FreshBooks that Business Owners and Accountants Need to Save Time and Money
Last updated: August, 2024
What is FreshBooks?
Are you spending too much time on invoicing and accounting? Are you not sure where to start when it comes to making your business more efficient? Look no further because FreshBooks is here to help. Their cloud-based invoicing and accounting software makes life easier for business owners and accountants.
With the easy-to-use interface of FreshBooks, you can save time and money while keeping your accounting and bookkeeping in order. In this blog post, I will introduce you to FreshBooks, a game-changing invoicing tool that business owners and accountants need to save precious time and money.
Who are FreshBooks for?
FreshBooks is a versatile accounting solution that is designed to meet the needs of small businesses and self-employed professionals across a range of industries. FreshBooks is designed to help freelancers and self-employed professionals manage invoicing, expenses, time tracking, and payment processing efficiently. Plus, for businesses with employees or contractors, FreshBooks offers payroll management, project cost tracking, and financial reporting tools that streamline accounting tasks.
FreshBooks caters to a range of industries, including accounting, construction, consultancy, IT and technology, legal, and marketing agency, among others. With FreshBooks, you can manage your finances with ease, regardless of your industry.
How do you get started with FreshBooks?
Getting started with FreshBooks is easy. Just follow the simple steps listed below:
Sign up for an account: Go to the FreshBooks website and click on the “Try it Free” button. You will be prompted to provide your email address and create a password. Alternatively, you can sign up using your Google or Apple account.
Verify your email: FreshBooks will send you an email to verify your account. Check your inbox and click on the verification link.
Customize FreshBooks for your business: Once you have verified your email, you will be asked to provide information about your business, such as what your business does, how you would describe it, what you use to bill your customers and your estimated revenue for the year. You will also need to provide your name and business information, which will appear on invoices, estimates, and other documents. Additionally, you will need to provide information about your team members, such as how many team members you have.
Tell FreshBooks how you heard about their platform: The last step is to tell FreshBooks how you heard about their platform. This information helps them improve their efforts in marketing.
Access the FreshBooks dashboard: Once you have completed all of the steps, you will be landed on the FreshBooks dashboard. From there, you can start using FreshBooks to manage the accounting of your business.
FreshBooks offers a 30-day free trial with no credit card required, and you can cancel at any time. If you have any questions, FreshBooks provides comprehensive support, including a chat with FreshBot.
What is special about FreshBooks?
FreshBooks is an excellent choice for small business owners and freelancers who are looking for an efficient and reliable accounting solution. FreshBooks offers an impressive range of tools that allow users to create and send professional invoices, track payments, manage expenses, offer straightforward estimates and proposals, track their time to accurately bill their clients, manage projects, collaborate with their teams, and generate detailed reports of accounting.
How does FreshBooks help manage clients effectively?
FreshBooks helps you manage your clients effectively. You can access their contact information easily from your phone or desktop and keep individualized notes to add a personalized touch. The centralized relationship feed helps you stay on top of your client interactions, while quick access to key clients and easily editable client information saves you time and ensures that your billing process runs smoothly.
Contact info: Stay in touch with your clients effortlessly, with the ability to access their contact information from your phone or desktop.
Relationship feed: Stay on top of your client relationships with a centralized feed of all invoices, correspondence, and essential information.
Personalized notes: Impress your clients by showing that you pay attention to the details. Keep individualized notes on each client for a more personalized touch.
Quick access to key clients: Save time by quickly accessing your busiest clients and keeping your billing process running smoothly.
Easily editable client information: When clients move or their information changes, updating your records is simple and stress-free with FreshBooks. Stay up-to-date and on top of your client management game.
What makes FreshBooks a game-changer for creating professional invoices?
FreshBooks has changed the game when it comes to creating professional-looking invoices. In the past, businesses would have spent hours manually creating and customizing their invoices.
FreshBooks makes it simple to create and customize your invoice in seconds. Not only does this save you time, but your clients will be wowed by the level of detail and care you put into your invoices. FreshBooks has genuinely revolutionized the way businesses handle invoicing.
