FreshBooks is an accounting solution that is exclusively for self-employed professionals, like freelancers and independent contractors. It is a dependable and quick accounting suite that not only saves you time but also makes your work looks professional. Whereas, QuickBooks is well-suited for business owners accounting needs. The tool is perfect for those companies that sell products and require flexible, fully-fledged accounting software. At this stage, you might be wondering which accounting software is best for you between FreshBooks vs QuickBooks.
Let’s drive into details of QuickBooks vs FreshBooks by discovering the features of both the tools.
What is FreshBooks?
FreshBooks is the cloud-based financial accounting software for startups, freelancers, and small to midsize businesses. In addition, Self-employed professionals can also utilize this software to manage their financial and fiscal responsibilities effortlessly. It is used by companies who have 10-15 employees. The co-founder and CEO of the software is Mike McDerment. Also, the company was found in 2003 and it is based in Ontario, Canada, and Toronto. The plans that FreshBooks provides are FreshBooks lite plan, FreshBooks plus plan, and FreshBooks premium plan.
Let’s move further and discover how the core features of FreshBooks is beneficial in multiple ways for its users.
The features of FreshBooks is based on its ease of use, setup, invoicing capabilities, managing bills, and access to data:
- To begin with, FreshBooks tool helps you to create, customize, and send invoices to the clients.
- You can add expenses and track them later. The task can be performed with tax categories and multi-currency facilities.
- Thirdly, the accounting solution connects to your bank account and it automatically imports the expenses.
- It’s bank reconciliation feature allows you to see the organized account, and also helps you to know the remaining transactions in your bank.
- Bank reconciliation feature allows you to match transactions from your bank statement to the entries in FreshBooks.
- Truly, it gives you an ability to add client details with internal notes as well as manage client communication.
- The tool gives you the ability to create and send customizable estimates. Apart from this, it permits clients to receive estimates online, and convert them into invoices.
- Furthermore, you can secure data storage via a secure SSL encryption.
- You can stay connected with your clients and track your accounting from anywhere, anytime.
- It has multiple payment plans that are fit for any size of business.
- Lastly, FreshBooks offers customized designed and professional invoice templates.
After reading these points, you must have got an idea about the robust feature sets in FreshBooks.
Now, take a look at what is QuickBooks and how it is different from FreshBooks.
What is QuickBooks?
QuickBooks is mainly created for small and medium-sized businesses, enabling them to receive payments, handle paying bills, and manage payroll functions. Being an American business and financial software firm it develops and sells accounting, financial, and tax preparation software. Also, it sells related services for accountants, small businesses, and individuals. It was found in the year 1983 by Tom Proulx and Scott Cook. The Headquarters for the company is in Mountain View, California. QuickBooks’ Online consists of four versions i.e. Simple Start, Essentials, Plus, and Advanced.
QuickBooks is not limited to this, in fact, it can carry out all the important tasks involved in small and mid-sized financial accounting. Moreover, if you want to know more about the other tasks, you can go through the features.
Let’s dive into the details of the features of QuickBooks and how the software works for you to maintain the overall health of your business accountancy:
- Firstly, you can categorize tax for organizing expenses and income with a short period of time.
- Secondly, you will get a feature to create accurate estimates, sales receipts, and invoices.
- It offers you the facility to receive payments online. The payment option includes bank transfers, credit cards using QB Payments or a third-party processor.
- You can track your mileage with the help of the mobile app.
- QuickBooks allows you to create basic accounting reports containing balance sheets, profit and loss statements, and expenses.
- You can track sales tax as an expense by creating an expense account.
- It’s easy to send/ track reports, as well as file 1099 forms as an independent contractor.
- QuickBooks offers reliable Data security and backup.
- You can know where your money is going by tracking expenses and income.
- Finally, the facility to add, attach, and track the expense receipts is available in the feature.
After going through these points, we hope you have got an understanding of how QuickBooks Online makes your accounting practice easy.
More importantly, the differentiation between FreshBooks vs QuickBooks gives a clearer idea on how one can prove to be more suitable than the other, with respect to the specific needs of your business.
Indeed, the table below gives an in-depth comparison of QuickBooks vs FreshBooks and the contrast between the two software.
