How does FreshBooks work?

FreshBooks Benefits

Dynamic solution for SMBs

The developers of Freshbooks keep small teams in mind when developing the software. Hence, they continue to constantly reinvent the wheel of how midmarket accounting should be done and eliminating even the slightest possibility of human errors that lead to harmful inconsistencies. The proof of this dedicated approach is their new FreshBooks version, which simplifies the function of the current system, and adds long-awaited, advanced features. The new version lets you enjoy a beautified and modernized interface, natural collaboration with your team companions and partners, and improved quality of work. Managing your business is much simpler than it used to be, having in mind their automated task prioritization, the redesigned dashboard with outstanding customization possibilities and late payment tracking features.

Responsive mobile design

Freshbooks mobile apps ensure you stay connected and continue managing your business even when you’re away. Available on both iOS and Android devices, you can create and send invoices, take a photo of receipts, manage expenses, keep up with updates, communicate with clients, and sync data across all devices on-the-go. Both mobile platform function impeccably, and feature secure backups to keep your data safe. With the new version of the product, they are even empowered with a comprehensive Projects suite which empowers streamlined and seamless communication.

Time-saving auto-bills and recurring payments

To save time, Freshbooks lets you set up a billing schedule. Automating recurring payments with auto-bills charges your client’s card automatically and securely. Invoices are also sent in any currency you and your client prefers. What is really facilitated in the system now is capturing expenses, as all tasks are prioritized by the system, and displayed in a way which helps you depict the most important assignments for your team.

Preserved simplicity

Features are and, as designers promise, will continue being customizable, and allow you to attach all the files you want, trigger notifications and set alerts for delayed payments, assign expenses and different rates for each project, track billing, and brand invoices in an easy manner. This is one of the many fields in which FreshBooks is completely unsurpassed.

Invoice-to-payment functionality

Freshbooks has a reliable invoice-to-payment functionality. For instance, you can see when a client receives and opens the invoice you sent. This can help you deal with customers who claim they didn’t get the invoice. FreshBooks effectively gives you the certainty that your invoices have been properly delivered to clients. In the latest version, you will also be able to set invoice due dates, charge late fees, and turn on new online payment options.

Another thing FreshBooks is considerably good at is managing billing history. It offers a wide range of features to keep track of past and current invoices. For instance, you can quickly pull out any unpaid invoices from past months. There’s also a convenient feature that sends automatic overdue payment reminders to your clients. This enables you to stay on top of your cash flow and you don’t need to argue with customers about missed payments.

Finally, FreshBooks makes managing payments flexible as you can settle accounts with MasterCard, Visa,  Amex, Google Checkout, or use PayPal for online payments. Cloud invoicing can be easily streamlined with an online payment gateway which provides an efficient tool to collect payments without the need to discuss these issues with a client. You can easily automate the recurring billing process to save time. To make matters even better, FreshBooks also offers multi-currency invoicing that enables you to bill customers in local currency.

Optimize expense tracking

Freshbooks makes it easy to keep track of expenses. Receipts can be attached and organized in the software. They will be prepared during tax time and help you stay in budget with an easy-to-read summary. You can also easily track which expense belongs to which client or add the expense to an invoice as a reimbursement deal with a particular client. It is also possible to link the Expense Tool to your bank or credit card account and import expenses directly from your bank. All these features make it really easy to track your company’s day-to-day expenses.

Accurate time tracking

You can track time against specific clients and projects in Freshbooks. A Chrome extension is available to enable time tracking in apps such as Basecamp, Asana, and Trello. This gives you more confidence to bill clients for tracked hours with accuracy as you can add the hours you’ve logged into your client’s invoice. In addition, FreshBooks offers flexible billing features: you can charge an hourly or flat rate according to your agreement with the client. Your team members can also log in their time separately for projects, allowing you to track individual and team time worked, and calculate a running bill for payment.

Brilliant reporting

Entering data in a spreadsheet is time-consuming and error-prone. FreshBooks is a much better alternative as it enables you to generate financial reports by simply processing data already entered. You can easily generate a profit and loss report with just a few clicks. You can also create an expense report to track monthly costs and monitor your balance sheet in real time. Handling taxation issues is likewise simple. You can easily filter your accounts records and generate accurate tax reports and tax summaries. These reports can be then exported to a CSV file or other popular formats for sharing with a tax adviser or accountant.

Innovative accounting solution

Freshbooks is constantly adding and updating the features of their platform to continuously improve its functionality. Advanced features such as non-invoice income recording and bank accounts reconciliation are expected to be added. Some of their most recent updates include enabling saved credit cards to be visible on the Client’s Profile and filtering by Uncategorized expenses when searching in the Expense section. Meanwhile, Freshbooks Classic, the previous version of Freshbooks, is still available should you choose to keep it.

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