Just a quick note, we are an affiliate and client of FreshBooks. We love the software and use it nearly daily. Our understanding of where we stand, the ease at which reports can be made, and the fact that we can connect our bank accounts and business credit cards creates a seamless stream of communication all on one platform.
Accounting has a lot of variables and moving parts, which can create slow processes and often times lots of rework just to get everything figured out and organized. Tracking expenses, invoicing clients, accepting credit cards, and financial reporting are all cumbersome processes in and of themselves. Each takes time and multiple steps to ensure everything is correct. The fact that they also interact and build on each other makes the manual processes that much more difficult.
Cloud accounting, and FreshBooks, in particular, solves these four areas cutting down on time, making it easy for all staff, and securing all data in one place. Let’s dive into each feature and see just how much time you can save by using FreshBooks.
I love to travel – especially on business. I’ve had the pleasure of visiting multiple countries, sometimes two or three countries in one trip! While visiting the countries and doing work in the countries is one thing, tracking expenses and trying to determine what I spent where and how much quickly turns into a nightmare.
With FreshBooks’ invoicing feature combines the positives of templates with the dynamic edibility and flow of changes across the board that the cloud allows. You can set multiple settings and never touch them. The settings that you do change will carry throughout your invoice or estimate and be tied to the client as well. This saves you an incredible amount of time.
There is also a feature that sends a late payment reminder via email to clients for on-time payment. This frees you up from having to manually send a reminder email or phone call to ask about payment. You can also add a late payment penalty if your clients do make a late payment.
Accepting Credit Cards
While building an online business allows you to buy and sell products online fairly effortlessly, selling customized services can be a bit more challenging. When selling services, you may connect with a lead through social media, speak with them on the phone or video chat, and follow up via email. With each of those three platforms, it would be difficult to collect payment for services.
FreshBooks accepts credit card payments through a customized online payment portal. In the example above, once you have the prospect or client’s email address, you can send them a customized email through FreshBooks that will allow them to sign on to your payment portal to pay. The client can pay an initial retainer fee, the full fee upfront, or the first of a recurring monthly payment.
Being able to accept credit cards online through this portal has streamlined and allowed me to work with clients I otherwise would have had to turn away.
FreshBooks just introduced a new mobile credit card and chip reader that works with their mobile app. This allows you to take payment from your clients wherever you find yourself conducting business. This is great for trade shows, events, and conferences, as well as local meet ups.
Outside of cloud accounting, the accountant would hold the key to all of the accounting reports. They would supply them monthly or quarterly to get a snapshot or pulse of how the business is performing financially. But what if you needed to know sooner than the next board meeting? The business environment is fluid and constantly changing.
With FreshBooks financial reporting reports at your fingertips, you can quickly and painlessly get a pulse on your business’s financial performance in between board meetings. Whether its profit and loss statements or expense reports, FreshBooks can easily bring in all of the relevant data, providing clarity to the financial situation.
The other great thing about FreshBooks is that all of your bank accounts, payment gateways, and credit cards can be connected. No more guessing. No more waiting. You can pull in all of your financial data into one platform to see where the revenue is coming from and where the expenses lie.
Provides Clarity for All Team Members
The best thing about FreshBooks is that it opens up communication between the accounting department, executive team, and staff. Everyone can log in and see what is going on and where the cash flow is headed.
Over to you
What are your favorite features of FreshBooks? How has FreshBooks made your accounting more streamlined, centralized, and easy? Leave a comment below and join the conversation.