FreshBooks accounting software is a cloud-based designed for small business owners, freelancers, and self-employed professionals. It offers a range of features such as invoicing, expense tracking, time tracking, project management, and financial reporting.
FreshBooks Accounting Software Features
FreshBooks accounting software is ideal for small business owners, freelancers, and self-employed professionals who want an easy-to-use accounting software that can help them manage their finances more efficiently. It is particularly well-suited for businesses that need to track time and expenses, send professional-looking invoices, and manage multiple projects. It is a cloud-based software that can be accessed from anywhere and is compatible with both desktop and mobile devices. Here’s a breakdown of FreshBooks’ key features:
- Invoicing: FreshBooks allows users to create professional-looking invoices quickly and easily. Users can customize their invoices with their business logo, choose from different invoice templates, and send invoices directly to clients via email. FreshBooks also has a feature that automatically sends reminders for unpaid invoices, saving users time and hassle.
- Time Tracking: FreshBooks includes a built-in time tracking tool, which allows users to track billable hours for projects and clients. The tool can be accessed from any device, and users can easily turn their time entries into invoices.
- Expense Tracking: With FreshBooks, users can easily track their expenses and keep track of their receipts. Users can upload images of receipts directly to the software, and FreshBooks will automatically categorize expenses to make tax time easier.
- Project Management: FreshBooks includes project management tools that allow users to keep track of their projects, deadlines, and team members. Users can set up projects and tasks, assign team members, and track progress.
- Reporting: FreshBooks provides users with real-time financial reports, including profit and loss statements, balance sheets, and cash flow statements. These reports can help users make informed decisions about their business.
- Payment Processing: FreshBooks integrates with various payment gateways, allowing users to accept payments online through credit cards, PayPal, and other payment methods. Users can set up automatic payment reminders, and FreshBooks will automatically process payments and update invoices.
- Mobile App: FreshBooks offers a mobile app for both iOS and Android devices, allowing users to access their account, send invoices, and track expenses on the go.
FreshBooks offers robust reporting features that allow users to generate financial reports, including profit and loss statements, balance sheets, and cash flow statements. These reports provide users with a comprehensive overview of their business’s financial health and can be customized to show specific time periods, income streams, and expense categories. Users can also generate reports that compare their business’s performance year over year, which can help them identify trends and make informed decisions about their business.
For businesses registered for VAT in the United Kingdom, FreshBooks offers a VAT reporting feature that simplifies the process of submitting VAT returns to HM Revenue and Customs (HMRC). Users can set their VAT rates in FreshBooks, and the software will automatically calculate the VAT owed or reclaimable on invoices and expenses. FreshBooks also allows users to generate VAT summary reports that provide a breakdown of VAT owed or reclaimable, making it easy to submit accurate VAT returns to HMRC.
Instead, businesses in the US are subject to sales tax, which varies by state and local jurisdiction. FreshBooks offers a sales tax reporting feature that allows users to set up and track their sales tax rates. Users can also generate sales tax reports that show the amount of sales tax collected on invoices and expenses, making it easier to file sales tax returns with state and local authorities.
Overall, FreshBooks’ reporting and VAT/sales tax reporting features provide users with the tools they need to monitor and manage their business’s finances. These features are particularly useful for businesses that need to track their VAT or sales tax obligations and ensure compliance with local regulations.
Which FreshBooks Plan Is Right For You?
FreshBooks offers 4 different plans for users to choose from, depending on their business needs. Now, for a limited time, FreshBooks is offering an exclusive deal of 90% off for the 3 months, plus an additional 10% off for the yearly price. (Get Here the Free 30 Days Trial + Discount)
No matter which plan you choose, you’ll have access to FreshBooks’ user-friendly platform, designed to make accounting and financial management easy and stress-free.
FreshBooks Lite Plan
For the Lite Plan, FreshBooks offers an ideal solution for solo business owners who are just getting started. With this plan, you can send unlimited invoices to up to 5 clients, track unlimited expenses, send unlimited estimates, and get paid with credit cards and Direct Debit. You can also track sales tax and see reports, as well as access FreshBooks from anywhere on iOS and Android. Additionally, if you’re based in the UK, you can take advantage of the VAT return filing feature for HMRC Making Tax Digital, making tax season much simpler.
FreshBooks Plus Plan
The Plus Plan offers even more benefits for small businesses that have a larger client base. With this plan, you can send unlimited invoices to up to 50 clients and automatically track expenses, so you don’t have to worry about manually recording every expense. You can also send unlimited estimates and proposals, get paid with credit cards and Direct Debit, and set up recurring billing and client retainers. Plus, you can run business health reports and double-entry accounting reports, as well as invite your accountant to access your FreshBooks account. With mobile mileage tracking and VAT return filing for HMRC Making Tax Digital, the Plus Plan is a comprehensive solution for small businesses.
FreeshBooks Premium Plan
The Premium Plan is perfect for growing businesses that need more advanced accounting features. With this plan, you can send unlimited invoices to an unlimited amount of clients and track Bills, Bill Payments, and Vendors with Accounts Payable. You can also track project profitability, customize email templates with dynamic fields, and customize email signatures. Additionally, the Premium Plan offers lower transaction caps when you get paid via Direct Debit, automatic expense tracking, and the ability to automatically send late payment reminders and bill late fees. You can also send unlimited estimates and proposals and get paid with checkout links. With recurring billing and client retainers, business health reports, financial and accounting reports, and the ability to invite your accountant to access your FreshBooks account, the Premium Plan is a comprehensive solution for businesses that need more advanced accounting features. Like the Plus Plan, the Premium Plan includes mobile mileage tracking and VAT return filing for HMRC Making Tax Digital (UK).
FreeshBooks Custom Plan
The Custom Plan is tailored for businesses with unique needs. With this plan, you can send unlimited invoices to an unlimited amount of clients and start with 2 team member accounts. You can also get a dedicated account manager, help migrating from other software, and set up your account with custom onboarding services. Additionally, you can remove FreshBooks branding from client emails, lower your transaction cap to £2 when you get paid via Direct Debit, and contact FreshBooks with a dedicated support number. With the ability to set up recurring billing, subscriptions, and client retainers, securely accept credit cards over the phone, and automatically track expenses, the Custom Plan is ideal for businesses with complex billing needs. You can also run business health reports and financial and accounting reports, as well as access FreshBooks from anywhere on iOS and Android. Like the other plans, the Custom Plan includes VAT return filing for HMRC Making Tax Digital (UK).
Overall, the Premium Plan offers the most comprehensive set of features, with unlimited clients, customizable email templates, project profitability tracking, and much more. Plus, with the current offer of 90% off for the first 3 months and +10% off yearly price, it’s a great value for businesses looking for advanced accounting features. Of course, all plans come with a 30-day free trial, no credit card required, and you can cancel anytime.
So, whether you’re a small business owner, freelancer, or self-employed professional, you can find the perfect plan to fit your specific needs.
While each plan offers different features to suit different business needs, the Premium Plan is often considered the best value for money as it offers unlimited invoicing to an unlimited amount of clients, as well as a range of advanced accounting and project management features.
