Freshbooks

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

As you evolve your accounting business, you may be looking to spend more time on valuable tasks like advisory services that enhance client experience and less on manual entry and other administrative drudgery.

One way to make that happen is to advise your clients to explore apps that can integrate with their FreshBooks accounts. These can simplify everything from payroll to scheduling to forecasting. What’s in it for you? You’ll get better data and spend less time untangling errors.

We’ve rounded up 8 FreshBooks apps that you can advise your clients to consider that will make your accounting relationship more productive.

And we didn’t forget about apps that can create efficiencies in your business and advisory services. Keep reading for 4 tools that work with FreshBooks, which can also help you level up your business.

Best Apps for Your Clients

Offer your clients advice on tools they can to simplify and streamline their accounting tasks.

FreshCurrencies

This solution is helpful for businesses that invoice in multiple currencies. Business owners can combine invoice details, expenses, general ledger, and from multiple currencies into one selected currency.

How it works with FreshBooks:

The plug-in pulls reports from Freshbooks and converts taxable income into the currency of choice.

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Cash Flow Frog

This cash flow forecasting and scenario planning tool helps business owners determine when to pay bills and which invoices to collect first. They can also run simulations to see the impact of changes in staff, inventory, new customers, and other variables to track and analyze planned cash flow vs. actual cash flow results.

How it works with FreshBooks:

The app pulls reports from FreshBooks, analyzes the data, and generates a real-time cash flow forecast.

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Approveit

Business owners who want to bring more organization to their organization can use Approveit to create smooth, multi-step workflows that direct bill approval requests to the right person. Features include adding conditional rules to call attention to large-sum purchases, setting reminders, creating approval requests, and seeking approval directly in Slack or email.

How it works with FreshBooks:

Bills are approved before they are created in FreshBooks to ensure that only authorized bills enter the business’s accounting system. The data on vendors, accounting category, and taxes is taken directly from the FreshBooks account. If the bill is approved, it’s automatically entered as an expense in FreshBooks.

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Tallyfor

This app empowers independent contractors and tax professionals to automate the tax trial balance and flow data straight from book to trial balance to U.S. tax forms quickly and easily. Available for U.S. customers only.

How it works with FreshBooks:

Tallyfor pulls reporting information from FreshBooks, including Chart of Accounts, and helps users , including 1065, 1120S, 1120, 1040, Schedule C, and Schedule E.

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Syft Analytics

An interactive and collaborative financial reporting tool, this app allows users to visualize, analyze, and forecast financial data via visual reports.

How it works with FreshBooks:

Syft seamlessly integrates with FreshBooks and creates reports, graphs, and dashboards from the available financial data. Users can create key performance indicators (KPIs) and build integrated forecasts for the future.

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Payroll

Do you have clients who are looking to add employees? Payroll isn’t always an intuitive exercise for many business owners. These payroll solutions that integrate with FreshBooks make the process easier for your clients—and you.

FreshBooks Payroll 🇺🇸

FreshBooks’ fully embedded payroll option was launched to all U.S. customers in 2024. Set up payroll right from your client’s account with , powered by Gusto. Payroll tax filings, W-2s, unlimited payroll runs, and direct deposit all come standard. Manage billing, accounting, and payroll all in one platform.

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Gusto 🇺🇸

Do you need benefits management or have contractors to pay? The simplifies and automates the time-consuming tasks that come with more complicated payroll. Available for U.S. customers only.

How it works with FreshBooks:

When payroll is run in Gusto, an expense is created in FreshBooks. If a payroll is canceled in Gusto, the expense is also removed from FreshBooks. Business owners can also see payroll reports in FreshBooks.

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SurePayroll 🇺🇸

Ideal for small businesses, this solution automates the payroll journal entry process. It’s available for U.S. customers only and costs an additional $4.99 per software connection.

How it works with FreshBooks:

SurePayroll automatically exports and shares payroll data as a journal entry in FreshBooks’ Chart of Accounts, ensuring all information is accurate and up to date in both systems. Note: it does not create an expense entry, but the profit and loss report will show the correct information.

