Starting a business is the dream of many. But it requires a lot of initial investment and consistent cash flow. For initial investment, most budding entrepreneurs rely on their personal finances. However, to reinvest and expand, they need to build up cash reserves. One of the best ways to do so is managing expenses and getting paid on time from customers.
But, this doesn’t happen often! The biggest disappointment for small business owners is overdue invoices at their client’s end. It might have happened with you that your team went above and beyond to meet a client’s deadlines, but when you share the invoice with him/ her, it was left attended for days.
Many a times, the delay in payment can be attributed to ineffective invoicing processes at SMBs end itself. SMBs are often operating with limited resources, leading to the delay in processes for sending professional invoices and tracking payments. Let's face it. It’s awkward to chase late payments on invoices. As you don’t want to upset your clients, you often compromise with this thing for a few weeks. As a consequence, you are left hanging out to dry for months!
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Fortunately, top invoicing software options in the market can play a significant role in speeding up invoicing processes. One of the trusted invoicing software is FreshBooks, which is considered by many SMEs as the top pick for small business invoicing.
So, what makes FreshBooks invoicing software the preferred choice for start-ups, small business and medium enterprise alike?
Time-Saving Invoicing Features
If you ask small business owners what they look for in an invoicing software, they say it should make invoicing and other accounting tasks faster and easier. They are looking for time-saving features, which allow them accomplish their accounting tasks quickly. Let’s find out what time-saving features FreshBooks has to offer:
- You can quickly have an overview of your overdue invoices and total outstanding amount from you and to you
- Customized invoice templates are available. You can quickly choose between Simple & Modern styles, and start invoicing
- Further, you can automatically send recurring invoices to the clients with the freedom to create invoices at set intervals
- If you have to send customizable reminders or add late fee to overdue invoices, it’s the most convenient platform
- You can also check if an invoice is viewed by your client, and rest assured that he/ she will not come back with the excuse that the invoice was lost in spam
- Creating estimates and proposals on customized templates is much easier
- If you want to add a signature line at the end of any proposal, it will take just a few minutes
- You can also convert your project estimates or proposals into invoices quickly, without any need of creating new invoices from scratch.
FreshBooks not only make invoice generation easier, but it also ensures faster payment by allowing clients to pay online through the credit card option on the invoice. It accepts all major credit cards and currencies, making it easier to accept payments from clients online.
Other Noteworthy Features
Along with making invoicing simpler and faster, FreshBooks invoicing software also helps with another significant accounting task, that is, expense tracking. At the same time, it’s a useful tool for other departments of your SMB, which can manage projects and perform time tracking using its different modules.
- Expense Tracking: Using this invoicing software, you can store image receipt and maintain expense file online. You can also categorize receipt images depending upon the project and client. And, connect them with bank transactions or transactions imported from credit cards. This way, you can view what you are spending and where. Also, you can mark some transactions as billable if you have to generate invoices at a later date.
- Project Management: With this invoicing software, you can stay up-to-date with the progress of any project at hand. You just need to enter the project name and add team members to the project. You can also mention tasks to be undertaken during the project tenure. Whether your company takes up hourly or flat rate projects, there is a separate template to track all.
- Time Tracking: All project contributors can individually track their time and calculate the hours spent on it on a day-to-day basis. Further, supervisors of a project can track the work of every member and see how much time is spent on each task.
Ease of Use
FreshBooks calls itself “small business accounting software that makes billing painless”. And, if we consider many of the features explained above, it won’t be wrong to say that it’s a great tool for small businesses. This invoicing software makes their processes faster, easier and accurate.
Getting started with FreshBooks is equally easy. The sign-up for its trial account took just a few minutes, and it didn’t even ask me to provide credit card details. I simply entered my name, company name, email address and password, and received the verification link within a few minutes. Soon, I was navigated to its home screen!
The dashboard of FreshBooks is quite simple where you can check your outstanding revenue at a glance. Who owes you and who is late to pay, all details can be tracked at a single location. Moreover, you can create the company profile and customize your branding to ensure faster invoicing.
It has a clean layout with a ‘Create New Button’ feature on the top to ensure quick access to invoicing, estimate, expense tracking and client profiling features.
Integration with Industry Leading Apps
FreshBooks provides integration with popular business apps like Gusto, G Suite, Fundo, Stripe, and a lot more. The list of basic business productivity, communication and other apps with which FreshBooks can integrate is quite exhaustive. Most of which you might be using presently, and the rest you may use as your business thrives.
Although FreshBooks is one of the best invoicing software for small businesses, it has its own set of drawbacks. Guess no more. Here we have listed some of the drawbacks for you.
- It provides just two invoice templates with limited font options. With fewer customization options, it surely disappoints its users.
- The inventory management feature is missing. So, if you need to manage inventory on a day-to-day basis, it is not an ideal option.
- The purchase ordering feature is also missing, and so it’s not a great option for vendor relationship management.
- FreshBooks mobile app definitely is a relief for those who need to travel frequently and manage their business from diverse locations. However, you can’t use its reporting feature on the app.
Now that you are fully aware of its advantages and limitations, you can make a better decision regarding its purchase. Considering all factors, it can prove to be a good investment option. Isn’t that so?