FreshBooks vs. QuickBooks: What’s the Best Fit For Your Business?

FreshBooks vs. QuickBooks: What’s the Best Fit For Your Business?

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Sometime’s Excel just doesn’t cut it. As a business owner, whether you have a number of vendors or you’re a freelancer with multiple clients, it’s vital to keep track of multiple factors of your business. Many business owners choose between two major accounting softwares: FreshBooks and QuickBooks. While both offer solutions and convenience for business owners, they are certainly different programs.

So, then, which program is the better for fit your business? Here’s a breakdown of FreshBooks and QuickBooks.

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Pricing

Let’s start with the bottom line; how much will each of them set you back? Each software has three different versions; FreshBooks offers Lite, Plus, and Premium, QuickBooks offers Simple Start, Essentials, and Plus. Here’s a breakdown of each and how much they cost.

FreshBooks Plan Price QuickBooks Plan Price
Lite $15 Simple Start $20
Plus $25 Essentials $35
Premium $50 Premium $60

Note that QuickBooks also offers a stripped-down $10/month Freelancer plan for sole proprietors who file a Schedule C. The Freelancer plan tracks your miles, income and expenses, estimates quarterly taxes, runs reports, and can run invoices and accept payments. As we run through the features of each plan, keep the needs of your business in mind to know which plan is the best fit, even if the price isn’t what you expected.

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Basic Plan Features

If you’re running a relatively small or young operation, you might be leaning toward the more basic, less expensive plan. In FreshBooks, the basic plan is the Lite plan, which goes for $15 per month. QuickBook’s basic software (above the Freelancer product) is the $20-per-month Simple Start. Here are the features of each.

FreshBooks Lite QuickBooks Simple Start
  • Unlimited invoices and estimates
  • Track time and expenses.
  • Accepts online credit card payments
  • Imports expenses from bank account
  • Track income and expenses
  • Maximize tax deductions
  • Generates invoices and accepts payments
  • Runs business reports
  • Sends esimates
  • Tracks sales & sales tax

Keep in mind that the FreshBooks Lite plan only allows these features for up to five clients, anything above that would require an upgrade to the Plus or Premium plans, or even contacting an account manager about leveling up to FreshBooks Select. QuickBooks does not place a limit on the number of clients for whom these features can be used.

Mid-Level Plan Features

For a slightly larger or more complex business, or, in the interest of FreshBooks, an entity with between 6-50 clients, you’ll perhaps want to pay attention to this middle tier. In addition to the features listed in the Lite and Simple Start plans, this is what each company offers in the Plus and Essentials plans.

FreshBooks Plus QuickBooks Essentials
  • Automatic Payment Reminders
  • Charges Late FEes for Overdue Invoices
  • Tracks and schedules recurring invoices
  • Send proposals
  • Manage bills
  • Allows for multiple users
  • Tracks time

Again, keep in mind that QuickBooks doesn’t limit the number of clients you can track with the software. While all levels of FreshBooks software offer time tracking for billing purposes, that feature only comes into play starting in the middle tier of QuickBooks products.

Top-Tier Plan Features

Unfortunately, the new features run out at the top tier for FreshBooks. The features listed here for FreshBooks are included in all levels of their plans, whereas QuickBooks continues to add on even at the highest tier.

FreshBooks Premium QuickBooks Plus
  • Sends job estimates
  • Project budgets
  • Track inventory
  • Track both time and resources spent on specific projects
  • Manage 1099 contractors

FreshBooks’ features appear to be more geared to freelancers or project-oriented entities. Quickbooks offers a strong set of important features to keep a pulse on the financial health of your business. As you look to help your business grow and sustain growth, be sure to match up the best plan and software to the needs of your entity to smooth the road to success.

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About the Author — Connor Wilson is a writer at Nav, a free site giving business owners access to their business and personal credit scores, and tools that match them to the best financing and services.

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