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Payment Evolution 🇨🇦

Canada’s largest cloud payroll and payment service offers a variety of ways to pay employees and track payroll. Available for Canadian customers only.

How it works with FreshBooks:

When you run payroll in Payment Evolution, an expense is created in FreshBooks, synchronizing payroll in both systems. It also syncs time entries from FreshBooks to track hours for payroll. If payroll is canceled in Payment Evolution, it’s removed from FreshBooks.

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Best Apps for Accounting Professionals

Accountants need apps, too! We’re always looking for integrations that make running an accounting advisory business more efficient. Here are a few that fit the bill.

NiceJob

Many accountants want to be able to ask for reviews from their clients so they can earn more credibility and trust and higher rankings on search engines. NiceJob is an effortless way to collect the kudos you deserve.

How it works with FreshBooks:

When an invoice is sent to a client, NiceJob will send automated emails and follow-ups asking for a review. All reviews are stored in NiceJob.

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Acuity Scheduling

Wouldn’t it be nice if you could schedule meetings and then invoice for them straight from the scheduling app? That’s how Acuity works—you can automate your client bookings, cancellations, reminders, and payments in a couple of clicks.

How it works with FreshBooks:

The integration allows you to create and send invoices for appointments booked in Acuity and record payments made through Acuity to invoices in FreshBooks.

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Email App Add-Ons

Want to add a client or invoice them directly from your inbox? FreshBooks integrates with 2 email providers to save you time and effort.

Gmail

If your email address ends in @gmail.com, integrate it with FreshBooks so you don’t have to toggle between Gmail and FreshBooks to create, draft, and send invoices directly from Gmail. All the changes to clients and invoices you make through Gmail will be automatically reflected in your FreshBooks account.

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Microsoft Outlook App

If you run your business with Microsoft—and your email address ends in @outlook.com @hotmail.com, or @live.com—you can sync with FreshBooks to pump up your productivity. The integration allows you to easily create, manage, and invoice clients right from Outlook and get quick access to billing status for every client.

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You’re on Your Way to More Productivity

Reserve your brain and your time for the work that needs your expertise. It’s all about using the right tools to streamline certain functions so you can focus on the bigger picture for your business and your clients’ businesses.

To see the full list of productivity apps, visit the . Productivity is yours to claim!

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

A roundup of all the newest features launched in FreshBooks in 2024. Check back in every month for regular updates.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

Running payroll for your business is hard enough. Switching back and forth between multiple systems makes it that much more difficult.

Having disconnected systems is time-consuming, whether you’re trying to pay (or file) payroll taxes (and stay up to date on compliance), pay your employees, view payroll expenses, or simply get a complete picture of your business finances.

Wouldn’t it be nice to have a single platform for all your billing, accounting, and payroll needs?

Enter FreshBooks Payroll, the answer to your payroll headaches.

What Is FreshBooks Payroll?

FreshBooks Payroll is powered by Gusto, an industry-leading HR and payroll technology provider. It’s a full-service payroll solution for U.S. business owners: A one-stop shop for billing, accounting, and payroll needs. Every payroll transaction is automatically recorded in FreshBooks, ensuring you see the whole picture of your business, all in one easily accessible platform.

What does that all mean? Well, when you process payroll with us, automatic payroll tax filings, W-2s, unlimited payroll runs, and direct deposit all come standard. And with all your payroll information documented in one place, you can keep more accurate books and see the full scope of your business’s health.

Why Gusto?

Gusto is one of the most popular payroll solutions for small businesses in the U.S. It goes beyond being just a payroll provider: It’s an all-inclusive platform that covers hiring, onboarding, benefits, and compliance support.

In a nutshell, it’s exceptional software.

Since 2017, FreshBooks and Gusto have been working together to empower businesses with the technology to make payroll and accounting easier and more efficient. And now you need only one tool—FreshBooks—to keep your books in order and take advantage of Gusto’s payroll features.

