Freshbooks Review

Introduction

Freshbooks Cloud accounting software was established to help businesses improve the accuracy and accessibility of their financial records. In doing so, the company aims to improve a company’s cash flow, making it healthier through increased collection of accounts receivable, and done more quickly too. On top of all that, it also aims to make that improvement through more streamlined processes thanks to its intuitive interface and clever features which makes use of current technology so that expenses can be tracked, expense reports created and online payments can be made for a company's goods or services.

Price

Its ‘Lite’ package is currently just £4.40 a month for 6 months.

Key Feature

A custom pricing option for businesses with more complex needs

Key features and prices

Freshbooks has rightly realised that companies of differing sizes and industries have differing needs when it comes to off the shelf accounting packages. That’s why it not only offers three standard packages that range in price, but they also offer customers the ability to set up their own custom pricing package with specialised features that are more closely aligned with that business’s specific needs.

In terms of the standard packages, the Lite version allows customers the ability to send unlimited invoices to up to 5 clients. Users can track unlimited expenses and send unlimited estimates. A company can get paid with credit cards and direct debit through this package too, while also tracking sales taxes and reports. It is possible to do a VAT return filing for HMRC and it is importantly accessible anywhere on iOS and Android.

The next package up, the Plus package, is good for companies looking for more automation and analytics. For just a few pounds more a month, users can send unlimited invoices to up to 50 clients a month. The software will then automatically track expenses and receipt data. Like the Lite package, users can send unlimited estimates, but also proposals. Getting paid through the package can still be done with credit cards and direct debit, but users can also set up customers with recurring bills or client retainers. Other important features that this level of package offers is the ability to run business health reports, conduct double entry accounting reports, the ability to invite an accountant and also track mileage.

Finally, the Premium package offers all of the above and then some. Users can send unlimited invoices to an unlimited number of clients. The package allows users to track bills, bill payments and accounts payable. A great feature is the project profitability analysis tool as well as the software having fully customizable email templates with dynamic fields. There is a great deal of automation in this package too, with expenses, bills and receipts all tracked while late payment reminders and late fees bills are all sent out automatically too. It too can run many different types of health reports as well as financial and accounting reports that can help with projections in the future.

Conclusion

Freshbooks is a reputable accounting software package. What it does, it does well and its hefty introductory promotion makes it exceptional value. All its features, particularly the ones in the higher end packages, are great for a company to use if it is serious about fulfilling its growth potential. By sending out invoices automatically, as well as bill reminders to chase late payments, a company is instantly supported in its quest to improve its cash flow. As many experienced business people will tell you, cash is king. If you improve your cash flow, you simply give your business the best fighting chance it can possibly have to succeed in the future.

Plus, the analytics features also means that users know the financial state of their company at any point in time. And they know the numbers are accurate too. Again, that is really important as it means business owners can be confident in their business decisions, knowing the financial information behind them is correct.