Customizable invoices: To ensure that your invoices impress your customers, select your template, add your logo, and even change the colors and fonts.
Payment reminders: Do you have a customer who struggles to remember to pay their invoices? FreshBooks’ intuitive, customizable nudges can handle awkward situations.
Automatic late fees: You can easily configure FreshBooks to automatically charge a late fee when an invoice is past due to give your customers an added incentive to pay you on time.
Accept credit cards: Accept credit cards on your invoices to receive payment up to twice as quickly.
Recurring invoices: Invoices can be sent out automatically regularly to save you time from having to create similar invoices for each client.
Due date: You can quickly set a due date in FreshBooks for your invoices so that your customers always know when to make payment.
Received invoices: Organize your paperwork by keeping the invoices you send to clients and the invoices you receive from vendors together in one location.
Discounts: With FreshBooks, you can quickly add a discount to your invoice, giving you the billing flexibility you require.
Deposits: Put a deposit request on your invoice to ensure you are paid for your work.
Preview before sending: There will not be any surprises because what you see on the invoice is what your client will see.
Multi-currency billing: Send your invoices in the currency that both you and your client prefer.
Multi-language invoices: Do you have a French-speaking customer? Send them an invoice in the language of their choice.
Duplicate invoices: Do you want to send an invoice similar to the one you have already sent? You can quickly duplicate and modify invoices using FreshBooks.
Automatic tax calculations: Never be concerned with getting the correct amount of sales tax. Applying it to your invoice will automatically have FreshBooks handle the math.
Simple summary: Always be aware of your current balance and any past-due invoices at a glance.
Inventory: With FreshBooks, inventory tracking is simple. When you invoice for a product, the stock amount is automatically decreased.
How can FreshBooks help your business get paid faster?
FreshBooks knows that getting paid is essential to the success of your business. However, chasing down clients for payments can be a huge time sink, taking away from the time you could be spending on more productive tasks.
That is where FreshBooks comes in. With their credit card payment processing, you can get paid up to 11 days faster than traditional invoicing methods. Since they automate deposits into your account, you will never have to worry about waiting for a check to clear again.
Accept credit cards online: By letting your customers pay however they prefer, you will become the professional you are. Chase checks are no more.
Easy setup: With just one click, you will be able to accept credit cards. It has never been simpler to get paid.
Automatic payment recording: Accepting credit cards ensures that your books are always up to date because payments are automatically recorded without your involvement.
Automatic expense recording: Transaction costs are automatically recorded in your account so you can always see your expenses accurately.
Recurring payments and auto-bills: With auto-bills from FreshBooks, automating recurring payments is absurdly simple. You can quickly create a billing schedule to safely and automatically charge your client’s credit card.
Fast bank deposits: Payments are swiftly deposited into your bank account to keep your cash flowing.
Accept international currencies: Do you need to bill in a currency besides USD or CAD? Do not worry - FreshBooks and Stripe are integrated to manage international payments.
Late payment reminders and fees: Automatic late payment reminders and fees guarantee you receive your due money.
Deposits: Getting a new project going? You can get paid in part upfront to maintain a steady cash flow with deposits.
Safe and secure: You can relax knowing that your data and your client’s data are always protected, thanks to industry-leading security protocols.
ACH bank transfer: You will get paid sooner if you allow bank transfer payments from your customers (the US only), and it is also very safe and secure. Setup is easy, and deposits are seamless.
Checkout links: Share checkout links to collect payments for fixed-priced goods and services online or via text message.
Refunds: You can direct partial and full refunds from your account, giving you complete control over payments.
PayPal: Accept payments directly on an invoice in 25 different currencies from 202 nations. There are no setup, monthly, or termination fees.
How does FreshBooks’ automatic expense tracker help you keep track of your spending and boost your profitability?