Gusto has served more than 200,000 businesses like yours. So you can trust that you will have access to a comprehensive solution for your payroll needs.

Who Is FreshBooks Payroll For?

FreshBooks Payroll is available for U.S. business owners looking to tackle their payroll headaches. Because payroll can be just that—a major headache—especially when split up across multiple platforms.

Now, more than ever, business owners are looking for a simple, embedded payroll solution—which is where we come in, because FreshBooks Payroll is for business owners who:

• Are looking for the convenience that most payroll providers don’t offer
• Want an easier way to pay employees the right way
• Are concerned about payroll compliance
• Want world-class support with no hidden fees

It’s for business owners just like you.

And luckily, FreshBooks isn’t just a pretty face. We deliver on all 4 reasons business owners are looking for payroll. Check. Check. And check.

How Can I Use FreshBooks Payroll?

Excellent question. Glad you asked.

U.S. business owners can sign up for FreshBooks Payroll directly through their FreshBooks account. (You’ll also find pricing there.)

Step 1: Log Into Your FreshBooks Account

1. Select Payroll in the left sidebar.
2. Select the green Get Started button to begin.

Step 2: Get Payroll-Ready

You will need to fill in the required company and employee information. This allows FreshBooks Payroll to calculate pay and tax requirements accurately.

1. Add details about your business—i.e., business structure, location, and payroll schedule. You will need to complete a FEIN Assignment Form (Form CP575).
2. Set up a bank account.
3. Add your employees.
4. Set up state tax for your business.
5. Sign and select Start.

Please note that it will take 2–3 business days to review and approve your application after it’s submitted.

Step 3: Run Payroll

Once your application has been approved, log back into your FreshBooks account and follow these steps:

1. Select Payroll in the left sidebar to access FreshBooks Payroll.

This page will give you a complete picture of your payroll history that has been run through FreshBooks.

2. Select the More Actions dropdown in the right-hand corner.

This dropdown will allow you to choose from three options to view:

• Payroll Reports — this will allow you to see your Payroll Journal report (more on that later)
• Tax Filings — will allows you to see your payroll tax filings and documents
• Payroll Settings — to edit company information.

Choose one of the selections from the dropdown to see your payroll tax filings and documents, payroll reports, all payroll history run in FreshBooks, and Payroll Settings to edit company information.

3. Select the green Run Payroll button to begin.

4. Select a pay period based on the first pay date and pay schedule you set for your company to see your employees’ pay rate, hours, additional pay, reimbursements, and gross pay.

This will take you to the Hours and Earnings page, where you can see a list of your employees, pay rate, hours worked, overtime hours worked, additional earnings, reimbursements, and gross pay.

5. You can edit the information by selecting the employee.

NOTE: Changes will automatically update, and certain employees won’t be editable (i.e if an employee’s pay type is marked as Salary / No Overtime).

6. Once done, select the green Confirm button.

7. When done with the Hours and Earnings page, select the green Save and Continue button in the bottom right corner.

Please note that it will take 1–2 minutes to calculate total payments, payroll taxes, deductions, and reimbursements.

8. Review the calculated data.
9. To preview an employee’s draft pay stub, click on the employee name
10. Once done, select the green Submit Payroll button in the bottom right corner.

NOTE: Users must submit payroll 4 days before the payout date

11. To see your submitted payroll, return to your Payroll tab in the dashboard.
12. Select your submitted entry to see the item page for access to employee pay stubs.

13. Select Payroll Receipt for a breakdown of total debits, U.S. taxes, and employee breakdown.

NOTE: You can cancel an entry still in the Submitted status.

Once the payroll entry hits the pay date, it will automatically change to Paid status. The pay stubs will be sent to the employees via password-protected email.

And just like that, you’ve paid your team.

Step 4: View Payroll Expenses and Access Reports

The FreshBooks Payroll Journal report gives a detailed breakdown of employee payrolls per pay period.

1. Log into your Freshbooks Account.
2. Select Reports in the left sidebar.
3. Scroll down to Payroll and select Payroll Journal.

