In the US, the number of professionals taking the freelance route is growing every year. There are many reasons for this: a better work-life balance, more flexibility, and doing more fulfilling work, to name just three of them.

But freelancing comes with its own share of challenges. Besides the client work alone, you also need to take care of your accounting. This is where bookkeeping software comes into play, and Fiverr Workspace—formerly known as AND.CO—is one of the various options available to you.

Keep reading to discover more about Fiverr Workspace and how it can improve your freelance business.

What Is Fiverr?

Workspace by Fiverr is a bookkeeping platform developed by Fiverr, a popular freelancing website. The platform was known as AND.CO until it was rebranded in late 2021. You can use Fiverr Workspace to manage your business income and expenses, invoice clients for payments, and do much more.

The service is available in multiple countries across the world, with various currency choices at your disposal. So, if you're planning to move abroad as a freelancer, you might want to consider using it.

How Much Does Fiverr Workspace Cost?

Fiverr Workspace has two tiers: a free version and a paid version, known as Unlimited.

  • The free version allows users to create standard business contracts, connect up to two bank accounts, and keep one client in their contact list.
  • The Unlimited version costs $18/month, but lets you add unlimited clients, edit their contracts, and connect up to six bank accounts.

The Best Fiverr Workspace Features

Now that you know more about what Fiverr Workspace is and how much it costs, let's look at some of the app's best features.

1. Multi-Currency Billing and Bookkeeping

Workspace by Fiverr Currencies on an Invoice

Fiverr Workspace enables freelancers to bill for clients in their native currency. All the most popular currencies are available, such as GBP, USD, and EUR. But if you work with companies in Australia, Norway, or Hong Kong, you can also send invoices in their local currencies too.

Billing clients in their own currency means you don’t have to deal with foreign exchange fees, and you can often get paid quicker. You can tweak your interface to show your earnings and outgoings in any country’s currency. This will make your job much easier when tax season comes around.

2. To-Do Lists

Rather than working from a to-do list in a separate app (or on a piece of paper), Fiverr Workspace lets you use a built-in task list instead. This way, you can keep on top of all your tasks without getting lost between apps.

To start building out your to-do list, scroll down to Tasks. You will then find a box where you can enter the tasks you need to complete; type what you need to do here.

Add a new task in Workspace by Fiverr

3. Customizable Documents

With Fiverr Workspace Unlimited, you can quickly create professional-looking documents. These include contracts, proposals, and invoices. Each of these documents could save you hours of admin work creating it by hand in another app.

To create a new document, go to the left-hand sidebar on the web app. Select Invoices, Proposals, or Contracts, depending on what you want to create. On the next page, click the green button to start creating it.

The Pros of Using Fiverr Workspace

Having looked at some of the features within the Fiverr Workspace app, it's time to discuss the pros and cons. First, we'll begin with the benefits.

1. It's User-Friendly

Fiverr Workspace is easy to use for both new freelancers and seasoned professionals. The interface is clean and loads fast too. Moreover, you can access every option you need from the homepage.

If you sign up for PRO, you can also enjoy dedicated support from one of the team members. They will show you how to get set up and more. You'll find plenty of all-in-one productivity tools for freelancers if you also want to manage your workload.

2. You Can Organize Your Workflow Better

When you use Fiverr Workspace, you can keep track of all your projects and outstanding payments. Everything can be uploaded into one place, giving you a complete overview of everything you need to see.

Using Workspace by Fiverr might also motivate you to scale your business faster. You can use the platform to set revenue goals, with a percentage-based tracker showing you how many days you’ve got left and how far away you are.

3. You can Keep Track of Your Finances Without Extra Paperwork

Receipts, contracts, and invoices can pile up fast. And that is bad for both your brain and the environment.

Besides being able to create all your documents in the app, you can also upload your paper receipts. To do this, go to Shoebox > Upload a File. Then, choose the file you want to upload.

The Shoebox in Fiverr Workspace

The Cons of Using Fiverr Workspace

Despite the many benefits of using Fiverr Workspace, you'll also need to think about a couple of drawbacks. Below, you'll find the main negatives to consider.

1. It Can Involve a Lot of Manual Work If You Have Many Clients

Being a freelancer is fun when you're working on projects you enjoy, but the admin stuff isn't always the most exciting thing. As you scale, you might find that using Fiverr Workspace involves a lot of manual work.

The good news, however, is that you can limit the amount of work you need to do on your end. For example, you can set up recurring entries for expenses you have each month—such as software subscriptions.

You can also set up recurring entries for clients that subscribe to your services. To do this:

  1. Go to Subscriptions > New subscription.
    New Subscription in Fiverr Workspace App
  2. Set up Stripe payments on your account.
  3. Send the subscription request and wait for approval.

Before signing up for Fiverr Workspace and becoming self-employed, you might want to check out these top signs that you're ready to start a full-time freelance career.

2. Fiverr Workspace Has Limited Payment Integrations

With Fiverr Workspace, you can integrate Stripe and PayPal. However, these are the only two payment options available in the app. If you want to get paid to another bank, you’ll need to enter your details as a note on every invoice you send.

Simplify Your Freelance Business With Fiverr Workspace

Accounting software is not only essential for reporting accurate earnings to the tax authorities. You also need to use these services to run your freelance business with more efficiency and free up your time for more critical tasks.

Workspace by Fiverr is an ideal choice for both new freelancers and those with a little more experience.