FreshBooks is accounting software that focuses on time tracking and invoices. This company was founded in 2003 and offers accounting solutions that are more appealing to small businesses or entrepreneurs who wish to spend less time managing their accounts.
FreshBooks’ user interface is very simple and can be used without any knowledge of software usage.
QuickBooks browser-based accounting software with extensive reporting capabilities and pricing modules is specifically designed for small to mid-sized businesses.
You will find a much more comprehensive reporting panel, and it is quite a learning curve.
The key features of FreshBooks vs QuickBooks
Let’s take a deeper dive into FreshBooks and QuickBooks and see how they compare. Four features will be discussed:
- Time tracking
FreshBooks is a cloud-based accounting application that works across all your devices. You can easily create invoices, view invoice payments, and handle all your standard tasks. For service-based businesses invoicing clients, FreshBooks offers great functionality. In the billing process for clients.s for clients. FreshBooks is designed for freelancers. The QuickBooks accounting section, on the other hand, is more focused on product billing.
FreshBooks provides double-entry accounting tools to provide a precise profit/loss report.
- Balance sheet
- General ledger
- Accounts payable
- Accountant access
- Trial balance
- Selling price
- Chart of accounts
- Journal entries
The QuickBooks Accounting Software is excellent. It helps small and medium-sized businesses keep track of their financial health and manage their income and expenses. You can use it to track financial flows, manage invoices, pay bills, generate reports, and prepare tax returns. It also has tools like quickbooks connection diagnostic tool, quickbooks file doctor, etc which will resolve accounting-related errors.
QuickBooks provides deeper insights into business from an accounting perspective. Get a detailed cash flow report to make tax preparations easier. You can maximize deductions while remaining compliant with tax laws using the built-in mobile app.
There are also accounting-specific integrations such as inventory management, forecasting and billing, vendor billing, crediting, purchase orders, and 1099 reporting that are not available in FreshBooks.
FreshBooks Invoice functionality allows you to create invoices with just two tabs: “from me” and “to me”. This allows you to accept and make payments easily. This first allows you to create custom invoices and send reminders for payment. You can also accept credit card payments. The second showcases flashcards that are below overdue accounts so you can quickly see payments that have cleared.
FreshBooks’ trial version offers a basic design for invoices. The premium version allows you to customize fonts, colors, and set logos. However, the premium version has more features.
FreshBooks extracts data from your timekeeping system and generates invoices for the hours you have marked as billable.
QuickBooks allows you to create a more detailed invoice. You can add the payment method, customer address, and payment terms.
It is important to note that QuickBooks, unlike FreshBooks uses third-party tracking apps such as TSheets to record billable hours and include them on the invoice.
3. Time tracking
After you’re done, click the button to generate an invoice. FreshBooks will add the hourly data automatically to your invoice.
QuickBooks on the other side doesn’t offer this feature. You can add this function to your QuickBooks app – TSheets. You can access it from your smartphone or tablet, and you’ll be able to view accurate employee timesheets as well as paper timesheets (real-time work-check) and mobile access.
Also Read- quickbooks database server manager
FreshBooks has more than 70 integrations that allow you to use multiple platforms such as Shopify and WooCommerce. You can also use Google Workspace (G Suite), Stripe, or HubSpot.
When it comes to integrations, however, QuickBooks is way ahead of FreshBooks. Over 650 apps can be seamlessly integrated with QuickBooks.
It all comes down to the features you require and the price you are willing to pay. QuickBooks is better if you are looking for a complete accounting solution. If ease of use is your main priority, FreshBooks is a better option.