4. Select your date range and click the green Download CSV button.

This report will include all the payrolls with a pay date that falls within the range you selected, which includes any off-cycle payrolls like bonus pay or tax reconciliations done directly in Gusto.

There you have it. Now, you’re ready to pay and file payroll taxes directly in FreshBooks.

Get Started With FreshBooks Payroll

If you have any questions about how to use FreshBooks Payroll, don’t hesitate to .

If you have questions about adding FreshBooks Payroll to your account, please .

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

Client onboarding is a big deal. Once you’ve for your firm, onboarding is their first impression of how it will be to work with you and the first step in (hopefully) a long and lucrative relationship for everyone involved.

To help you start off on the right foot, we’ve outlined a client onboarding process you can use for the business owner clients you’re setting up in FreshBooks for the first time or for clients you’re introducing to the Collaborative Accounting™ framework.

If you aren’t familiar with the term, ™ is the methodology we recommend using with your client year-round so you can both get the most out of FreshBooks. But it’s not a requirement for onboarding your client in FreshBooks. The guidelines and resources are flexible, so they work for clients with different needs and can be tailored to your firm’s process. Let’s go!

But First, Are You FreshBooks-Certified?

Before jumping into onboarding, make sure you’ve got all the tools you need to support your clients in FreshBooks. The gives you the foundation you need to help your clients navigate the software and establish collaborative workflows with them. Once you complete it, you’ll be a member of the FreshBooks Accounting Partner Program.

In the certification, you’ll find guidance on how to break down roles and how to coach clients on tasks within the framework, including:

• Recommendations of what your client should take on in FreshBooks
• Benefits to the business owner of handling this task
• Training guidelines for each task
• How-to videos for each task
• Detailed workflows and scenarios for each task
• Practical case studies
• Downloadable

The certification is free, takes just 4 hours or less to complete, and is entirely online and self-directed, so you can do it anytime. Plus, it includes hands-on training and downloadable resources to use for onboarding and beyond.

After completing the certification, bookkeeper and advisor Kristen Nies Ciraldo of The Friday Guide told us: “This is the best certification course I’ve ever seen in the accounting space. [It] actually provided a philosophy rather than just ‘[this] is how you use the platform’.”

Once you complete the certification, you’ll have access to dedicated support for FreshBooks Accounting Partners, too. There’s no better place to start!

What to Cover in the Onboarding Meeting

Whether you’re holding a first meeting with new clients or an introduction to the FreshBooks accounting software with existing clients, the onboarding meeting is your opportunity to introduce your clients to how the collaborative relationship will work, set expectations, and discuss roles and responsibilities.

The goal? You and your client both leave the onboarding meeting clear on what you need to do, when you need to do it, how and when you will communicate and check in with each other and why the process and workflow you’re using together are important to help them meet their business goals.

Following are some key points to cover in this meeting.

1. Identify Business Goals

“Why” is always a great place to start. Talk about the business goals your client is aiming for to develop that’ll keep tabs on their progress. Understanding their goals will also help you determine what they need from the FreshBooks software and from you as an accounting partner.

2. Introduce the Collaborative Accounting™ Workflow

A could be pretty different from what your client is used to, and you’ll probably need to walk your client through it to get them on board, both mentally and logistically. And you can start small: Collaborative Accounting isn’t all or nothing. Try adopting a few elements of the collaborative workflow and customize it to suit both your needs and those of your client.

Use the onboarding meeting to talk about the benefits of Collaborative Accounting and getting more hands-on with their business financials. Explain how being involved and educated in the process—and paying you for advisory-level guidance instead of paperwork—can and give them the insights they need to grow.

Shared Accountant-Client Workflows: A Case Study

Worried about handing the reins of certain tasks over to your clients? FreshBooks was literally built for this! FreshBooks customer and communications coach told us she was “completely overwhelmed” by other software. She said, “I wanted something far more user-friendly, and that’s why I chose FreshBooks. It wasn’t intimidating, and I could see myself using it.” Her accountant, , can access her FreshBooks account and step in where needed.