FreshBooks tracks expenses automatically, so you can focus on running your business instead of worrying about where every dollar is going. With expense tracking, businesses keep track of their spending and ensure they are making a profit. With FreshBooks’ expense tracker, there is no need to waste time on manual expense tracking—it has all been taken care of, so you can get back to what you do best.
Receipt attachments: With FreshBooks, you can keep your receipts perfectly preserved and organized and wave goodbye to faded, torn, and essentially useless receipts.
Tax-friendly categories: Your expenses will be categorized for tax season using expense categories that streamline filing.
Easy-to-read summary: With an easy-to-read breakdown of your spending by category, you can ensure that you stay within your budget.
Remembered vendors: To make logging your expenses quick and straightforward, all of your frequently used vendors will be remembered.
Multi-currency: To keep a close eye on your spending, keep track of your business expenses, regardless of the currency.
Easily editable expenses: Want to change something? No issue. You can always stay up to date because expenses are simple to edit.
How can FreshBooks transform your estimates and proposals into invoices and help you get paid sooner?
As a business owner, setting clear expectations with your clients is key to maintaining a good working relationship. However, when it comes to billing, many business owners spend more time than they would like chasing down payments.
FreshBooks makes it easy to transform your estimates into ready-to-pay invoices, so you can save time billing and get paid sooner. With FreshBooks, you will never have to chase down payments again. Moreover, because you are getting paid sooner, you will have more cash to reinvest in your business. Transform your estimates into invoices today with FreshBooks and see the difference it makes in your cash flow.
Rich proposals: Within FreshBooks, create detailed proposals that describe a project’s scope, timeline, and deliverables.
E-signatures: You can complete your work more quickly by making it simple for your clients to accept and sign your proposals online.
Review and accept estimates online: Along with approving a project with a single click, your client can provide feedback, which you can view and address immediately in FreshBooks.
Send from anywhere: The FreshBooks mobile app allows you to create and email an estimate from anywhere.
Easily convert estimates to invoices: Once the estimate has been accepted, you can quickly turn your personalized estimates into ready-to-pay invoices.
How can time tracking with FreshBooks help you?
FreshBooks’ time-tracking software is an essential tool for any business owner. Not only does it help you to see exactly how much time you are spending on clients and projects, but it also makes it easy to generate invoices with just a click. With FreshBooks, you can be confident that you are making the most of your time and that your clients are getting the best possible value for their money. So if you are looking to improve your business’ efficiency, FreshBooks is the perfect solution. Try it today and see how much time you can save.
Daily breakdowns: Thanks to the simple-to-read daily breakdowns, you can rest easy knowing how productive you have been.
Bill for tracked hours: Have faith that you are always charging your customers the appropriate amount. Add your logged hours quickly and easily to a client’s invoice.
Team time tracking: Work together as a team to keep track of everyone’s hours. Put an end to gathering paper timesheets.
Log hours: Hour tracking is so simple that you will want to do it. To finish, simply click the time you started and enter the amount of time you spent working.
Timer: Stop keeping an eye on the time and let FreshBooks handle the timing instead. Just hit the play button, then start working.
Track time against clients: Since FreshBooks allows you to track time against specific clients, you will never have to guess how much time you spent working on your client.
Track time against projects: By directly tracking time against your projects, you can keep them on schedule. Put an end to your concern about exceeding project budgets.
Chrome extension: With the Chrome Web browser extension, you can easily track your time from within well-known applications like Asana, Basecamp, and Trello.
How can projects in FreshBooks help you collaborate efficiently?
Managing a business and multiple projects can be challenging, especially when it comes to ensuring that everyone is on the same page and working together effectively. Fortunately, FreshBooks offers a solution with its projects feature.
With projects in FreshBooks, clients, team members, and contractors can easily collaborate and share files and updates in one central location. This simplifies communication and helps ensure that everyone is working toward the same goal, making it easier to stay on schedule and complete projects efficiently. Whether you are a small business owner or managing a larger team, projects in FreshBooks can help streamline your workflow and improve your overall productivity.
