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In the past, I’ve shared some of my favorite business tools and Freshbooks was on that list. Freshbooks is my accounting software of choice and I’m going to share a few key reasons why you need to check it out too.
Why You Need to Use Freshbooks for Accounting
What is Freshbooks?
Freshbooks is a comprehensive accounting system that includes invoicing, payments, tracking expenses, time tracking, reporting, and more.
It’s made specifically for small business owners so they take the guess work out of it by making it simple to use and customize. They have a 30-day free trial so you can test it out before you start paying for it monthly.
Invoicing/Payments
One of my favorite ways to use Freshbooks is for its invoicing feature. You can seamlessly create customized invoices complete with your logo with the click of a button. Payment can be accepted 3 ways via credit card, PayPal, or Stripe. I typically use either credit card payments or PayPal because Freshbooks has a PayPal for Business option where the transaction fee taken out is only 50 cents which is a heck of a lot cheaper than your typical transaction fees of 2.9% plus 30 cents.
Tracking Expenses
Another great feature that Freshbooks offers is the ability to easily track your expenses straight from your bank account. As a business owner, you should already have a separate business checking account so as soon as you get into Freshbooks just hook up your bank account and your transactions will automatically import into the system. This helps me keep track of how much I’m spending on social media schedulers, contractors, and the like each month so I know exactly where my money is going.
Time Tracking
The time tracking feature on Freshbooks is essential if you have any contract employees. This helps them easily document their time so that they can send invoices for the hours they worked each month. You can also use this if you’re doing hourly projects and want to make sure you aren’t going over your allotted time.
Reporting
Their reporting feature is really beneficial if you’re interested in seeing a profit/loss report, an expense report, and more. There are even reports for timesheets. My favorite reports to review are my profit and loss reports and expense reports.
Other Beneficial Tools
One of the best parts of Freshbooks is having the ability to do recurring invoices. This comes in handy for clients that I work with on a weekly to monthly basis. It’ll auto generate invoices and send them to my clients without me having to lift a finger.
Another cool tool is the ability to create estimates for a potential client. This gives them the opportunity to see each item laid out in a clean format so they can get an idea of how much a specific project will cost.
Your Turn:
Have you ever tried Freshbooks accounting? Are you currently using accounting software to free up some time in your business? Please feel free to let me know down in the comments.