FreshBooks vs QuickBooks: Comparision of Software
|S No.||Basis of Distinction||FreshBooks||QuickBooks|
|1.||Profit/ Loss statement||FreshBooks can make profit & loss statement||Profit and loss statements can be generated in this as well.|
|2.||Platform||FreshBooks are available on Windows, Mac, cloud, Android, and iOs||On the other hand, QuickBooks Online is available on platforms like Cloud, Android, Mac, Windows, and iOs.|
|3.||Support||FreshBooks provides 24/7/ 365 days support to customers||QuickBooks Online doesn’t offer 24/7/365 days support to customers|
|4.||Pricing plans||FreshBooks offers multiple pricing plans||It also offers multiple pricing plans to its users|
|5.||Made for||It suits for small business owners||It is brilliant for small businesses who need a feature-rich, customizable solution to manage key accounting|
|6.||Contract term||There is no contract requirement for the contract.||No contract is needed. However, the subscription is renewed monthly.|
|7.||Recommendation||It is recommended by 86 percent of users||In contrast, QuickBooks Online is recommended by 55 percent of users.|
|8.||Company size||On one hand, FreshBooks is designed for small business and Freelancers||On the other hand, QuickBooks Online goes well with small business, large enterprises, medium business|
|9.||Double-Entry Bookkeeping||FreshBooks offers the feature of Double-Entry to its users||QuickBooks Online also provides the Double Entry feature|
|10.||Integrations||Integrations target Freelancers and small businesses||QuickBooks Online boasts above 400 native integrations with a payment tool|
|11.||Accounting software is appropriate for||FreshBooks software is cloud-based accounting formed particularly for the self-employed.||QuickBooks Online software made for small and medium-sized businesses.|
|12.||Language supported||FreshBooks supports English, Turkish, Dutch, Polish, and Swedish||Contrarily QB Online supports English|
|13.||1099 Reporting||FreshBooks users need to manually track the payments. So, later on, you can include them in your 1099 forms.||QuickBooks Online keeps a track of payments made to contractors.|
|14.||Budgeting/Forecasting||FreshBooks doesn’t provide the feature of budgeting and forecasting.||QuickBooks Online provides you the feature of budgeting and forecasting to maintain and forecast your budget for the future.|
|15.||Ease of set up/ use||FreshBooks set up is easy on your working system.||Setting up QuickBooks in your computer system requires a moderate learning curve.|
|16.||Clients Included||FreshBooks include 5 to 500+ clients||Of course, QuickBooks Online has unlimited clients|
|17.||Cost Tracking||It doesn’t offer a cost tracking feature||It offers a cost tracking feature|
|18.||Ideal number of users||FreshBooks has 1 – 49 number of users||Contrarily, QuickBooks Online has 1 – 1000+ number of users|
|19.||Product features||FreshBooks provides product features like account receivable, bank reconciliation, billing & invoices, and expense tracking||Accounts receivable, bank reconciliation, billing & invoicing, expense tracking, payroll management, and tax management are the product features of QuickBooks Online|
|20.||Time Tracking||FreshBooks offers multiple tools tracking to its users||However, QuickBooks doesn’t include any real time-tracking feature|
Hopefully, the distinction points have helped you to understand the unique accounting aspects of both the tools. Furthermore, let’s move one step further and know the benefits of both FreshBooks and QuickBooks.
Benefits of FreshBooks
Thereafter, you can go through the benefits to know how FreshBooks is effective in managing front-end accounting and much more:
- Time Tracking and Invoicing:
FreshBooks provides you time tracking tool so that you can track time wherever you feel like. Apart from this, you can also record time on particular clients, and then create a bill for tracked hours.
- Customer Support:
FreshBooks users are highly benefitted when it comes to getting customer support. Its users can get email and phone support regardless of which plan they select.
- Payroll Info:
FreshBooks has a feature via which the working employees can add their time using the simple mobile app. Besides, the feature in FreshBooks appropriately synchronizes the payroll expenses. Moreover, it permits you to calculate the employees’ payroll at one place within a fraction of seconds.
- Easy and Intuitive Interface:
Many small businesses are integrating their payments into FreshBooks software. The accounting software is quite simple, intuitive interface and easy-to-understand. The software is liked among businesses because it is not complicated to use and easy to understand the features.
Most importantly, in case you are in search of good expense management, stress-free invoice creation, and time-tracking capability, and customer support via phone, look no further than FreshBooks tool.
Furthermore, let’s know how QuickBooks can make the process of managing the company finances in a much easier way via the help of benefits.
Benefits of QuickBooks Online
These points will help you to know the brief overview of the tool’s benefits and the ways to handle accounting tasks smoothly:
- Automation and Bank Feeds:
Firstly, QuickBooks accounting software provides bank feed and automation capabilities. The features are completely designed to fulfill the accounting needs of small business owners. Moreover, QB online permits you to differentiate between the types of expenses.
- Advanced Features:
QB provides better bank feed management and also has in-depth and advanced capabilities to proffer business owners. Moreover, online provides you the facility to schedule invoices for the future. Consequently, QuickBooks gives better tools to manage and track sales tax, reporting, and inventory.
- Receive Electronic Payments Directly:
Electronic payment features in QuickBooks makes your life easier. Additionally, you don’t need to visit the bank to input the payments into QuickBooks by hand. Moreover, you can process electronic payments via. Debit and credit card payments, ACHs, and bank transfers. Once the client receives the invoices, they just need to click on the link for the payment process.
- Run Reports from Everywhere:
Lastly, QuickBooks can provide accounting reports in a good quantity. Consequently, you can check the reports from anywhere in the world. Furthermore, it is not necessary to have a laptop in your hand as you can have a glance at the reports on your mobile devices as well. Most importantly, it has a complete and effortless integration.
Thus, there are numerous considerations to ponder before choosing an accounting package, so you need to have a good understanding of features, and benefits of the tools.
The differentiation of FreshBooks vs QuickBooks has given essential knowledge of each tool. Overall, FreshBooks and QuickBooks Online are web-based accounting solutions for users. Additionally, both the tools i.e. FreshBooks and QuickBooks offer multiple plan choices, with noticeable features. Apart from this, both FreshBooks and QuickBooks Online have a mobile accounting app that is available for Android devices as well as iOS devices. In case you are a freelancer or provide a service, you can choose FreshBooks. Also, if you have a big company and are in a search for the advanced features, opt for QuickBooks.
At last, if you want to collect more information on FreshBooks vs QuickBooks, and want to know which is the most suitable option for your business, you can dial our support phone number. Besides, in case you want to set up FreshBooks or QuickBooks, you can give a call on the number.