Collaborate with your team: So that you can keep everything in one place, invite employees, contractors, and clients to collaborate on projects in FreshBooks.
File sharing: Want to send your team a document or prototype? In FreshBooks, upload it to your project to keep everything in one place.
Project conversations: Keep a record of every team discussion for quick feedback and easy reference.
Project due dates: Establish a deadline for your project so that you and your team can stay on schedule.
Project overview: Utilize the Project Overview screen to keep track of the tasks you and your team are currently working on.
What makes reports in FreshBooks simple yet powerful for your accountant to love?
Reports on FreshBooks are simple enough to understand but powerful enough for your accountant to love. With FreshBooks, you can quickly see how much money you are bringing in, what expenses you have, and where your business stands month-over-month. Reports can be customized to show only the information you want and export into PDF or Excel for easy sharing.
General ledger: You and your accountant can examine every dollar coming in and going out and get a complete record of all financial accounts and transactions.
Accountant access: Give your accountant access to certain functions and reports in your FreshBooks account so they can get a complete picture of your financial situation, including your physical assets, unpaid debts, and more.
Profit and loss: Your income and expenses are shown in the profit and loss report, allowing you to determine your profitability.
Sales tax summary: Know the sales taxes you have paid and collected at all times to make remittances simple.
Accounts aging: Want to review a list of all past-due invoices? Manage your past-due invoices with the accounts aging report.
Expense report: Utilize the expense report to keep an eye on your spending. Obtain a thorough accounting of your financial activities at any time.
Invoice details: A thorough history of each invoice you have sent, which you can filter by date range, client, and even status, will give you an overview of your billing.
Chart of accounts: Make a customized report for accountants that shows each account and its balance, such as income, expenses, and equity.
Balance sheet: Look over a detailed breakdown of your company’s assets, liabilities, and owner/shareholder equity.
Bank reconciliation: To ensure accuracy and consistency, automatically scan your bank accounts and compare account activity with your financial records in FreshBooks.
Cost of goods sold: By giving particular items a cost of goods sold category, you can accurately keep tabs on operating expenses—except re-billed items.
Trial balance: The trial balance report is the total of your company’s debits and credits on an accrual basis. It enables you to detect discrepancies in your account totals, generate financial statements, and ensure that your accounts balance over a given period of time.
Other income: As a business owner, you may receive income or revenue in ways that do not necessitate an invoice. FreshBooks can keep track of this. The other income feature enables you to accurately provide information to your accountant and get a complete picture of your business’s health.
Journal entries: By manually adding journal entries to the general ledger, you can adjust it to account for one-time financial transactions, such as a one-time interest payment.
How does the FreshBooks mobile app help manage your accounting on the go?
FreshBooks’ mobile app is a powerful tool that allows you to stay connected with your clients and take care of your accounting anywhere. The app allows you to create and send invoices, track time and expenses, and accept payments. You can also use the app to generate reports, manage projects, and collaborate with team members.
FreshBooks’ mobile app is available for both iOS and Android devices, and it is free to download from the App Store or Google Play. With FreshBooks’ mobile app, you will have everything you need to manage your business on the go.
Why should business owners and accountants use FreshBooks?
FreshBooks can help business owners and accountants save time, increase productivity, improve cash flow, streamline their accounting processes, and reduce errors.
To save time: FreshBooks automates many of the time-consuming tasks associated with invoicing, billing, and expense management, which saves business owners and accountants valuable time that can be spent on other important tasks.
To improve cash flow: By streamlining the invoicing and billing process, FreshBooks helps businesses get paid faster, improving cash flow and reducing the risk of late payments.
To enhance client relationships: FreshBooks makes it easy to communicate with clients, track their payments, and manage their information, which helps to build stronger, more productive client relationships.
To increase productivity: FreshBooks offers a range of tools and features designed to increase productivity and efficiency, from time tracking and project management to reporting and insights, which helps businesses to work more efficiently and get more done in less time.