Rebecca sees the benefits for Alexis, too: “Business owners who are more involved with their accounting systems have a better understanding of their finances and their cash flow.” They make better decisions based on the real-time financial information they see in their account.

Alexis agrees: “I’m far more confident making financial decisions for my business now that I’m using FreshBooks and have Rebecca as my financial partner.”

The Collaborative Accounting Framework

If you’re a FreshBooks-certified Accounting Partner, download the detailed Collaborative Accounting™ framework provided in the FreshBooks to share with your client. This will serve as a teaching tool and a starting point to explain who is responsible for what throughout the accounting cycle.

In the Collaborative Accounting framework, your client handles some (or all) of their day-to-day pre-accounting tasks in FreshBooks. How much or how little depends on each unique business owner. For example, they may create and send estimates and invoices, track time and pay people, chase payments, upload receipts, and track expenses. You, in turn, focus on more complex accounting tasks like bank reconciliation, journal entries, generating reports, and interpreting financial data.

This benefits you and your client. FreshBooks Accounting Partner Kenji Kuromoto agrees: “In many cases, it’s more efficient for the client to be doing these things. How does it make sense for a client to be sending us a big spreadsheet and saying, ‘Here’s everybody’s time. Can you enter it in FreshBooks for us?’ Well, what if you just entered the time yourself and generated the invoices? You’re actually being more efficient, more effective. You’re keeping the spending and the accounting function down, too.”

3. Establish Your Process

Once you get a sense of your client’s goals and you’ve discussed the benefits of a collaborative relationship, you can start to talk about how you’ll work together. Getting on the same page about who owns which tasks helps ensure that you get the data you need.

Here’s what to establish with them:

• Who will take on which responsibilities
• How and when to complete the handover document (FreshBooks-certified Partners can download this from the certification)
• How you’ll share financial insights (the meeting agenda template in the certification is a great starting point)
• How regularly you’ll meet (monthly? quarterly?) and in what format (video chat? in person?)

Here’s how it might work: Your client carries out their tasks (e.g. invoicing monthly) and completes the handover document each quarter. Once you receive it from them, you do your quarter-end review, gain insights, and fill out your meeting agenda template ahead of the client meeting.

4. Review Their Tech Stack

Take a look at the apps and tools the business uses now, and ask your client how comfortable they are with each one. Use your knowledge of their business goals to demonstrate your expertise and advise them on how they can work more efficiently.
You may be able to recommend they streamline their tech stack and bring some workflows inside the FreshBooks platform. For example, you might suggest they send their proposals directly from FreshBooks, so they can be automatically converted to Projects or invoices to send to their customers.

5. Create Expense Categories

Keeping tabs on expenses is a common stumbling point for many business owners, leading to bad data, inaccurate reports, and tax compliance headaches. That’s why it’s important to talk about the importance of expense tracking from the start, establish your approach to categorization, and provide your client with helpful tools.

Share a sample list of expense categories they can use and show them how to apply an Ask My Accountant category for anything they’re unsure about. You may not pin down all expense categories in your initial onboarding meeting, but you can touch on them again at your next client meeting. Especially if clients are taking on expense management themselves, it pays to invest time in educating your client so you can avoid expense chaos at year-end!

6. Identify the Best FreshBooks Plan

Once you’re clear on how your client’s business operates, what they need, and what their aspirations are, you can that has the right features and functionality for them. You’ll want to get them on either a Plus, Premium, or Select plan since all 3 have a dedicated (free) Accountant Role that allows you direct access to the chart of accounts, reports, and other features you need.

Discuss with your client whether you or they will handle paying for the account, along with the next steps. If they handle payment, then they will set up the account and invite you to the Accountant role. If you are bundling the cost of their software into your fees, you can set up their account so they’re ready to go and then invite them from your Accountant Hub.

