If you’re running a small business with simple finances, you might be able to handle it all on your own with Xero. But if you have intricate transactions or can’t tell a balance sheet from a grocery list, it’s probably time to call in the bookkeeping cavalry. Zapier is the leader in workflow automation—integrating with thousands of apps from partners like Google, Salesforce, and Microsoft. Use interfaces, data tables, and logic to build secure, automated systems for your business-critical workflows across your organization’s technology stack.
Xero has a few helpful AI features
Speaking of the cloud, both software earned a spot on our best cloud accounting software list. If you run a small company or a freelance business, you are likely familiar with juggling multiple clients, payment deadlines, invoices and more—there’s always something else to remember. FreshBooks is an accounting software designed for solo business owners, freelancers and sole proprietors. The software makes it easy to stay organized, keep track of payments owed and expenses made, send invoices and accept payments. While there are many accounting software options out there, FreshBooks is particularly well-suited for smaller businesses and companies with one main owner and operator.
Accounts payable
On the other hand, FreshBooks may be a better fit for freelancers and solopreneurs, as the capabilities are easier to navigate. FreshBooks is a great option for freelancers, small business owners and anyone who needs to send invoices and accept payment as part of a business. On the other hand, if you’re a larger team or want more customization options or more than one person on the account, it may be worth considering another option such as QuickBooks. Have the reports that you need at your fingertips all the time nine steps in the accounting cycle with FreshBooks. In the Reports tab, you can access popular business accounting reports such as profit and loss, sales tax summary, aging accounts, invoice details and expense reports. Looking at these reports helps a business owner better understand their company’s financial health and is critical in the daily management of the organization.
It can be easily accessed from any device, from your PC (Windows desktop) or Mac desktop to your mobile phone. Ya know who always picks up and never transfers you when you call FreshBooks? At 91%, FreshBooks has the best rating for customer support among all competitors. Our simple yet robust interface has a very short learning curve, so you and your team can hit the ground running. Plus, with automations that reduce your workload, you’ll be saving time in no time. FreshBooks charges $17 per month and QuickBooks charges $30 per month).
If you intend to expand your business, it has a custom plan to match your needs. When it comes to inventory management, Xero is also the name to beat for larger companies with lots of products and customers. Both FreshBooks and Xero have a hearty number of apps you can integrate for further functionality.
- The tired business of ledgers and invoices is usually an afterthought — a chore to be procrastinated or even outsourced.
- Saved payment information can always be removed if you want to opt-out of Recurring Payments at any time.
- Xero is cheaper when comparing the two base plans, but it quickly becomes more expensive in higher tiers.
- The software must have features that allow users to set sales tax rates, apply them to invoices, and enable users to pay sales tax liability.
- Meanwhile, Xero’s banking and cash management system allows—but doesn’t require—a bank feed connection.
We collect the data for our software ratings from products’ public-facing websites and from company representatives. Information is gathered on a regular basis and reviewed by our editorial team for consistency and accuracy. Both FreshBooks and Xero allow you to track business performance using your dashboard, project finance vs corporate finance and generate and download financial reports.
FreshBooks Pricing and Plans
Still, you’re able to send payments with credit cards and bank transfers and track unlimited expenses, some of the key tools freelancers need. This plan also allows you to easily keep track of payroll through a Gusto Payments integration. Given that it is a more comprehensive accounting software, we see it as a well-rounded solution.
Invoicing
Since FreshBooks is mainly software for freelancers who often don’t follow traditional working schedules, this could be a drawback, especially if you’re working in a remote time zone. Wave Accounting is an entirely free option for small business owners. Even though it is a free option, Wave Accounting offers many of the features you need to run your business, including free invoicing, unlimited expenses and receipts.
The software must have enough reports that can be generated with a few clicks. Moreover, we’d also like to see customization options to enable users to generate reports based on what they want to see. This section focuses more on first-time setup and software settings. Even after initial setup, the software must also let users modify information like company what is common stock name, address, entity type, fiscal year-end, and other company information.