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Benefits and Insights

Why use Freshbooks?

Key differentiators & advantages of Freshbooks

  • Improve Efficiency: Automate every routine task such as sending invoice reminders and collecting payments from patrons so users can redirect their attention to cultivating their organization.  
  • Elaborate Reports: Produce in-depth reports that provide critical KPIs, giving users a live snapshot of their business' health and enabling them to make wiser decisions. 
  • Quicker Payments: Initiate simple online payment methods so patrons can quickly make payments and users are compensated faster. 
  • Establish Due Dates: Swiftly inaugurate due dates for invoices with the invoicing module, ensuring patrons are always aware of their payment deadlines. 
  • E-Sign Estimates and Proposals: Permit customers to e-sign estimates and proposals so users may rapidly return to their important tasks.  
  • Increase Accuracy: Prompt bank reconciliations allow users to instantly scan bank accounts and correspond account activity with financial records. 
  • Mobile Availability: Scan receipts, develop sophisticated invoices, respond to customer feedback and more with FreshBooks' mobile app available on iOS and Android devices. 

Industry Expertise

FreshBooks has helped teams and entrepreneurs with accounting and invoicing since 2003. Founded by Mike McDernemnt, FreshBooks has more than 24 million users. Its mission is to relieve small business owners of complex accounting so they can redirect their attention to their business with the four-E philosophy: execute extraordinary experiences every day.

Key Features

  • Invoicing: Personalize invoices and thank-you emails with company logos via the invoicing apparatus. Users may request deposits on invoices at the start of a project so they'll have the right amount of funds to financially sponsor a project in its preliminary stages. 
  • Expense Management: Link bank accounts and credit cards to FreshBooks instead of manually inputting data with the expense module. It displays data in real time so users will instantly know where their money is going. 
  • Time Tracking: Manage project and task durations through the time tracking feature. It's equipped with a timer that accurately records a time log of tasks that easily appears on invoices. Users may also see how their employees spend their time from completed responsibilities to arising issues to address before they become major problems. 
  • Project Management: Store files and vital attachments in the centralized project management accessory, enabling teams to efficiently find what they need so they can get right back to high-caliber tasks. Users may also allocate project deadlines, share images and files through FreshBooks and even designate rates or hours to particular projects.  
  • Estimates: Produce adjustable proposals in addition to outlining a project's extent, timeline and necessary deliverables. Users may quickly transform estimates into invoices and permit their clientele to validate estimates online. This tool also allows users to send invoices in different currencies and add discounts. 
  • Accounting: Receive precise profit and loss calculations and effortlessly share valuable financial data and reporting information with accountants. This module streamlines bank reconciliations by importing and arranging financial transactions, validating or revising automated matching recommendations and drafting and exporting Excel-friendly summary reports.  
  • Reports: Color-code spending breakdowns and obtain profit and loss reports with the reporting attribute. Users may save, export and even print financial reports for their accountants. This tool also enables users to have a headache-free tax season because it stores valuable data such as money earned to taxes that have already been paid off.  
  • Payments: Initiate various payment options such as VISA, MasterCard, AMEX and Apple Pay with the payment feature. This tool also instantly creates payments, collects reports, activates quick and painless bank deposits, requests deposits and provides payment schedules and partial payments for client flexibility. It also automatically sends receipts to patrons. 

Limitations

FreshBooks comes with plenty of benefits and capabilities, but there are a few limitations. At the time of this review’s publication, these are the limitations of the solution based on user feedback:

  •  Some users find that the invoices aren't customizable 
  •  Occasionally sluggish  

Suite Support

mail_outlineEmail: Users may send an email to [email protected] for email support.
phonePhone: Users may dial 1-866-303-6061 Monday through Friday from 8 a.m. to 8 p.m. ET for phone support.
schoolTraining: There's plenty of FAQs and in-depth articles on particular modules such as expenses and bank connections, invoices, payments and more on Freshbooks' support page.
local_offerTickets: Users may type in questions with the "Ask a Question" button on FreshBooks' contact page.

Freshbooks Reviews

Average customer reviews & user sentiment summary:

4096 reviews

90%

of users would recommend this product

Synopsis of User Ratings and Reviews

Based on an aggregate of reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

  • Customer Support: Approximately 89% of users that mentioned it in their review said customer support is supportive, helpful and quick to respond to issues.
  • Presentation: Of the users who discussed the solution's presentation and execution, 69% said it was easy to use, especially for beginners, and streamlines tasks.
  • Appliances: Precisely 58% of users that discussed the system functionalities enjoyed this program's appliances because they can create clean reports, set up repeating invoices, and add and manage credit cards.

Cons

  • Bank Reconciliation: Of the users who discussed features, 41% stated this solution has a lagging bank reconciliation attribute, it doesn't always sync with bank accounts and attachments cannot be added to invoices.

Researcher's Summary:

FreshBooks is a heavy-duty accounting ERP that caters to small and large organizations alike. It has a solid execution that is easy to master, especially for those without a background in accounting, and easily tackles the most difficult of tasks. Its customer support team is effective, helpful and quick in resolving issues. Most users find that FreshBooks has a wide array of features although some feel that the bank reconciliation tool lags in performance. Some users also find that they cannot include attachments to invoices. Overall, FreshBooks is an effective bookkeeping tool worth the price.

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