting for the general public. While remaining CPA firms provide only tax and accounting services.
CollectionsCollections is a term used by a business when referring to money owed to that business by a customer. When a customer does not pay the business within the terms specified, the amount of the bill becomes past due and is sometimes submitted to a collection agency. When a business sells a product or service to a customer, payment is expected either at the time of the transaction or within a defined period of time such as 30 days. Unfortunately, some customers do not pay the business within those set terms and, at this point, the account can be considered in collections.
Cash ManagementThe method of gathering and handling cash flows is known as cash management. Individuals and businesses alike benefit from good cash management. It is an important part of a company's financial stability in business.
Billing and InvoicingBilling and invoicing feature allows you to bill project services directly to customers, employees and external service providers. Invoices can be created based on milestones, partial payments and final payments as well as at cost (time and material). Timesheets required in many industry sectors are generated by the system.
Bank ReconciliationA bank reconciliation statement is a summary of banking and business activity that reconciles an entity’s bank account with its financial records. The statement outlines the deposits, withdrawals, and other activities affecting a bank account for a specific period. A bank reconciliation statement is a useful financial internal control tool used to thwart fraud.
Accounts ReceivableAccounts receivable refers to the outstanding invoices a company has or the money clients owe the company. The phrase refers to accounts a business has the right to receive because it has delivered a product or service. Accounts receivable, or receivables represent a line of credit extended by a company and normally have terms that require payments due within a relatively short time period. It typically ranges from a few days to a fiscal or calendar year. Companies record accounts receivable as assets on their balance sheets since there is a legal obligation for the customer to pay the debt. Furthermore, accounts receivable are current assets, meaning the account balance is due from the debtor in one year or less.
Accounts PayableAccounts payable include all of the company's short-term debts or obligations. For example, if a restaurant owes money to a food or beverage company, those items are part of the inventory, and thus part of its trade payables.

Freshbooks Technical details

Support	Business Hours Online	Customer Type	Freelancers Medium Business Small Business
API		Location / Phone Number	Toronto, Canada / +1 866-303-6061
Deployment	SaaS/Web/Cloud Mobile - Android Mobile - iOS	Official Website	https://www.freshbooks.com/
Deployment	SaaS/Web/Cloud Mobile - Android Mobile - iOS	Category	Accounting Software

Freshbooks Pricing

Pricing ModelFree Trial , Subscription , Quotation Based

MONTHLY YEARLY

Lite

$13.50 /Month Billed Yearly

Features

5 Billable Clients (Send unlimited invoices to up to 5 clients)
Track unlimited expenses
Send unlimited estimates
Get paid with credit cards and bank transfers
Track sales tax & see reports
Access anywhere on iOS and Android

Plus

$27 /Month Billed Yearly

Features

50 Billable Clients
Send unlimited invoices to up to 50 clients
Automatically track expenses
Send unlimited estimates and proposals
Get paid with credit cards and bank transfers
Set up recurring billing and client retainers
Run business health reports
Double-entry accounting reports
Invite your accountant
Access anywhere on iOS and Android
Mobile mileage tracking

Premium

$49.50 /Month Billed Yearly

Features

Unlimited Billable Clients
Send unlimited invoices to an unlimited amount of clients
Track Bills, Bill Payments & Vendors with Accounts Payable
Track project profitability
Customize email templates with dynamic fields
Customize email signatures
Automatically track expenses
Automatically send late payment reminders and bill late fees
Send unlimited estimates and proposals
Get paid with credit cards and bank transfers
Get paid with checkout links
Set up recurring billing and client retainers
Run business health reports
Run financial and accounting reports
Invite your accountant
Access anywhere on iOS and Android
Mobile mileage tracking

Select

Custom

Features

Unlimited Billable Clients and Specialized Features
Send unlimited invoices to an unlimited amount of clients
Access to lower credit card transaction rates
Info Tooltip
Start with 2 team member accounts
Get a dedicated account manager
Get help migrating from other software
Set up your account with custom onboarding services
Remove FreshBooks branding from client emails
Contact us with a dedicated support number
Get paid with credit cards, bank transfers, and checkout links
Set up recurring billing, subscriptions and client retainers
Securely accept credit cards over the phone
Automatically track expenses
Automatically send late payment reminders and bill late fees
Invite your accountant
Run business health reports
Run financial and accounting reports
Access anywhere on iOS and Android

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Disclaimer: The pricing details were last updated on 14/12/2022 from the vendor website and may be different from actual. Please confirm with the vendor website before purchasing.

Learn more about Freshbooks pricing.

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Freshbooks Reviews

OVERALL RATING 4.3 Based on 1,488 Rating(s)

Rating Distribution

Excellent 67.9 %
Very Good 17.9 %
Average 5.1 %
Poor 2.6 %
Terrible 6.5 %

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Videos on Freshbooks

Intro to FreshBooks - Accounting for the Non-Accountant

Ridiculously Easy Invoicing in the All-New FreshBooks

How to Create an Invoice on FreshBooks | FreshBooks Accounting

How to Send an Invoice on FreshBooks

How to Run Reports on FreshBooks | FreshBooks Accounting

How to Create an Estimate on FreshBooks | FreshBooks Accounting

How to Use Online Payments on FreshBooks | FreshBooks Accounting

Freshbooks Screenshots

Other Income DB

Freshbooks FAQs

Q. What is Freshbooks used for?

Freshbooks is Accounting Software. Freshbooks offers the following functionalities:

Tax Management
Spend Management
Revenue Recognition
Purchasing
Project Accounting
Payroll
Multi-Currency
General Ledger
Fixed Asset Management
Expense Tracking
CPA Firms
Collections
Cash Management
Billing and Invoicing
Bank Reconciliation
Accounts Receivable
Accounts Payable

Learn more about Freshbooks features.

Q. What are the top alternatives for Freshbooks?

Here`s a list of the best alternatives for Freshbooks:

Q. Does Freshbooks provide API?

Yes, Freshbooks provides API.

Articles on Freshbooks

Research Report Exploring the Role of SaaS Software in Remote Work Environments The subscription-based pricing model of SaaS allows companies to pay for software on a monthly or... read more

Free and Open-Source Software Top 10 Accounting Software for Small Businesses to Use in 2021 Accounting is a part and parcel of every business and it is vital to have a strong accounting team... read more

Free and Open-Source Software Best Free and Open-Source Alternatives to Popular SaaS Software SaaS or Software as a Service is a cloud delivery model that allows users to run applications on... read more

Download white papers and ebooks on Freshbooks View All Downloads

Freshbooks

7 Step Guide to Getting Paid Fast

This book introduces seven strategies that small business owners can use to streamline their invoicing and expense...

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FreshBooks

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Freshbooks

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Freshbooks Features Show All Features

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