Freshbooks vs QuickBooks

July 02, 2023 | Author: Michael Stromann
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Freshbooks
FreshBooks is an online invoicing software as a service for freelancers, small businesses, agencies, and professionals. The product includes a myriad of other related features, such as time tracking, expense tracking, recurring billing, online payment collection, the ability to mail invoices through the U.S. Post, and support tickets.
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QuickBooks
QuickBooks Online puts you in control of your finances, your time, your business—and where you work. From setup to support, QuickBooks Online makes your accounting easy. With simple tools to get you started, free support, and a money-back guarantee, QuickBooks Online is the effortless choice.
FreshBooks and QuickBooks are both popular accounting software options for small businesses, but they have distinct features and cater to different user preferences. FreshBooks is known for its user-friendly interface and intuitive design, making it easy for non-accountants to manage their finances. It offers features such as invoicing, expense tracking, time tracking, and basic reporting. FreshBooks is particularly suited for service-based businesses and freelancers who require simple yet effective accounting tools. On the other hand, QuickBooks is a comprehensive accounting solution that offers a wide range of features, including invoicing, expense tracking, payroll management, and advanced financial reporting. It is suitable for businesses of various sizes and industries, providing scalability and advanced functionality. QuickBooks is often favored by businesses that require more robust accounting capabilities and advanced reporting options.

See also: Top 10 Online Accounting software
Freshbooks vs QuickBooks in our news:

2023. Intuit launches generative AI–powered digital assistant for small businesses and consumers



Intuit, the prominent U.S. financial and accounting software company, has introduced its inaugural customer-centric generative AI-driven solution known as Intuit Assist. Functioning as a digital assistant, it is seamlessly integrated into Intuit's suite of platforms and products, including TurboTax, Credit Karma, QuickBooks, and Mailchimp. With a consistent user interface, Intuit Assist leverages contextual datasets to deliver personalized recommendations to the company's vast customer base of over 100 million small businesses and consumers worldwide. This innovative offering also facilitates human assistance through Intuit's live platform when necessary. The digital assistant was created using GenOS, Intuit's proprietary operating system based on generative AI, which was launched in June to empower developers in incorporating AI across the company's product portfolio.


2020. Intuit acquires inventory management software TradeGecko



Intuit, a US-based business and financial software company, has made a deal to purchase TradeGecko, a Singaporean software-as-a-service company specializing in online inventory and order management software for small businesses. The acquisition, valued at $80 million, aims to combine TradeGecko's inventory and order management capabilities with Intuit's QuickBooks accounting platform. This integration will enable QuickBooks Online customers to effectively launch and oversee products across online and offline sales channels. Additionally, they will be able to handle orders and inventory fulfillment from different channels and multiple inventory locations, as stated in the announcement.


2017. Intuit acquired time-tracker TSheets



Intuit, the company renowned for products like QuickBooks, has recently made a significant acquisition. They have acquired TSheets, a time-tracking service and employee scheduling app with a customer base exceeding 35,000, for a total of $340 million. Given the substantial overlap in their target markets, primarily catering to small and medium-sized businesses, it's evident that QuickBooks and TSheets complement each other. In fact, Intuit reveals that the two companies already share 12,000 customers, indicating an existing synergy. This acquisition is not primarily aimed at acquiring new customers but rather at enhancing the QuickBooks ecosystem. It's worth noting that TSheets already integrates with QuickBooks. Throughout my discussions with Intuit in recent months, it has become apparent that their current product plans revolve around minimizing friction, particularly in relation to QuickBooks, aligning with their commitment to creating seamless experiences for their users.


2015. Freshbooks allowed to invoice clients faster



FreshBooks, the online accounting software, has introduced three enhancements to streamline your billing process. The addition of a search box at the top of the list allows you to quickly find specific clients by typing their names, ensuring that only relevant results are displayed. Creating a new client directly from the New Invoice screen is now more convenient as the "New Client" field is prominently positioned at the top of your client list, simplifying the process of adding new clients. Additionally, any updates made to a client's contact information, such as their address or phone number, will be instantly reflected on all unsent invoices for that client. Previously sent invoices will retain the original information by default, but you have the option to manually update them if necessary. This improvement eliminates the need for redundant data entry, which is particularly beneficial for efficiency-minded users.


2014. Intuit acquired cloud integration service ItDuzzit



Intuit is further expanding its cloud platform for small and medium-sized businesses (SMB) through the acquisition of itDuzzit, a startup offering integration tools for connecting various web and mobile apps within enterprises. This can be likened to the functionality of IFTTT but tailored for business needs. Intuit's intention is to incorporate itDuzzit into its QuickBooks platform, which not only provides accounting services but also offers a growing range of additional services for businesses. itDuzzit competes with similar platforms like Zapier and Cloudwork. The platform currently supports integration with numerous apps, including Asana, Box, Coinbase, Freshbooks, PayPal, and Shopify, with the promise of adding more apps in the future. In essence, this acquisition allows Intuit to provide its customers with a seamless way to utilize these integrated apps on its platform, alongside Intuit software, even if Intuit doesn't have a direct hand in each of those services.


