It can be quite stressful, and honestly, debilitating to choose from the plethora of options available for accounting software solutions for your firm. In this article we will put under the microscope the two most trusted accounting software: FreshBooks and Quickbooks. We will look at various functionalities of both software and we will also compare how these different software suit your specific business needs. Here are a number of factors you should keep in mind while assessing FreshBooks vs Quickbooks:
Right off the bat, we should establish the main difference between FreshBooks and QuickBooks i.e., the first software is typically used in small to mid-range businesses and freelancers, while the latter provides accounting solutions to companies of all size and verticals.
When you think about FreshBooks vs Quickbooks, there is none that is superior to other, as their functions and approach are different from each other.
FreshBooks is better suited for your business if you are logging the accounting data yourself, more so when the number of employees and freelancers are small comparatively.
– What necessitates this self-logging process is the fact that Freshbooks has better time logging and management functions; their in-built time logging system is specifically suitable for your business if you run a time sensitive operation
– Freshbooks also allows logging the data of multiple businesses under one account, so you can track the billable hours of all your employees across different verticals.
– You can also readily import the data from your FreshBooks account into your accounting system once it is compiled successfully.
If we look at the time related features of QuickBooks, then in addition to what Freshbook is offering, QuickBooks also allows you to track and log payroll of full-time and part-time employees. This feature also cuts the additional hassle of looking for payroll related softwares.
Inventory Tracking & Management
With Quickbooks, you not only will be able to track the cost, but you can also track quantity and value of all your products. This provides an incredible benefit to your business operations as you will be able to track real-time inventory in your business. It will also help you make better informed decisions in the future.
FreshBooks on the other hand, does not provide any inventory tracking functionality, which is a huge demerit for this software.
In Freshbooks, you can schedule payments reminders what will be sent automatically to your customers, notifying them that the payment to your business is due. Surprisingly, this feature is unavailable in Quickbooks.
QuickBooks offers a plethora of reports with their product which will help you get down to the crux of each business area. Some of these accounting reports are:
– Account Payable
– Accounts Receivable
– Products and Inventory
– Sales Tax Reporting
– Expenses and Purchase
FreshBooks on the other hand, provides basic reporting capabilities, keeping the time management as the fulcrum of the reports. Their reports also revolve around profit margins as this software is better suited for time tracking and invoicing.
Now that we have seen some of the various features of FreshBooks vs Quickbooks, it is essential to be clear about your business requirements and pick the one that fits your budget. They both have a number of applications that will help in the various aspects of your business, but you have to determine what works better for you. In case you’re unable to make up your mind, both FreshBooks and QuickBooks offer free trial. Try them out for 30 days before finalizing your decision.