To streamline accounting processes: FreshBooks simplifies accounting processes, reducing errors and ensuring that all financial data is accurate and up-to-date, which helps businesses to avoid costly mistakes and maintain their financial records with confidence.
To reduce errors: By automating many of the tasks associated with accounting, FreshBooks reduces the risk of errors, helping businesses avoid costly mistakes and maintain their financial records with confidence.
The pros of FreshBooks
✔️ Great user experience
✔️ Context-sensitive setting
✔️ Tools for time tracking and team collaboration
✔️ Supports projects, retainers, and proposals
✔️ Mileage tracking on mobile devices automatically
✔️ Low-cost tires at reasonable prices
✔️ Accounting reports with double entry
✔️ Provides small business owners, freelancers, and sole proprietors with simple accounting software.
The cons of FreshBooks
❌ Dashboard deficiencies
❌ A small amount of invoice customization
❌ It can take time to establish a bank connection.
❌ Not aimed toward bigger businesses
❌ Additional monthly fee for bringing on a second team member
❌ Software with fewer customization options
❌ The lowest tier plan has no access to accountants or bank reconciliation.
❌ It does not offer quarterly tax projections.
How much does FreshBooks cost?
FreshBooks is popular accounting software with a variety of different pricing plans to suit the needs of businesses of all sizes. The Lite plan is ideal for professionals with basic needs, starting at just $7.60 per month. The Plus plan starts at $13.20 per month for owners looking for more automation and insights. In contrast, the Premium plan offers additional features to help growing businesses empower their employees and manage their finances more effectively, starting at just $24.00 per month.
FreshBooks’ Select plan offers custom pricing options explicitly tailored to meet the needs of businesses with more complex needs. Whatever your business requirements may be, FreshBooks has a pricing plan to fit your needs and budget.
What are the top alternatives to FreshBooks?
NetSuite
QuickBooks
Wave
Invoice2go
KashFlow
Sage Intacct
Xero
BigTime
Zoho Books
Hiveage
FreshBooks or Zoho Books: Which one is the most superior accounting solution?
FreshBooks and Zoho Books are two popular cloud-based accounting software options for small business owners. Both platforms offer a range of features to help businesses manage their finances, but it is difficult to say which one is superior as it depends on your specific business needs and requirements.
Feature and Functionality
FreshBooks offers a range of features such as invoicing, time tracking, project management, and expense tracking. It also includes automated payment reminders, late payment fees, and recurring billing. In comparison, Zoho Books also offers similar features such as invoicing, time tracking, and expense management. Additionally, Zoho Books offers features like purchase order management and inventory management, which FreshBooks does not have.
User Interface
FreshBooks has a user-friendly interface that is easy to navigate. The software is designed to be simple and intuitive, making it easy for users to find the features they need. Zoho Books, on the other hand, has a more complex interface, which may be overwhelming for some users. However, Zoho Books allows for more customization and personalization in terms of branding and design.
Pricing
Both FreshBooks and Zoho Books offer various pricing plans to fit different needs and budgets. FreshBooks plans range from $7.60/month to $24.00/month, depending on the number of clients and the features needed. Zoho Books plans range from $9/month to $29/month, depending on the number of users and features required.
Customer Support
Both FreshBooks and Zoho Books offer customer support through email, phone, and chat. FreshBooks also offers a help center with articles, videos, and webinars to help users get the most out of the software. Zoho Books provides a knowledge base with articles and videos, as well as a community forum where users can ask questions and share ideas.
Integration
Both FreshBooks and Zoho Books offer integrations with various third-party applications, such as PayPal, Stripe, and Shopify. However, FreshBooks offers more integrations than Zoho Books, including integrations with popular project management tools like Asana and Trello.
The bottom line between FreshBooks and Zoho Books
FreshBooks and Zoho Books are both powerful accounting software options that offer a range of features to help small business owners manage their finances. FreshBooks may be a better fit for businesses that require more invoicing and project management features, while Zoho Books may be a better fit for businesses that require more complex inventory management and purchase order management features. Ultimately, the choice between the two will depend on the specific needs and priorities of the business.
