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Is there a good alternative to Xero Accounting Software?

 

Budding entrepreneurs and freelancers need to have an organized filing system for all of their financial records. In the past, all of your business accounting was done from a desktop computer found only in the location of the business, but today, everything can be accessed anywhere and anytime with the help of cloud-based accounting software. It surely has been a big help for those who are just starting a small business or those who are working for themselves. 

Beginners might already be using a cloud-based accounting software like Xero. However, people say it lacks some of a user’s needed features and their customer support needs improvement. The question is, are there any good alternatives to Xero that will also meet the accounting needs of a small business owner or freelancer?

The good news is that there is and its name is FreshBooks.

 

What is FreshBooks?

FreshBooks has been in the business since 2003. Now, 24 million people use the software to manage their accounting needs. This cloud-based accounting software is designed specifically for service-based businesses or those who make money providing their time and expertise. FreshBooks follows the 4E Philosophy: Execute, Extraordinary, Experiences, and Everyday. Its philosophy is centered on making the lives of small business owners and freelancers easier by creating an accounting software that provide services which help them reach their goals. 

 

Features of FreshBooks

To get a better understanding of Freshbooks, we are going to discuss the following features of the cloud-based accounting software: invoicing, expenses, time tracking, projects, payments, and reporting.

Invoicing

Both Xero and FreshBooks offer customized or personalized professional invoices. FreshBooks, though, is simpler and provides a more concise overview of all invoices. It accepts credit cards on invoices to avoid waiting for clients’ checks and save time. There is also an auto-pilot feature which lets the software remind the client when it comes to payments so all self-employed individuals and business owners will have more time to focus on their work.

Expenses

With FreshBooks, it is now easy to keep track of expenses by connecting a bank account or credit card and automatically updates whenever spending occurs. Users can also categorize their expenses to make it easier to file taxes. 

Time Tracking

This is the feature business owners and freelancers tend to love about FreshBooks. Unlike with Xero, users can track the time they spend working on a project and automatically bills the client with the hours. The great thing is that time tracking can be done with the mobile app or web browser. This feature makes everyone work efficiently within their projects.

Projects

Xero offers a good project management tool with time tracking but it is only available with certain plans and must be accessed through a separate app. On the other hand, FreshBooks offers seamless project collaboration among employees, contractors, and business partners by only using one app for all tasks. Project members can access files easily and clients can also provide feedback for every step taken.

Payments

FreshBooks allows online payment so clients can easily pay their invoices. It also provides several payment options with no hidden fees. By accepting online payments, FreshBooks users receive payment faster. 

Reporting

FreshBooks provides easy access to financial reports like profit and loss and displays insightful information in its dashboard. These help in monitoring the status of the business and also help when filing taxes.

 

How much does FreshBooks cost?

The pricing plans of FreshBooks are based on the number of active clients but what is great about it is that no matter what plan a user chooses, all practically have the same features. With Xero, the pricing plans have different features. 

The FreshBooks pricing plans are:

  • Lite – $15/month for 5 billable clients. 
  • Plus – $25/month for 50 billable clients. 
  • Premium – $50/month for 500 billable clients. 
  • Select – Custom pricing for 500+ billable clients. 

 

Final Thoughts

For self-employed individuals, agencies, firms, and consultancies, FreshBooks is the best invoicing and accounting solution. Running your business will be easy thanks to this powerful accounting software. FreshBooks makes the lives of small businesses and freelancers easier with its simple platform and functionality. Also, any problems can be solved with the help of award-winning customer support. Even without knowledge of accounting beforehand, FreshBooks is here to help everyone out.

To learn more about FreshBooks, visit the website at https://www.freshbooks.com