FreshBooks vs QuickBooks: Which you need?
You’ve likely heard of at least one of the two most popular accounting software options on the market for businesses if not both: QuickBooks or FreshBooks. Technically, either option should get the job done for your company when it comes to managing your finances and invoices. Yet, depending on the specific needs of your business, there’s a good chance that one of these accounting tools will be a better fit than the other—so which should you choose: FreshBooks or QuickBooks?
FreshBooks vs QuickBooks: What’s the Difference?
While both QuickBooks and FreshBooks offer similar accounting services, each has its own strengths. If you sell products, online or in-person, and want accounting software that will grow as your business grows, QuickBooks may be a better fit. On the other hand, if you are a solopreneur or freelancer and want to track time spent on a project, FreshBooks is better aligned with your needs.
Below you’ll find highlights of some of the most popular tools that QuickBooks and FreshBooks have to offer. You’ll also get a peek at how these software features stack up against each other.
Similarities Between FreshBooks and QuickBooks
At a glance, the two accounting platforms seem similar. Both QuickBooks (created by Intuit) and FreshBooks offer a robust selection of accounting tools to help you manage your finances.
Both are useful to small businesses, and offer invoicing and expense management tools, the ability to accept payments from customers, and financial reports.
Also, both offer an option to work with a bookkeeper, in case you have more than you can manage on your own when it comes to your accounting.
Both services connect to your business bank account so you can keep track of expenses and offer financial statements like balance sheets to help manage cash flow. Both allow you to send payment reminders, calculate sales tax, accept online payments, and manage your billable clients.
Differences Between FreshBooks and QuickBooks
But that’s where the two services split off. QuickBooks has robust inventory tracking built in, whereas FreshBooks has a few integrations offering basic inventory management functionality. Both offer billable hours features, but FreshBooks goes one step further with a time tracker you can set up for each client project you work on. QuickBooks also has time tracking, but it’s offered as a separate service.
Let’s walk through different categories of accounting features to see how the two stack up.
Accounting Tools
Both FreshBooks and QuickBooks offer a host of cloud-based accounting features designed with small business owners in mind. In most instances, QuickBooks is the clear winner in the accounting tasks department. While FreshBooks does a better job of time tracking features for hourly employees and projects, QuickBooks wins the race in just about every other category.
Invoicing
QuickBooks and FreshBooks both include invoicing capabilities for their customers. Some of these features are included with certain membership plans. Others may require additional fees.
The two accounting software platforms are roughly tied within this category. FreshBooks gains extra points for ease of use and advanced features like late fees, deposits, and retainers.
However, QuickBooks has to be recognized for features like accelerated invoicing, which allows you to automate sending multiple invoices to clients.
FreshBooks gives you a user-friendly platform to create professional, unlimited invoices. You can use the invoice generator to customize your invoice, add your logo, and personalize the thank you email customers receive upon payment.
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