Pros and Cons of FreshBooks Cloud Accounting Software
Only an accountant knows how delicate the use of numbers is. Even a minute fractional error in numerical figures has no space in accounting. Thanks to Freshbooks accounting software that comes as a boon for accounting firms and organizations. This tool is an advantageous application running on the cloud, assisting you with the calculations. These Pros and Cons of FreshBooks cue up some reasons that put it atop, and the limitations you may face managing it online.
What is FreshBooks?– About FreshBooks Accounting Software
FreshBooks cloud accounting is built by 2ndsite Inc. as one of the best online systems to handle time tracking, reports, expenses, invoices, and salary evaluation. Awarded the best Accounting Software in 2019 by Finances Online, this application is now a renowned accounting and invoicing solution among entrepreneurs & mid-sized companies.
FreshBooks is an all-in-one online accounting service for small businesses. This tool enables you to send and manage invoices, track billable time, and collect online payments. This robust solution is a straightforward service that further simplifies the billing process.
What are the Freshbooks Features?
- Freshbooks Invoice
- Accounts (Payable/Receivable)
- Fast Expense Management
- Time Tracking
- Financial Reports
- Business Estimates
- Regulation Compliance
Freshbooks Pros or Advantages of Freshbooks Cloud Accounting
Freshbooks Cloud Accounting technology makes financial transactions easier but by totally transforming the field and function of accounting. From the necessary bookkeeping and recording of financial transactions, this FreshBooks app offers a broad array of features and possibilities.
Accurate results and evidence-based analytics help entrepreneurs and business owners make better-informed decisions. Some of the most significant pros of FreshBooks are mentioned below.
1. Multi-Platform Support
This online accounting solution is feasible across different operating system and can be used through Linux, HP-UX, AIX, Solaris, Unix, IBM OS/400, Web browser (OS agnostic), Windows 2000, Windows 8, Windows 10, Windows 7, Windows Vista, Windows XP, MAC, iOS, and Android.
You can take your application anywhere you go and can get done with billing & reports within minutes. The Freshbooks app is a huge lifesaver quickly capturing expenses and images of receipts.
The simple to use user interface is one of the advantages of FreshBooks cloud accounting technology that users have spoken of highly no matter what platform do you use.
2. FreshBooks Pricing Plans are Flexible
You can opt for a plan according to your employee count, amount of work, and deliverance. FreshBooks offers flexible pricing which goes monthly and if you don’t seem to like your subscription, connect to Customer support between Monday to Friday (8 am to 8 pm) for cancellation of the subscription.
The pricing chart for FreshBooks cloud accounting software are:
- Lite: $15 (up to 5 clients)
- Plus: $25 (for 50 clients) )
- Premium: $50 (for 500 Billable clients at $10/per member) and advanced payments at $20/month. )
- Select/Custom: Custom pricing for 500+ clients for large organizations and Xero+Quickbooks integration. )
3. FreshBooks Free Trial
In general, a fully-fledged accounting application doesn’t allow free use. However, you can use Freshbooks Free Trial for 30 days to see if it fits your business requirements perfectly. Furthermore, you can evaluate the advantages of FreshBooks accounting solution rather closely, well before you go for its monthly subscription.
Given, FreshBooks Free use is available for a month, if you are looking forward to a one-time accounting service, it’s a go for you without paying anything.
4. Country-Specific Tax Calculation
One of the biggest Pros of FreshBooks that also make it an excellent platform for your business is its ability to get along with country-specific taxations system. FreshBooks App supports the country-specific tax calculation needs of more than 120 countries. You can choose your country while signing up giving your basic information.
Its multi-national support makes this cloud accounting tool widely popular among Canadians, United States, and British users. FreshBooks support Canada's GST, HST, United States Sales Taxes, UK-based MTD, and other necessary compliance.
5. FreshBooks Security
It’s a cloud-based application that keeps your worries of data loss or theft at bay. You can authenticate yourself from anywhere using a desktop, Laptop, or mobile and save your reports before you call it a day.
FreshBooks ensures further user security by limiting the number of users according to their roles and subscription plan. None except you will be able to access the company’s data since the accounting system is entirely role-based.
