When you’re balancing invoices, chasing late payments, and managing clients, the right tool can make a huge difference in your business’s cash flow. If you’re deciding between FreshBooks and ezyCollect, you’re comparing two tools designed to help with financial management, but they focus on slightly different needs.
I’ve worked with both platforms, and here’s a detailed breakdown to help you decide which one fits your business best, whether you need powerful invoicing and accounting features or robust payment collections and debt recovery.
FreshBooks vs ezyCollect: Key Differences
1. Core Purpose: What Are They Built For?
FreshBooks: Cloud Accounting & Invoicing
FreshBooks is designed for small businesses and freelancers who need a user-friendly accounting and invoicing solution. It covers:
- Invoicing & Payments
Automate and send professional invoices, manage recurring payments, and set up automatic reminders. - Expense Tracking
Track and categorize expenses easily, making tax time less stressful. - Accounting Tools
Essential reports like profit-and-loss, tax summaries, and expense tracking are included, making FreshBooks a light yet powerful accounting tool. - Time Tracking
FreshBooks allows you to track billable hours and link them directly to invoices.
ezyCollect: Accounts Receivable & Debt Collection
ezyCollect is a platform focused on improving cash flow by helping businesses manage their accounts receivable and reduce late payments. It’s not an accounting platform, but a debt collection and payment automation tool that integrates with accounting software like Xero and MYOB. Key features include:
- Automated Payment Reminders
Send automatic emails, SMS, and letters to clients to follow up on overdue invoices. - Debt Collection
If payments are significantly overdue, ezyCollect offers tools to manage debt collection and escalation processes. - Payment Portal & Integrations
Allows clients to make payments easily through a payment portal that integrates with your existing accounting software. - Credit Risk Management
Provides credit insights and scoring to help you identify risky clients before extending credit.
Verdict:
- FreshBooks is perfect for small businesses needing invoicing, expense tracking, and basic accounting.
- ezyCollect is ideal for businesses that need advanced tools to manage accounts receivable and reduce late payments, particularly those using third-party accounting software like Xero or MYOB.
2. Invoicing & Payments
FreshBooks
FreshBooks is known for its user-friendly and customizable invoicing features:
- Customizable Invoices
Add your branding, choose templates, and include terms for payment. - Recurring Invoices
Automate billing for ongoing services with recurring invoices and payments. - Payment Gateways
Supports a wide range of payment options, including PayPal, Stripe, and credit card processing. - Automated Late Payment Fees
You can apply late fees automatically to overdue invoices and send reminders to clients.
ezyCollect
ezyCollect does not create invoices itself but integrates with your accounting software to manage overdue invoices:
- Payment Reminders & Automated Follow-Ups
Automates reminders via email, SMS, and letters, keeping clients informed about overdue payments. - Multiple Communication Channels
You can send reminders in different formats, escalating the urgency of reminders over time. - Customizable Payment Plans
ezyCollect allows you to set up installment payment plans for clients struggling to pay on time. - Payment Portal
Clients can pay overdue invoices via a simple portal, streamlining the payment process.
Verdict:
- FreshBooks is better for creating and managing invoices, particularly for businesses that need to handle both new invoices and recurring payments.
- ezyCollect excels at automating payment collections and reminders, helping businesses reduce overdue accounts and improve cash flow.
3. Accounts Receivable & Debt Collection
FreshBooks
FreshBooks includes basic payment reminders for overdue invoices, but it’s more focused on general accounting and invoicing. It lacks dedicated features for managing overdue accounts or escalating debt collection processes.
ezyCollect
This is where ezyCollect shines. It offers a full suite of tools for managing overdue invoices, including:
- Debt Collection Automation
Automate the escalation process for overdue invoices. ezyCollect can send increasingly urgent reminders and even assist with legal debt recovery if needed. - Credit Risk Management
ezyCollect integrates credit scoring, helping you assess client risk before extending credit. This feature helps businesses minimize exposure to bad debt. - Dashboard for Accounts Receivable
A visual dashboard provides a real-time overview of unpaid invoices, outstanding payments, and risk, so you can act quickly to recover debts.
Verdict:
- ezyCollect is the clear choice if debt collection and managing overdue accounts are critical to your business. It provides powerful tools to reduce late payments and improve cash flow.
- FreshBooks provides basic payment reminders but lacks the deep accounts receivable management and credit risk tools found in ezyCollect.