Is FreshBooks worth buying?
Are you a business owner or accountant looking for ways to save time and money? If so, FreshBooks may be the perfect solution for you.
With its easy-to-use interface and powerful features like automatic billing, online payments, and expense tracking, FreshBooks can help you streamline your bookkeeping process and get more done in less time.
In addition, their award-winning customer support team is always available to help if you have any questions. Sign up today for a free trial and see how FreshBooks can help you take your business to the next level.
Frequently asked questions or FAQs | FreshBooks
What is the purpose of FreshBooks?
The purpose of FreshBooks is to provide cloud-based accounting software that is designed for small business owners and self-employed professionals. FreshBooks enables users to manage their finances, including invoicing, expenses, time tracking, project management, and reporting, all in one place. It is designed to be user-friendly and straightforward, allowing non-accountants to manage their finances with ease.
How user-friendly is FreshBooks?
FreshBooks is considered to be highly user-friendly accounting software, particularly for users who may not have a background in accounting or finance. FreshBooks is known for its user-friendly interface and ease of use. It has a simple and intuitive design that makes it easy for users to navigate and perform tasks such as creating invoices, tracking time, and managing expenses.
FreshBooks offers a wide range of customizable templates for invoices and estimates, making it easy for users to create professional-looking documents quickly. It also allows users to import expenses from their bank accounts, which reduces the time spent on manual data entry.
How does FreshBooks process payments?
FreshBooks offers several options for processing payments, including FreshBooks Payments, Stripe, and PayPal. These payment processing methods are seamlessly integrated into the FreshBooks platform, making it fast and easy for users to accept payments from their clients. These payment processing options accept all major credit cards. In addition, these options support ACH payments, which connect to most major banks in the U.S. and come with no hidden fees.
Xero or FreshBooks: Which is the superior accounting solution?
It is challenging to determine which accounting solution is superior, as Xero and FreshBooks are both excellent choices for small businesses. Both platforms offer cloud-based accounting solutions with similar features and pricing. However, the best way to determine which platform is superior is to test both of them using their free 30-day trial periods and compare them to your specific business needs. Ultimately, the choice between Xero and FreshBooks will depend on your individual business requirements, preferences, and budget.
How do I create an invoice in FreshBooks?
To create an invoice in FreshBooks, follow the steps given below:
Log in to your FreshBooks account and click on the “Invoices” tab.
Click on the “New Invoice” button in the top right corner.
Choose the client you want to invoice or add a new client by clicking the “Add Client” button.
Add the products or services you are billing for by clicking on the “Add a Line” button
Enter the price, description, rate, and tax information (if applicable) for each product or service.
Preview the invoice to ensure all details are correct.
Click on the “Save” button to save the invoice as a draft or the “Send” button to send it to the client.
Once the invoice is sent, you can track its status and send reminders for payment directly from FreshBooks.
Does FreshBooks have an app?
You can work on the go and stay in touch with your clients wherever you are with the FreshBooks cloud accounting mobile app for iOS and Android.
How can I contact FreshBooks customer support?
Customers of FreshBooks can get in touch with customer service by phone, email, or live chat.
What is an ACH transfer in FreshBooks?
An ACH transfer is a bank transfer that is processed through the Automated Clearing House (ACH) network. ACH transfers are a popular way to pay invoices because they are fast, secure, and affordable.
How do Payment Schedules and Late Payment Reminders interact on FreshBooks?
Late Payment Reminders can work with Payment Schedules to provide timely reminders to clients regarding their outstanding payments. When Late Payment Reminders are enabled for a Client, the system sends out reminders for each scheduled payment instead of being based on the Invoice Due Date.
