FreshBooks: Accounting Software for Small Businesses & Startups

Starting up your business or freelancing your way around can be challenging, but with great risks comes great rewards! Rewards that require constant managing to track your success. This is where FreshBooks comes in hand to save you from the hassle of reports, invoices, proposals, and whatever a top-notch finance department would do for you.

FreshBooks is an easy-to-use accounting software, mainly targeting the solo entrepreneurs, small businesses and newly startups. If you consider yourself to be in one of those groups, then here is what you can do using:

FreshBooks Features

Create Invoices and Receive Online Payments

Impress your clients with professional Invoices and always stay up to date whether its sent, viewed or paid. You can customize it with your logo and choose from various design layouts to spice it up.
Not only will you be sending the total amount of charges on a piece of paper, you can also include:

  • Taxes and Discounts
  • Deposit requests or Payment schedule
  • Payment reminders and Late fees
  • Notes and Terms

Then with a click of a button, your clients will find ease paying their dues online (via PayPal, credit card, or any available method).

If you’re looking for less formalities and a quicker method, you can also go for Checkout Links, where you can collect online payments without the need of sending out an Invoice.

Useful Resource:
How to Connect PayPal to FreshBooks?

Send Professional Proposals & Estimates

You may have the charm of getting customers to consider you, but your business Proposal is what will win them over. Clients expect to see how you will be satisfying their demands, whether its an overview of your services or a detailed timeline, you can customize it however you please using FreshBooks. Β Β Β 

An Estimate is a general approximation of what your client is getting and how much it costs. While a Proposal is a more in-depth version of an Estimate that allows you to demonstrate your unique value to your potential customer.

Add & Bill your Expenses

As a small business or start up, you may not have so many bills at first. But once your business finds its footing, it’s essential to focus on your expenses as much as your profit. With FreshBooks, you can keep all receipts saved, categorized and easily billable to your clients.

Keep Track of Time

Whatever your business is, we know that your time is money, and FreshBooks will help you keep track of both. Track and manage the hours spent on the job using manual entries or the timer. Later on, you can easily invoice the time tracked to your client.
What if the client pays before the job is done? Or maybe ends up paying more than the actual hours tracked?
No worries, FreshBooks won’t let you mix up your finances; simply add it to your client’s Credit account and keep your books balanced.

Send Retainers for Recurring Business

Speaking of time, you can stop wasting it by talking about the bills and dues to your loyal clients. Retainers are recurring invoices that will help you stabilize your revenue, offer a more-focused service, and stop worrying about the paperwork and finances.
Retainers are flexible in terms of editing, as progress may take longer than expected. You will also find several options to make payments convenient for both you and your clients. Β 

Manage your Projects

Track your progress in one place by creating limitless number of Projects on FreshBooks.
Starting out your business with a couple of clients can be a piece of cake, but once you start juggling between several demands, you will need more than a to-do list! With this feature on FreshBooks, you can easily collaborate with your team and manage each client’s Project, in terms of services, expenses and time. Β 

Collaborate with Team Members

Keep in mind that running a business is not a one man show. But don’t panic; because FreshBooks will have you work pretty smoothly with your Team. Forget about constant follow-ups and long chain emails! Add your managers, employees, accountant, or even your contractor to have everyone in the loop. Each Team Member will have different access to the features depending on the role that was assigned.

Build a Client Base

Earn their loyalty by providing your Client a convenient and professional service. Adding your Clients on FreshBooks will create a seamless experience for all parties, whether through easy payments, automatic reminders, or quick invoicing.

Organize your Income

Having a system in place to manage your finances is essential, because your perception of how much you’re making may be different than the actual numbers. FreshBooks categorizes your payments, transactions, and even your other Income for clean and tidy reports at the end of the month. At any time, you can extract a balance sheet, profit and loss statement, or whatever report you may require within a minute.

Receive Great Customer Service

Nobody likes to wait until the next day to have their problem solved or questions answered. This is where FreshBooks stood out; quickly responding to their emails and phone calls. The best part is that you don’t have to talk to robots either, their call center is filled with helpful staff that will offer you personalized assistance.

I think so far so good, isn’t it? You can take advantage of all those features using FreshBooks 30-days free trial.
But what’s the stitch after?

FreshBooks Value for Money

The leading accounting software comes with different pricing plans, and you will need to decide whether FreshBooks is worth each price tag. If you’re wondering which plan to go for, you will need to take into consideration the size and nature of your business.

The good news is that all plans include:

  • Unlimited + Customized Invoices
  • Unlimited Estimates
  • Unlimited Time Tracking and Expenses
  • Automated Recurring Invoices
  • Scheduled Late Fees and Payment Reminders
  • Online Credit Card Payments
  • Checkout Links

And here’s what each plan has to offer:

FreshBooks Lite Plan

Offers all the above at $15 per month, with only a capacity of 5 Billable Clients.

This plan is perfect for freelancers and solo entrepreneurs who need lightweight features to keep their finances in order. As long as clients are being charged and payment is being recorded, then we’re good to go. The clients limitation to just 5 may be the only major downside of this plan.

FreshBooks Plus Plan

Offers all the above at $25 per month, with a capacity of 50 Billable Clients, and additional features:

  • Unlimited Proposals
  • Client Retainers
  • Accountant Access

Even though there’s only a few additions to the previous plan, but sometimes the business demands a higher cap of clientele, making this a more suitable option. Β 

FreshBooks Premium Plan

Offers all the above at $50 per month, with a much greater capacity of 500 Billable Clients, and extra features:

  • Customized Email Templates
  • Project Profitability

Even though the client cap has been multiplied by ten, doubling the price tag may be over the top with such limited additional features. However, some businesses may find it more cost-effective if they’re big enough to handle up to 500 clients. Β 

FreshBooks Select Plan

This plan is customized for businesses with more complex needs. You can directly get in contact with FreshBooks and get a price quota depending on your requirements. It also comes with special treatment; such as a dedicated account manager and a full-on personalized training for your business team.

The variety of plans may leave you confused, but good news is, those prices are not fixed!

FreshBooks usually offers a discount on the 3-months and annual subscriptions, which sometimes reaches up to 70%. So if your preferred plan is a little out of budget, you may be lucky enough to find it at less than half price.

Speaking of non-fixed prices, the bad news is that there are extra fees to endure when giving access to your Team Members. Each Team Member will cost you $10 per month, so you’ll want to think twice before adding them to your FreshBooks. Plus, there is a transaction fee taken from every invoice’s total amount, depending on your region and the online payment method used.

Final Thoughts on FreshBooks

FreshBooks is more than just a bookkeeping service; it’s a convenient one-stop shop for running your business on a variety of levels. Even when you’re out and about, you can always use the FreshBooks app for quick invoicing and time tracking. Because at the end of the day, the faster the process is, the faster you will get paid!

It’s clear that the software was designed with the user in mind as you navigate through its functions and features. Creating such a user-friendly software allows people to get more personally involved in the accounting side of their business. It may not be suitable for product-based companies, but definitely a go-to if you’re a service solo entrepreneur that is just getting started.