4. Expense Tracking & Financial Reporting
FreshBooks
FreshBooks offers full expense tracking and financial reporting, which is ideal for small businesses:
- Expense Tracking
Automatically link expenses to projects, categorize them, and upload receipts. - Financial Reports
FreshBooks generates profit-and-loss statements, tax summaries, and expense reports, giving businesses a detailed overview of their financial health.
ezyCollect
ezyCollect focuses on accounts receivable and debt collection, so it does not offer expense tracking or comprehensive financial reporting. Instead, it relies on integrations with accounting platforms like Xero or MYOB to pull in financial data.
Verdict:
- FreshBooks is the better choice if you need comprehensive expense tracking and financial reporting.
- ezyCollect should be used alongside an accounting platform like Xero or MYOB for businesses primarily focused on accounts receivable management.
5. Time Tracking & Project Management
FreshBooks
FreshBooks includes built-in time tracking and basic project management features:
- Time Tracking
Track billable hours on specific projects and easily convert them into invoices. - Project Management
Manage client projects, collaborate, and track progress, though it’s best suited for freelancers or small teams with simple project needs.
ezyCollect
ezyCollect does not offer time tracking or project management features. It’s focused entirely on accounts receivable and improving cash flow by helping you collect payments faster.
Verdict:
- FreshBooks is the clear winner for businesses needing time tracking and project management, making it ideal for freelancers or service-based companies.
- ezyCollect does not offer these features, focusing instead on payment collection.
6. Integration & Compatibility
FreshBooks
FreshBooks integrates with many popular tools to streamline your workflow:
- Payment Gateways: PayPal, Stripe, WePay, credit cards.
- CRM Tools: HubSpot, Salesforce.
- Project Management: Trello, Asana.
- E-commerce: Shopify, WooCommerce.
ezyCollect
ezyCollect integrates with accounting platforms to provide enhanced accounts receivable management:
- Xero
- MYOB
- QuickBooks Online
ezyCollect relies on these integrations to pull invoice data and client information, enabling it to automate payment reminders and collections.
Verdict:
- FreshBooks has broader integrations, including payment gateways, project management, and CRM tools, making it more versatile for running an entire business.
- ezyCollect integrates with accounting software like Xero, MYOB, and QuickBooks, but is specifically focused on improving cash flow through better accounts receivable management.
7. Pricing: What’s the Real Cost?
FreshBooks
FreshBooks offers tiered pricing based on the number of clients you manage:
- Lite: $17/month (up to 5 clients)
- Plus: $30/month (up to 50 clients)
- Premium: $55/month (unlimited clients)
- Select: Custom pricing for larger businesses
ezyCollect
ezyCollect’s pricing is based on your company size and specific needs:
- Small Business Plan: Starts at $99/month, with features like automated reminders and basic accounts receivable management.
- Larger Business Plans: Custom pricing for businesses with more advanced debt collection and credit risk needs.
Verdict:
- FreshBooks is more affordable for freelancers and small businesses, offering a wider range of features for invoicing, expense tracking, and accounting.
- ezyCollect is a more specialized tool, focused on reducing overdue accounts, so its higher price point is justified for businesses with significant accounts receivable challenges.
8. Customer Support & Onboarding
FreshBooks
FreshBooks provides top-notch customer support:
- Phone Support
- Live Chat
- Email Support
- Knowledge Base for tutorials and FAQs
ezyCollect
ezyCollect offers comprehensive onboarding and customer support:
- Phone and Email Support
- Dedicated Onboarding Specialists to help set up the platform and integrations with accounting software.
- Knowledge Base and Webinars for ongoing training and troubleshooting.
Verdict:
- FreshBooks has excellent support with multiple options for small business users.
- ezyCollect offers specialized onboarding and support for businesses managing large volumes of accounts receivable, ensuring a smooth setup for debt collection tools.
Final Verdict: Which Should You Choose?
- Choose FreshBooks if you need an all-in-one invoicing and accounting tool. It’s ideal for freelancers and small businesses who want to manage invoices, track expenses, and generate financial reports while keeping things simple.
- Choose ezyCollect if your business struggles with late payments and you need a specialized tool to automate accounts receivable and improve cash flow. ezyCollect is perfect for businesses that already use accounting platforms like Xero, MYOB, or QuickBooks but need more robust debt collection and payment automation.
Ultimately, FreshBooks is the go-to for comprehensive small business accounting, while ezyCollect is a must-have for businesses that need to aggressively manage their accounts receivable and reduce overdue payments.