Top Online Bookkeeping Software for FreshBooks

In this day and age, quick-paced business world, small business, freelancers, and entrepreneurs need to be sure they are handling their finances in the right way is very important for them. Although Accounting software is often complicated and expensive, FreshBooks has shown to be one of the best online bookkeeping platforms due to its simplicity of use, intuitive structure, and flexible pricing. Still, there are a multitude of online bookkeeping solutions available that can, in a way, be used along with FreshBooks and that have different features directed towards financial management next.

This article will discuss the software that businesses using FreshBooks can use to help them with online bookkeeping. We will point out the features, advantages, and integrations of each, thus ensuring the selection of the most appropriate solution for you.

What is FreshBooks?

Before going forward with the most convenient bookkeeping software alternatives, it is necessary to learn about FreshBooks and if it is profitable for your business.

FreshBooks is a web-based accounting program that is meant for small businesses, freelancers, and entrepreneurs. It streamlines accounting work such as invoicing, expense tracking, time tracking, and reporting.

FreshBooks’ easy-to-navigate interface allows users to automate many financial tasks, which in turn saves time on bookkeeping and gives a clearer picture of their business’s financial condition.

Why Use FreshBooks?

User-Friendly Interface: FreshBooks is, by its nature, easy to learn because of its simple interface which makes it comfortable for people without an accounting background to use the software.

Automation Features: Automatic invoicing, payment reminders, and expense categorization not only boost the efficiency of the business but also outsmart the potential of making mistakes.

Mobile App: Have control of your finances at your fingertips via FreshBooks’ mobile app which enables you to create invoices, track expenses and monitor cash flow.

Invoicing & Time Tracking: For company personnel as well as independent freelancers who will need to invoice the customer for the time spent in doing the project.

Why You Might Need Additional Bookkeeping Software with FreshBooks

FreshBooks does provide all-inclusive functionality for almost all types of small businesses, but there could be situations when the use of other online bookkeeping software becomes necessary to brush up the program. For instance, if you want to be able to easily get up-to-date and more comprehensive financial reports, tax management and industry-specific solutions which FreshBooks, however, is not capable of supporting. Additionally, integrating other accounting tools with it can give you the freedom and extra features that you need.

Top Online Bookkeeping Software for FreshBooks

In this section, we will discuss the main online bookkeeping software products that synchronize perfectly with FreshBooks. These packages offer added functionalities, more comprehensive reporting options, or out-of-the-box integrations that work seamlessly with FreshBooks to facilitate the financial management processes.

1. QuickBooks Online

QuickBooks Online is one of the best-performing software for small business bookkeeping and is especially popular among companies and institutions that need to ensure compliance with regulatory requirements. QuickBooks Online, renowned for its rich features and scalability, is a perfect partner to FreshBooks in the provision of extra financial management capabilities.

Features:

An in-depth view of every aspect of your business: QuickBooks is a versatile program that gives you access to an array of financial reports, such as balance sheets, profit and loss statements, and cash flow statements, to name the most important ones.

Tools for Filing Taxes: You can file your taxes quickly with the help of QuickBooks, along with other activities like creating tax-ready reports and sending them to the IRS.

Inventory Management: Having a QuickBooks Online account with inventory tracking will not only notify businesses of stock levels but also initiate auto inventory adjustment, thus leading to automatic cost of goods sold improvement.

Integration with FreshBooks: QuickBooks Online leverages the FreshBooks account to instantly sync accounting data, thereby producing reports for detailed view and tax management.

Best For: Those companies that have top accounting and tax preparation functions.

2. Xero

Xero is another online bookkeeping tool for small businesses that is becoming very popular. According to the all-rounded concept that covers all the necessary areas of accounting, this platform stands out due to its affordable price.

Features:

Bank Reconciliation: Xero uses your bank accounts to automatically import your transactions. Thus, bank reconciliation can be done easier and quicker than ever before.

Multi-Currency Support: Xero can perform transactions in multiple currencies making it a viable option for companies worldwide.

Customizable Dashboards: Xero dashboards come with an option to customize the appearance of the information. With such tools, business executives can focus on the most important things.

Integration with FreshBooks: Xero ties itself to FreshBooks which consequently allows for better reporting and therefore smoother data synchronization between the accounting department and the invoicing department.

Best For: Small businesses with international customers or those who need to change their reporting style.

3. Wave Accounting

Wave Accounting is a completely free of charge accounting software program, which is why it is very popular amongst freelancers and small businesses that have a small amount of money to spend. Compared to QuickBooks or Xero, it lacks some of the more advanced features but still gives you a sufficient amount of tools to manage your money well.

Features:

Invoicing and Billing: Wave is a very simple solution for invoicing and billing, which will be most convenient for freelancers and service-based companies.

Receipt Scanning: The application lets you scan receipts and categorize expenses in a way that is automated.

Unlimited Transactions: One of the best things is that the free version allows you to enter as many transactions as you want with no restriction.

Integration with FreshBooks:

Wave together with FreshBooks gives your business a more automatic invoicing and expense tracking solution and at the same time, presents a concise view of your financial situation.

Best For: Businesses or freelancers on tight budgets that only have basic bookkeeping requirements.