This means that if a Client has a Payment Schedule with multiple payments, and all payments become overdue, each overdue payment will trigger all three Late Payment Reminders if all reminders are enabled. For example, if a Payment Schedule has 5 overdue payments, three reminders will be sent out for each overdue payment, totaling 15 reminders. On the other hand, if no Late Payment Reminders are set up, no additional emails will be sent, and it will be up to the Client to pay on time.
What is the relationship between Partial Payments and Payment Schedules on FreshBooks?
Partial Payments work in conjunction with Payment Schedules, allowing clients to pay for an installment of an invoice in parts. If Partial Payments are enabled with PayPal, WePay, or Stripe, clients can choose to pay a specific partial amount or pay the full installment of a Payment Schedule. However, if Partial Payments are disabled on the Invoice, clients are required to pay the outstanding installment in full only.
How do I create an invoice template in FreshBooks?
To create an invoice template in FreshBooks, follow the steps given below:
Go to Invoices > Templates.
Click New Template.
Enter a name for your template.
Select the invoice fields you want to include in your template.
Enter the default values for the invoice fields.
Click Save.
Once you have created an invoice template, you can use it to create new invoices quickly and easily. To use a template, simply select it from the Templates dropdown menu when you are creating a new invoice.
How much access can I give a team member on FreshBooks?
You can give various levels of access to team members on FreshBooks, depending on the role you assign to them. The roles include admin, employee, contractor, business owner, manager, and accountant. Adding team members to your account does come with an additional cost, but it can be added or removed from your subscription at any time. This allows you to work together with your team on your business while maintaining control over who has access to what information.
What financial institutions does FreshBooks support?
FreshBooks supports a wide range of financial institutions, including banks, credit unions, and payment processors. Some of the most popular financial institutions that FreshBooks supports include:
Banks: Bank of America, Chase, Wells Fargo, Capital One, US Bank, and Citibank
Credit Unions: Navy Federal Credit Union, PenFed Credit Union, USAA, and Alliant Credit Union
Payment Processors: PayPal, Stripe, Square, and Authorize.net
What is a line item in FreshBooks?
A line item in FreshBooks is a single unit of work that you bill your clients for. For example, if you are a web designer, a line item could be a website design, a logo design, or a website maintenance plan.
How do I set up my tax year in FreshBooks?
To set up your tax year in FreshBooks, follow these steps:
Go to Account > Settings > Taxes.
Select the Tax Year you want to use.
If you are in the United States, you can also select the Fiscal Year you want to use.
Click Save.
FreshBooks will automatically calculate your taxes based on the tax year and fiscal year you select. You can also manually enter your tax information if you need to.
Can I use FreshBooks as a sole trader?
Yes, you can use FreshBooks as a sole trader. FreshBooks is a cloud-based accounting software that is designed for small businesses of all sizes, including sole traders. FreshBooks can help you to track your income and expenses, create invoices, and manage your time.
What are the different payment terms that I can use with FreshBooks?
FreshBooks allows you to set different payment terms for your invoices. The most common payment terms are:
Net 30: This means that the invoice is due 30 days after the invoice date.
Net 15: This means that the invoice is due 15 days after the invoice date.
Net 7: This means that the invoice is due 7 days after the invoice date.
Due on receipt: This means that the invoice is due immediately upon receipt.
What are some business purposes for using FreshBooks?
FreshBooks is a cloud-based accounting software that can be used for a variety of business purposes. Some of the most common business purposes for using FreshBooks include:
Invoicing: FreshBooks makes it easy to create and send invoices to your clients. You can also track payments and manage your accounts receivable.
Time tracking: FreshBooks allows you to track your time and bill your clients accordingly. This can help you to improve your profitability and make sure that you are getting paid for all of your work.
Project management: FreshBooks can be used to track your projects and tasks. This can help you to stay organized and on schedule.
Expense tracking: FreshBooks allows you to track your expenses and create reports. This can help you to control your spending and make sure that you are compliant with tax laws.
Reports: FreshBooks provides a variety of reports that can help you to track your financial performance. This information can be used to make informed business decisions.