FreshBooks

Specialized accounting software can be indispensable for businesses to simplify and automate expense tracking, time management, and accounting. FreshBooks small businesses offer essential features like expense tracking, invoicing, and time management. Below, we'll explore the key features and benefits of FreshBooks to help you decide if it's the right fit for your business. 

Tax Filing

Filing taxes can be stressful for business owners. However, the right tool can provide a clear snapshot of your financials and help you accurately report your income. FreshBooks automatically categorizes expenses, allowing you to run reports and see deductions.

Higher-tier plans by FreshBooks also include accountant access, making it easy for small businesses to share financial data directly with their accountant. This feature helps business owners streamline their tax preparation, save time, and reduce errors.

Time Tracking

If you hire freelancers or contractors on an hourly payroll, tracking timesheets is crucial for accurate billing and project management. FreshBooks’ time tracking feature integrates directly with invoicing, allowing you to quickly turn logged hours into invoices.

This feature is especially valuable for ensuring billing accuracy and getting project oversight. Additionally, you can share time reports with clients, enhancing transparency and trust.

Analytics and Reporting

FreshBooks offers easy access to important financial reports like profit and loss statements, sales tax summaries, and expense reports. These tools help business owners quickly assess their financial health and make informed decisions.

With FreshBooks' reporting features, you can effortlessly monitor cash flow, track expenses, and prepare for tax season – all within a single platform. 

Accessibility

FreshBooks is cloud-based, allowing you to access accounting data from anywhere with an internet connection. You can easily manage expenses, send invoices, and run financial reports using either the desktop version or the mobile app.

Project Management

FreshBooks helps businesses manage multiple projects simultaneously by keeping track of deadlines, tasks, and team workloads. This feature ensures that all team members are aligned and aware of their responsibilities, reducing the chances of miscommunication or missed deadlines.

By using FreshBooks for project management, you can improve project delivery, maintain clear communication, and ensure that your team stays on the same page, leading to more efficient workflows and successful project outcomes.

FreshBooks is known for being user friendly and adaptable, making it a great option for many small businesses. However, there are some situations where other software might be a better fit.

By considering these factors, you can evaluate whether FreshBooks aligns with your business requirements, or if another software solution might be a better choice.

Here’s a quick guide to getting started with FreshBooks:

1. Sign Up for Free

Go to the FreshBooks website and sign up for a 30-day free trial. You can use your email or Apple ID to create an account.

2. Set Up Your Account

• Add your business info: Enter your company name, logo, and contact details. These will appear on invoices and reports.
• Link your bank account: Connect your bank to FreshBooks to automatically import transactions and keep track of expenses.

3. Create Your First Invoice

• Go to "Invoices": Click on the "Invoices" tab in the main menu.
• Make a new invoice: Fill in details like client name, service provided, and due date. Customize it with your business logo.
• Send: Email the invoice directly to your client from FreshBooks, and set up reminders for payments.

4. Track Expenses and Time

• Record expenses: Upload receipts and log expenses in the "Expenses" tab to maintain accurate records.
• Track time: Use the time-tracking tool to log hours spent on projects, ideal for billing clients by the hour.

5. Explore More Features

• Upgrade your plan: FreshBooks offers various plans, starting at $5.70/month for the Lite plan. Choose the one that fits your needs.
• Add team members: Invite your team to your FreshBooks account to work together on projects, track time, and manage expenses.

6. Monitor Your Finances

• View reports: Generate profit and loss statements and other financial reports in the "Reports" tab.
• Use the dashboard: The FreshBooks dashboard gives a quick overview of income, expenses, and outstanding invoices.

FreshBooks makes the migration process simple with tools and services to help you efficiently move your data. Here’s what you need to know to get started.

Use the Easy Switch Service

FreshBooks offers a free service to transfer data from popular accounting tools like QuickBooks, Xero, and Wave. Here’s how it works:

• Link your accounts: Connect your existing software to FreshBooks.
• Pick a start date: Choose when you want the data transfer to happen.
• FreshBooks experts will handle the data transfer, including your client details, invoices, and expenses.

This service is simple and hassle-free, making it a great option if you want to avoid potential technical challenges.

Check for Needed Manual Adjustments

After the main data transfer, you might need to do a few things manually:

• Update details: Some information, like email templates and custom settings, may need to be re-entered.
• Reconnect your bank and apps: Link your bank accounts and any third-party apps you use.
• Re-invite your team and clients: Ensure your team members and clients have access to the new system.

Be sure to double check your data after migration to ensure there are no errors.

Try the Accounting Data Migration App

If you prefer to handle the migration yourself, FreshBooks also has a paid app for a one-time data transfer:

• Export your data: Get your data ready from your old software.
• Upload to FreshBooks: Use the app to upload and map your data correctly.
• Review and go live: Check everything and start using FreshBooks.

Both methods are designed to make switching to FreshBooks as smooth as possible, so you can get back to running your business without any interruptions.

FreshBooks connects with many tools to make running your business easier:

• Google G Suite: Automatically sync your invoices to Google Drive, so you always have backups.
• Stripe: Accept credit card payments directly through FreshBooks invoices, so you can get paid faster.
• HubSpot: Keep customer data in sync using automated HubSpot updates when client details are updated in FreshBooks.
• Fundbox: Instantly get a cash advance on unpaid invoices in FreshBooks to keep your business moving without waiting for payments.
• Bench: Share your FreshBooks financial data with your Bench bookkeeper, making bookkeeping hands-free and accurate.
• Gusto: Run payroll from FreshBooks using Gusto to pay your employees and handle taxes in just a few clicks.
• Microsoft Outlook: Create and send invoices straight from your Outlook email, simplifying your billing process right from your inbox.
• Zapier: Among many other intergrations, set up an automation so that new expenses recorded in FreshBooks are automatically added to a spreadsheet in Google Sheets.

The FreshBooks API allows you to easily connect FreshBooks with other tools your business uses, even if they aren't directly supported by FreshBooks. It enables you to automate tasks like sending invoices or syncing client data with third-party services, all while keeping your accounting straightforward.

FreshBooks works well with many business tools, although some specialized software may not have direct integration options. This can be a challenge if your business relies on niche applications.

However, FreshBooks offers a flexible solution through its API, allowing you to create custom integrations. With a bit of setup, you can integrate less-compatible tools into your workflow, ensuring seamless data flow and efficiency.