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Artificial Intelligence introducing... FreshBooks

In our latest post, we’re introducing FreshBooks, the tool designed to help freelancers and one-person-bands manage their accounting, invoices, and payments simply and effectively.

What is FreshBooks?

Freshbooks is a relatively simple accounting system that is designed for freelancers and solo-operated businesses.

How does it work?

On the FreshBooks dashboard, you’ll find a panel on the left that’s designed to help you work through functions like payments and expenses. The rest of the main screen gives you the total profit of your business and a view of outstanding revenue.

The dashboard is simple to use and straightforward to understand, reducing the risk of confusion and reduces the time needed to get an update to key financial information.

When can businesses benefit from adopting AI tools like FreshBooks?

With FreshBooks, it’s quick to pull an invoice together and send it to a customer. It’s also able to accept debit and credit card payments as well as Stripe, PayPal, and other transfers. There are fees to take into account when proceeding with credit card payments, but they are comparable to the usual market rate.

Who can use FreshBooks?

This is a targeted accounting solution designed for freelancers and solopreneurs. So if this is you then it’s worth checking out FreshBooks and seeing what you think. If your business is already larger than just you, it’s likely to be one of the competitors listed below that would better serve you.

Is FreshBooks free?

There is a free trial option, and there are a range of subscription options available, both monthly and annually.

Lite package starts at £9.60 per month, with Plus at £17.60 per month and Premium at £28 monthly.

Pros of FreshBooks:

  • Great user experience with an easy-to-use platform

  • Can track inventory

  • Affordable system

  • Has a feature for double-entry accounting reports

  • Automatic mileage tracking on mobile app and time tracking tool

Cons of FreshBooks:

  • Only has limited ways to customise invoice templates

  • There’s not much in the way of onboarding support

  • Does cost to add other team members to the platform

On the whole, it seems quite tricky to come up with more cons, usually a good sign!

Does FreshBooks have competition?

Yes, there’s many alternatives to FreshBooks, though fewer direct competitors in the freelancing space. But other accounting tools include these options:

  • QuickBooks an online accounting software tool that offers a range of services based on the type of business owner you are; sole trader, limited companies, and accountants all get their own specific areas of services and products.

  • Xero is an online accounting software tool that has a tiered set of payment options depending on the scale of your business and the level of support you’re after.

  • Sage Business Cloud Accounting is a straightforward solution that’s designed for a single user, and the costs are increased if you want to add more. Likewise, there are add-ons you can choose, but they’ll cost extra.

These are just a few of the many competitors or alternative AI tools to FreshBooks. The best tool for you will depend on your specific needs and budget.

Looking for more information on FreshBooks?

Check out these two great articles I found whilst researching it.

Final thoughts… overall, FreshBooks is a tool that is clearly dedicated to providing a tool for freelancers and solo business operators. Because it’s so clear on who it’s working for, it’s created a platform that has everything needed to get a small business up and running with accurate accounting tools that has a simple and straightforward look and feel. It gets a big thumbs up from two very reputable brands and is absolutely a tool I’m going to be looking into in more detail.

Alcea's new podcast AI Life Tools is launching in September and will have an upcoming episode dedicated to artificial intelligence tools for small businesses. Find out more about the podcast today.

Alcea Consulting Limited is a boutique consultancy helping businesses find the right words and tools to connect their teams and customers. Contact us to find out how Alcea can support your teams and business today.

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