Let’s face it: as a business owner, it is imperative for you to keep track of your daily activities and financial statements. But the task isn’t as easy as it seems and this is why many businesses look for good accounting software to make their life easier. These accounting software help businesses maintain accounts, keep track of payments, create invoices and do many other tasks. Examples of such software are FreshBooks Accounting and QuickBooks Online. So, which one is better? Well, let’s take a look at the pros and cons of each to find out:
FreshBooks Accounting
FreshBooks is a web-based accounting system which offers several features, such as staff and client tracking, expense tracking, estimate creating, time tracking, and invoicing. This specific software is considered the #1 accounting software for small businesses and even helps in managing front-end accounting.
The Pros
- Easy Customizing – One of the reasons why many businesses go for FreshBooks Accounting is because it is incredibly easy to customize according to business needs. Things are simple and easy-to-understand.
- Invoicing – Creating invoices can never get easier. FreshBooks Accounting helps you create recurring invoices, customize invoice layouts, accept online payments, and send invoices via email by linking your account.
- Time Tracking – When compared to QuickBooks, FreshBooks proves to be more effective in time tracking. Now, how is that? Well, FreshBooks has a unique time-tracking feature which allows you to keep track of every payment and minute by project.
- No Confusing Features – One of the best features of FreshBooks is its simple and intuitive interface. And this means that understanding each and every process is incredibly easy when compared to the complicated features of QuickBooks.
- Automatic Payroll Calculator – Employees can enter their time-in using the FreshBooks mobile app and this helps create accurate payroll and makes sure there are no discrepancies in the salary slips.
The Cons
- Lacks Imperative Features – Although FreshBooks has a simple interface, one cannot fail to notice that it lacks a few imperative features. And this is why many businesses choose QuickBooks over FreshBooks Accounting.
- Connectivity Issues – FreshBooks does not allow you to accept payments from another currency if connected with Stripe. In addition, it does not connect to the new Basecamp Project Manager Platform.
QuickBooks Online
QuickBooks has long been dominating the market for accounting software. It proves to be the best option for accountants, bookkeepers, and small businesses. Connectivity via internet means anytime, anywhere access and easy-tracking and updating of payments and transactions.
The Pros
- On-The-Cloud – QuickBooks Online, as the name implies, is a cloud-based accounting platform. Therefore, updating and tracking data is incredibly easy.
- Easy Set-Up – One of the best features of QuickBooks online is that getting started is incredibly easy. Everything is automatically customized for your business needs and this proves to be time-conservative.
- Tracking – QuickBooks Online allows you to view bank account balances and credit card balances. It also allows you to access customers and employee’s data, vendor lists, edit and add users, access contact information, create invoices and send them via email. And all of these features help for the easy tracking of transactions.
- The Works – QuickBooks Online is your complete accounting solution which allows you to manage accounts payable, accounts receivable, time & expenses, billable hours, purchase orders, recurring billing, balance sheets, profit and loss statements, sales reports etc.
The Cons
- Pricing – The only downfall of the QuickBooks Online Software is that it comes in three packages. And only in the most expensive package do you get the necessary features. Otherwise, the software truly proves to be the best there is.
So, now that you are familiar with the pros and cons of each, determining the best option for your business won’t be a problem. Still have questions? Give us a call at 866-949-7267 and we can help you figure out the best solution for you and your business!