2014. Intuit buys Lettuce for $30M to add inventory and order management to Quickbooks



Intuit has expanded its portfolio by acquiring Lettuce, a platform designed for online order and inventory management, aiming to solidify its position as the leading provider of cloud-based office solutions for small and medium businesses. Unlike typical acquisitions where the purchased product is either shut down or its technology repurposed for a new service, Intuit plans to keep Lettuce functioning as an independent application. Additionally, Intuit intends to enhance the integration of Lettuce into its flagship small and medium business accounting product, Quickbooks, building upon the existing integration to provide a more comprehensive solution.


2009. FreshBooks comes to Salesforce AppExchange

FreshBooks, the widely used Web-based invoicing software, has made an exciting announcement regarding its integration with Salesforce.com CRM. This collaboration proves to be a perfect match, particularly for sales-related activities. With the introduction of the FreshBooks Connector for Salesforce, enterprises can seamlessly generate invoices for contacts or opportunities directly within their CRM system. The functionality of converting contacts and opportunities in Salesforce.com into invoices appears to be a straightforward process. Moreover, apart from facilitating the transfer of data between platforms, the Connector establishes a dedicated tab within your CRM, allowing you to track activities related to your 20 most recent invoices. While the app offers a 15-day free trial, subsequent usage comes at a cost of $50 per month per organization.


2009. FreshBooks adds collaboration features

FreshBooks, a software-as-a-service (SaaS) invoice application, is introducing a networking capability to its software, enabling direct collaboration between freelancers and small businesses within the program and facilitating the sharing of information. With the new "Contractor" feature, FreshBooks users can now create and collaborate on client projects across different FreshBooks accounts, allowing multiple users to access various accounts simultaneously. Previously, collaboration on projects across the internet was not possible within FreshBooks. Additionally, the Contractor feature offers real-time project tracking, providing businesses with visibility into a contractor's ongoing progress on a project.


2009. FreshBooks - online billing for small business



There are numerous online billing services available on the Web, each offering their own unique blend of usability and relevance to businesses. However, if you're seeking a straightforward solution that simplifies monitoring your billing cycles, FreshBooks is an excellent starting point. FreshBooks streamlines the management of clients, projects, and, most importantly, invoices. This tool facilitates the generation of recurring invoices and automates the billing process for customers. Furthermore, it is relatively cost-effective, with the option to use basic invoicing for free or pay up to $149 per month to grant additional employees access to the account. In addition to the ability to import from and export to QuickBooks and CSV files, FreshBooks seamlessly integrates with popular payment processing solutions like PayPal. Its intuitive design enables swift completion of invoicing tasks. However, the most valuable feature lies in its tracking capabilities. If you currently employ a rudimentary billing system, you may encounter difficulties in remembering when payments were made or received. FreshBooks eliminates this issue by providing a menu pane that displays outstanding and historical payments, allowing you to stay informed about incoming revenue. Moreover, if you have concerns about the appearance of your invoices, you have the freedom to customize them according to your preferences, including the option to incorporate your company logo.


2008. Intuit launches QuickBooks Online Edition



Intuit dominates the accounting software industry, with its flagship product QuickBooks enjoying immense popularity among small and medium-sized businesses, boasting over three million users. In response to the increasing demand for web-based and online accessible solutions, Intuit introduced QuickBooks Online Edition (QBOE). Although QBOE has been available for several years, its adoption has been gradual yet steady. QBOE fulfills essential business requirements, offering comprehensive double-entry accounting capabilities that enable accurate balance sheets, profit and loss statements, and trial balances. The home screen serves as the starting point for users, distinguishing QBOE from other online accounting applications that aim to present a "dashboard view" of the business. Instead, QBOE presents a process diagram-style interface, allowing users to navigate through different functional areas of the accounting system. The Basic edition of QBOE provides fundamental features such as accounts receivable, expense tracking, and check printing, albeit with somewhat limited functionality considering its $10 monthly cost. On the other hand, the Plus version enriches the offering with additional features like estimates and invoice customization, time tracking, recurrent billing, budgeting, and online billing.

Author: Michael Stromann
Michael is an expert in IT Service Management, IT Security and software development. With his extensive experience as a software developer and active involvement in multiple ERP implementation projects, Michael brings a wealth of practical knowledge to his writings. Having previously worked at SAP, he has honed his expertise and gained a deep understanding of software development and implementation processes. Currently, as a freelance developer, Michael continues to contribute to the IT community by sharing his insights through guest articles published on several IT portals. You can contact Michael by email stromann@liventerprise.com