FreshBooks is a product of 2ndSite Inc., a privately held software company with headquarters in Toronto, ON, Canada. It was co-founded in 2003 by Michael McDerment and Levi Cooperman to provide an accounting solution that suits the needs of self-employed professionals and their teams. Today, over 24 million people are using FreshBooks software in more than 160 countries to manage their accounting and invoicing requirements.
But perhaps the most important addition to FreshBooks is double-entry accounting, which is no big deal if you work solo, but it’s a major deal if you have even one employee working for you. 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. FreshBooks competes with other popular construction bookkeeping accounting software tools like QuickBooks, Wave, and Zoho Books. In terms of usage and the user experience, we found it to be most similar to Wave. Being able to track individual projects is incredibly helpful for those who want to keep track of time spent on certain tasks. This feature is particularly helpful as not every accounting tool will have the ability to track projects.
You can also mark it as billable if you want to add it to a client bill later, or you can add it to Cost of Goods Sold (although it’s unlikely you need lunch in order to provide services to your client). If https://www.bollyinside.com/featured/the-primary-basics-of-successful-cash-flow-management-in-construction/ you’re creating custom invitations, though, you can add the expense of the paper purchased to Cost of Goods Sold. FreshBooks has added a ton of features recently, all designed to make your life easier.
What is FreshBooks used for?
FreshBooks is an accounting software designed for solo business owners, freelancers and sole proprietors. The software makes it easy to stay organized, keep track of payments owed and expenses made, send invoices and accept payments.
The company caters to more than two million users and includes invoicing, payroll, time tracking, and advanced inventory management. While the software is slightly more expensive, Xero is more comprehensive and better suited for larger companies that need more advanced accounting tools. With that said, it’s also more complicated to set up and has a more challenging learning curve.
How does FreshBooks work?
We found the complete setup to take about an hour with sample data manually entered. FreshBooks supports multiple languages and currencies – a useful and convenient feature if you have international clients. Supported languages and currencies include those used in Denmark, England, Estonia, France, Germany, Greece, Italy, the Netherlands, Norway, Portugal, Romania, Spain and Sweden. The invoice screen allows you to customize and brand invoices and preview how documents will appear.
The pricing and features appeal to freelancers and self-employed professionals. FreshBooks supports country specific tax calculation in Canada, the United States and Britain. GST and HST in Canada, sales taxes in the United States, and MTD in the UK are supported by FreshBooks. Also, check out this article about how service-based businesses can make the most of a free 30-Day FreshBooks trial.
You can find more information about this software in our detailed review of QuickBooks Pro. If you run a small company or a freelance business, you are likely familiar with juggling multiple clients, payment deadlines, invoices and more—there’s always something else to remember. FreshBooks is an accounting software designed for solo business owners, freelancers and sole proprietors. The software makes it easy to stay organized, keep track of payments owed and expenses made, send invoices and accept payments.
FreshBooks would be an ideal choice for their needs, as the premium plan includes unlimited billable clients at an affordable price. FreshBooks offers an intuitive user interface, making it simple to use and learn. In addition, FreshBooks’ users can quickly create invoices, track time and manage their business finances within one solution as well as access the system on the go through the mobile app.
Do accountants use FreshBooks?
FreshBooks offers best-in-class accounting software for busy accountants who need to manage their own finances while still focusing on the financial needs of their clients.