Audit trails show all changes within the software, who made them and when they were made to help accountants track down errors or unauthorized entries. You can also connect your bank account and credit cards to your FreshBooks account to automatically track your expenses. Plus, use bank reconciliation to ensure your accounts are accurate and up to date. Many FreshBooks customers have service-based businesses that have them constantly on the go.
Third-party Integrations
In addition, you can bill for tracked hours, track and manage time for a specific project and allow your employees to track their time (if you’re using the team members add-on). You don’t have time to spend figuring out how to use complicated accounting software. With FreshBooks, you’ll confidently create invoices, input expenses, and do your bookkeeping in half the time.
- With features like invoicing, payroll, and inventory management, it’s got all the bells and whistles.
- However, FreshBooks seems to have more in-depth client features, as it lets you store their contact info, communications and any internal notes you might have about them.
- FreshBooks is a paid service operating with a subscription model.
- So either you have to plan to cancel 2 months in advance or you have to plan to pay an additional month of service after you actually cancel.
- If you intend to expand your business, it has a custom plan to match your needs.
Small Business Resources
Integrates with more than 100 third-party apps; limited choices basics of lifo and fifo inventory accounting methods for direct payroll and point-of-sale integrations. One thing we recommend while comparing Xero vs FreshBooks is to learn all about the FreshBooks Accountant Partner Program. It’s a unique part of FreshBooks that you won’t get from other cloud based accounting solutions.
Bill Pay Features
We saw that it’s impossible to combine payments received from customers into a single deposit entry, even if they’re all checks or all cash. The problem this creates is, your Xero check register will show multiple deposits while your bank statement will show the actual deposit amount, which has all the amounts combined. We are driven by the Fit Small Business mission to provide you with the best answers to your small business questions—allowing you to choose the right accounting solution for your needs. Our meticulous evaluation process makes us a trustworthy source for accounting software insights. We don’t just scratch the surface; we immerse ourselves in every platform we review by exploring the features down to the finest nuances.
Don’t let the amount of data tied up in your current accounting software stop you from finding the right fit for you and your business. With Easy Switch, our specialists will handle the heavy lifting, moving all your important info (like expenses, invoices, and client details) from Xero to FreshBooks. It’s available online 24/7, which is great for businesses that have unusual operating hours.
Though they have different functionalities, both made our list of the best accounting software. While FreshBooks has a live chat option for sales inquiries, you have to send an email or request a phone call for customer support. ET, so if you’re having a late-night issue trying to sort out an invoice, you’ll have to wait until morning for in-person help.
However, first-time users might find a little bit of a learning curve. FreshBooks and Xero have 14 out of the 16 reports that we expect to see in an accounting software service. However, some of FreshBooks’ reports seem to lack expanded functionality. For example, its balance sheet only shows the parent accounts and omits important details like subaccounts.
And FreshBooks is a unique accounting software program in that it allows you to bring your software along with you while serving billable clients. Predictable costs without the need for add-ons or additional app integrations and transparent pricing that fits your budget. All our plans are equipped with invoicing, expense, and project management features at no extra cost. FreshBooks includes many capabilities that make it a great accounting and invoicing software for freelancers, solopreneurs and small business owners. It allows you to easily put an invoice together and accept payment through credit and debit cards, ACH transfers, Stripe and PayPal.