Freshbooks Review: Pros, Cons, & Benefits

Managing business finances can be a real challenge without reliable accounting software. FreshBooks is one of the most popular solutions, offering features like time tracking, automated invoicing, and easy-to-read financial reports that even non-accountants can understand.

Singapore’s accounting software market is expected to grow at a 4.2% CAGR from 2025 to 2031, fueled by digital transformation efforts like the Emerging Technology Programme and SMEs Go Digital initiative.

That said, FreshBooks isn’t the only option available. A substantial alternative worth considering is HashMicro, a cloud-based ERP provider offering integrated accounting solutions and other business modules like inventory, sales, and CRM.

In this article, we’ll examine FreshBooks review in more detail and discuss its pros and cons, helping you determine which software best suits your business needs.

What is Freshbooks Software?

FreshBooks is a cloud-based accounting system for small business owners, freelancers, and service-based professionals. It helps users handle financial processes more efficiently by offering a simple, accessible, and intuitive way to manage their business finances.

Since its launch in 2003, FreshBooks has positioned itself as a go-to solution for those who want to streamline billing, organize expenses, and manage their business finances from one centralized platform. 

Its cloud-based nature also means users can access their data anytime and anywhere, offering flexibility that suits today’s fast-paced work environment.

FreshBooks has grown to serve millions of users globally and continues to gain popularity thanks to its focus on simplicity, automation, and support tailored to the needs of small business owners.

Benefits and Features of Freshbooks

FreshBooks offers a simplified approach to accounting that’s ideal for small business owners, freelancers, and service providers without a background in finance. Its intuitive design and automation features help reduce the time spent on routine administrative tasks, allowing users to focus more on running their businesses.

Another significant benefit is its accessibility. Being cloud-based, FreshBooks Singapore lets users manage their finances from anywhere, whether at the office, home, or on the go. 

This flexibility, combined with clean, professional invoice templates and insightful reports, makes maintaining a polished and organized business image easier.

Key Features of FreshBooks:

• Invoicing – Create professional-looking invoices in seconds and email them directly to clients. Users can also automate recurring invoices and set up payment reminders.
• Expense Tracking – Easily log and categorize expenses, attach receipts, and track spending in real time.
• Time Tracking – Record billable hours and link them directly to projects or invoices, a valuable feature for consultants and service-based businesses.
• Project Management – Collaborate with team members and clients within the platform, track project timelines, and assign tasks.
• Payments—We integrate with Stripe, PayPal, and credit cards to accept online payments, helping businesses get paid faster.
• Reporting – Generate detailed financial reports, such as profit & loss statements, expense reports, and tax summaries.

Pros and Cons of Freshbooks

According to a review by PCMag.com, the platform stands out for its ease of use and thoughtful features, though it may have a few trade-offs depending on your business needs. It is essential to weigh the advantages and limitations of FreshBooks before deciding. 

FreshBooks shines in several areas, offering benefits beyond basic accounting needs. These strengths make it a solid option for service-based professionals seeking more flexibility and mobility in managing their finances.

1. Thoughtful features that support flexible workflows

FreshBooks includes some less-common but genuinely helpful tools, such as setting up retainers for recurring client work. This is especially valuable for freelancers and consultants who need a simple way to manage long-term contracts and steady income streams.

2. Highly functional mobile experience

Its mobile apps are impressively robust, enabling users to perform nearly all significant functions from their phones or tablets. This is ideal for busy entrepreneurs who manage their businesses on the go and need constant access to their financial data.

3. Smooth and user-friendly interface

FreshBooks is often praised for its modern, intuitive interface. The platform is designed to be accessible even to users without accounting backgrounds, helping them navigate financial tasks with confidence and minimal confusion.

Despite its strengths, FreshBooks has some limitations that may impact certain types of businesses. It’s worth considering these drawbacks, especially if your operations involve a team or inventory management.

1. Added costs for additional users and contractors

While the software is cost-effective for solo users, bringing on extra team members or handling 1099 contractors comes with additional charges. This could concern growing businesses that want to expand their user access without significantly increasing software costs.

2. Limited capabilities for inventory management

FreshBooks doesn’t offer advanced inventory features, which might be challenging for businesses that sell physical products or manage stock in large volumes. Companies with more complex inventory needs may lack depth and require integration with third-party tools or a more inventory-focused platform.

3. Gaps that may limit scalability

While user-friendly, Freshbooks has limited functionality when it comes to advanced features needed by growing businesses—such as detailed reporting, multi-entity support, or deeper system integration. It also adds extra costs for additional users and offers only basic inventory tracking.

If you’re looking to compare more options or find a solution that better fits your business needs, you may also be interested in our other article on the best accounting software.

Consider HashMicro for a More Integrated Accounting Approach

HashMicro offers an integrated accounting system as part of its broader ERP (Enterprise Resource Planning) suite, making it ideal for medium to large businesses that need more than invoicing and expense tracking. 

Designed for growing businesses, HashMicro supports multiple users and departments without extra costs. Its comprehensive inventory management system offers real-time tracking, automated stock updates, and seamless integration with sales, procurement, and other key modules like accounting and CRM.

This makes it an ideal solution for companies seeking operational efficiency and cost-effectiveness. Request a free demo to discover how HashMicro can be tailored to meet your business needs.

Key features of HashMicro Accounting Software:

• Forecast Budget: Uses historical trends and business projections to estimate future financial outcomes, supporting more accurate and forward-thinking budget planning.
• Multi-Level Analytical: It allows for detailed financial analysis across specific segments, such as departments, projects, or cost centers, enhancing strategic control and financial clarity.
• Bank Integration—Auto Reconciliation: This feature enables seamless syncing of bank transactions with internal records, helping to speed up reconciliation and reduce manual entry errors.
• Budget S Curve: Illustrates budget performance over time using a time-based curve, commonly applied in project management to track planned versus actual spending.
• Cash Flow Reports: Delivers detailed insights into how money moves in and out of the business, allowing for better liquidity tracking and cash management.
• Profit & Loss vs. Budget & Forecast: This chart highlights discrepancies between actual financial results and the original budget or forecast, helping businesses adjust plans and make data-driven decisions.

Conclusions

FreshBooks remains a solid choice for freelancers and small businesses that value simplicity, mobility, and ease of use in their accounting software. Its user-friendly interface, strong mobile capabilities, and helpful features like retainers make it especially attractive to service-based professionals.

However, every business has different needs, and the right software should support daily operations and long-term plans. Choosing a solution that aligns with your current structure and future growth is essential to ensure lasting efficiency.

Solutions like HashMicro offer an integrated approach for businesses looking for a more robust and scalable system. They combine accounting with inventory, sales, procurement, and other core functions within a unified ERP platform.

If you’re considering a more comprehensive solution, request a free demo from HashMicro to see how it can be tailored to your business needs.

FAQ About Freshbooks

• Is FreshBooks an ERP system?

  FreshBooks is a cloud-based accounting tool tailored to the needs of small businesses. It’s a suitable solution for companies in sectors like finance, marketing, or professional services looking for streamlined financial management.

• Can I use FreshBooks for free?

  Every FreshBooks account begins with a 30-day free trial, giving you full access to all features from the start. If you’ve been added as a contractor, your account has already been upgraded by your employer.

• What is the disadvantage of FreshBooks?

  One of FreshBooks’ main limitations is its restriction on the number of users and billable clients. All plans—except the Select tier, which includes two users—come with only one user by default, and adding more costs $11 per user per month. Additionally, the Lite and Plus plans cap the number of clients at five and 50, respectively.