6. Best Service Agents at Freshbooks Help Center
According to many satisfied customers, FreshBooks help center earns the most trusted reviews than any other team. Customer support service is the strength of FreshBooks in the industry. Customer Service Representatives heed to your problems immediately and act without any delay.
A friendly, comprehensive, attentive, and well-prepared staff is always available to give you answers to any questions or issues you may experience. FreshBooks highly appreciates their client support team and their consumer loyalty rating that you can see while sharing your talk with one of the agents at the helpdesk.
7. Freshbooks Integrations
FreshBooks Integrations with different platforms let you run your business even smoother. From Zoom Conferencing to DropBox, FreshBooks integrates its service with workflow 200+ apps to deliver seamless performance and interoperability.
The customized and flexible Freshbook Pricing plan allows you to move your work to QuickBooks and Xero pretty quickly.
Other FreshBooks Integrations are:
- Mail Form
- 123Form Builder
Freshbooks Cons or Disadvantages of Freshbooks Cloud Accounting
More about FreshBooks is on the other side picturing the cons of FreshBooks as complained by many professionals. The following are some found limitations of this cloud accounting tool that set users at the edge.
1. Most users are concerned about Freshbooks Pricing
Even though the users are provided with a FreshBooks Free Trial for 30 days assuring money-back, the rest of the use charge users with higher fees. You won’t have to use Freshbooks features all the time or every day.
If you don’t put it to use all its features, it is a bit pricey tool for what you get unless you only have a few clients.
Subscription Cycle: Even though the company can limit the use according to the number of clients, many professionals want the free version to be always free. Some also suggest the subscription should be based on pay per usage/ pay on use model.
Taxes: Additional Taxes are another problem for professionals opting for a paid monthly subscription. If you want your staff members on your account, you have to pay additional deductible as fee plus taxes totaling to more $39.95 monthly.
If you have to add more clients to your account countermanding the limit restrictions, it’s mandatory to pay at least $29.95 a month.
2. Missing features as cons of Freshbooks
The latest Freshbooks Reviews have emerged because users expect more from this online accounting tool to get things done better. You may expect a revamped version of this tool in the days to come. Following points contribute to the reasons why Freshbooks Accounting Software registered some noticeable Missing features such as:
- Integrations with Project Management, Payroll Tools, CRM, and Third-party apps.
- FreshBooks Budgeting
- Integration with payment processors such as PayPal
- Double-entry accounting
- FreshBooks Tools & Training
- Inventory Management
- Ability to add more clients to the plan
- Payroll (which is why some people use other payroll software to pay Social Security, FICA, life insurance, IRAs, HSAs, and others)
- Something that can be used offline.
- Usability Across Large Teams
3. FreshBooks (Invoice Template & Manual Entry)
A limited number of FreshBooks Invoice Template has been in talks among many accounting professionals every day. Even if this tool works well with estimates and proposals, mobility, and financial reports, it still needs a few tweaks while generating invoices.
While the data entering is manual while you use FreshBooks invoice template, you need to rely on your manual skills more to get the numeration system. Manual entries need a certain amount of your time, which is some you won’t expect from an automated accounting tool.
Many users have also been found troubled while dealing with a limited number of invoice templates by default. They need more customizability to meet specific demands. Some users have dealt with changing the Terms section on the invoice, which applies to the next invoices and can’t be adjusted according to client and job types.
4. Lack of Multi-Currency Support
The format and taxable calculations are a bit troubling with FB, as it still doesn't support all currencies. Lack of currency support has been one of the major drawbacks of FreshBooks in bookkeeping activity.
As of now, FreshBooks doesn't enable you to enter your fiscal transactions in the local currency. Users with other than USD, Euro, Pounds, and Australian Dollar might have to face more of such issues as the tool still requires a stronghold in non-western countries.
5. Ideal Solution for Small Enterprises
This cloud-based accounting software is often preferred by small business firms and freelancers for in-depth basic level accounting and reporting. For big and complex calculations, it’s will require some advanced-level modifications.
Also, nobody would want to pay for an automated tool and end with entering data manually.
Thoughts to Conclude:
You can estimate the efficacy of FreshBooks Accounting Software by opting for a FreshBooks free trial at first. The analysis brought through the pros and cons of FreshBooks is pretty helpful in establishing and speculate the facts about this best accounting tool of the century.