Accounting
2017 Review of FreshBooks – Accounts Receivable Functions
FreshBooks is a cloud-based accounting application designed for freelancers and very small businesses. The product centers on time and billing, with other features such as project tracking available as well. FreshBooks also offers a mobile app that ...
Mar. 21, 2017
FreshBooks: www.freshbooks.com
From the 2017 Reviews of Accounts Receivable Systems.
FreshBooks is a cloud-based accounting application designed for freelancers and very small businesses. The product centers on time and billing, with other features such as project tracking available as well. FreshBooks also offers a mobile app that works with both iPhone and Android smart phones and tablets.
Setting up a client in FreshBooks is a really quick process, with very limited information required. One of the nice features of the Pro version of FreshBooks is the ability to customize client settings such as sending automatic payment reminders for specific clients, specifying the intervals to send the reminders, and the ability to include a personalized message. Users can also choose the default language and currency, though users can invoice and accept payments in any currency. Late fees and finance charges can also be set for each client during the setup process.
Users can easily process payments for multiple invoices by accessing the Invoices section and marking off the invoices that have been paid, then click on the Mark as Paid under the actions tab. This will apply the payment amount entered to all of the invoices selected.
Both payment history and order/billing history can be accessed by client through the Client Relationship option, though this is done for each client individually. A complete accounting system, all features in FreshBooks are designed to work well together. The product also offers integration with a number of apps that increase program functionality.
Multi-Currency capability allows business owners to easily conduct global transactions, with the system able to process invoices and accept payments in multiple currencies.
Online payments via credit card are accepted by FreshBooks, with users able to pay online. Users will need to set up their invoices with the Accept Credit Cards option, which users can click on in order to access the WePay function in FreshBooks. Integration is also available with Google (G Suite), Apple (Apple Pay), GoDaddy and other ecommerce suites.
The Accounts Aging report in FreshBooks displays a list of outstanding client invoices categorized in common aging intervals. Users that have sent invoices in multiple currencies can access the report in the currency(s) they choose. All FreshBooks reports can be exported to Excel for further customization or printed as desired.
FreshBooks shines as a time and expense tracking application that skillfully includes other related accounting functionality and is a good option for the small business owner that needs to track time and expenses, as well as service related businesses. While it doesn’t offer extensive accounts receivable functionality, it does provide the small business owner with the basics needed to track and manage their outstanding invoices. FreshBooks pricing starts at $15.00 per month and runs to $50.00 per month for the Premium edition.