Next Step: Set Up the Client Account in FreshBooks

The final step in onboarding your client to FreshBooks is setting up and customizing their account in the software itself. The best way to do this is via your dashboard. (Don’t have access to that? Wondering what it is? )

From the Accountant Hub, you can create and access their FreshBooks account in order to set up the following:

• Chart of accounts
• Payment gateways
• Connected apps
• Expense categories (optional)

Now, you can invite the client to their new account.

If your client is already a FreshBooks user, we can help you connect their account to your dashboard. Just reach out to a partner consultant at .

Keep It Going: Streamline Client Onboarding

Onboarding isn’t a one-and-done thing. You’ll want to make sure it’s sustainable for the long haul. That means having a system in place. Just because every client is different doesn’t mean every client needs a different onboarding process. Some standardization will save you valuable time with onboarding and allow you to get up and running with a new client immediately.

To do this, it helps to identify clients by type and start there. Nayo Carter-Gray, CEO of 1st Step Accounting, says, “When I decided the type of clientele we were going to serve…I was able to create a template of emails, data requests, and tutorials.”

This might sound daunting, but it can be as simple as:

• Creating some communication templates
• Organizing the materials you plan to share with your clients
• Storing them in a central location
• Customizing the Collaborative Accounting™ framework diagram to suit your niche and onboarding approach

Training, Education, and Resources

After completing the 4-hour FreshBooks , you’ll get access to all the resources mentioned here to share with your team and your clients.

Here’s what’s included in the Client Onboarding Pack:

• Full Collaborative Accounting™ framework diagram
• Workflow checklists for:
  • Data
  • Estimates and Proposals
  • Expenses and Bills
  • Invoices and Payments
  • Projects
  • Time Tracking
• Handover document checklist
• Meeting agenda template

Stay Connected: Post-Onboarding Pro Tips

Onboarding your client to FreshBooks is just the start of your journey together. Keep building on the you provided in onboarding to deepen your client relationships. Some ways to do this include:

• Regularly review your client’s usage of FreshBooks for things like invoices, payments, and expenses to make sure they’re on track
• Get a sense of their level of comfort and engagement
• Collect feedback for continuous improvement
• Adjust strategies based on your client’s progress and needs

As a FreshBooks Accounting Partner, you’ll have access to all the materials mentioned here, along with accountant-specific support for onboarding beyond as you grow your advisory practice. Plus, it’s free to join.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

How do you solve a problem like Payroll?

As a business owner, you have enough on your plate — but payroll is simply a fact of business life. Like the moon, it rises and falls every month. Sometimes it sneaks up on you, leading to late nights spent plugging numbers into a spreadsheet or digging through old inboxes and invoices to pay your team. While you’ve probably found a system that’s good enough to get the job done (and get your team paid), we believe you deserve something better than “good enough.”

That’s why we’re kicking off 2024 by being the change we’ve all been waiting for. FreshBooks has built the perfect cure for your payroll pains: An intuitively all-in-one solution where all the tools you need are in one place.

But first things first…

Why is Payroll Such a Pain?

The ability to pay your team on time (and in full) and to file your payroll taxes is the mark of any professional business owner.

Therefore, you’d think it wouldn’t be such a hectic process, right? Wrong! Many business owners still find payroll a hassle.

The question is: Why?

Well, first things first, business owners can have a difficult time figuring out how to pay their team the right way. And that can be a time-consuming process. As an owner, you are responsible for ensuring that your employees are paid fairly and accurately, as small mistakes can lead to significant accounting issues and unhappy employees.

In the ever-changing world of U.S. payroll tax laws, regulations, and compliance standards, owners must keep up to date with all changes to avoid getting into trouble with the IRS.

On top of all this, if owners don’t have all accounting and payroll information available in one place it can be difficult to see an overall picture of business health — leaving room for potential errors and discrepancies in business planning.

If only there were a simple (yet intuitive) way to run all your payroll tasks in one place — making the process as painless as possible.

Well, you asked. And FreshBooks answered.

In 2024, U.S business owners can ring in the new year with a full-service payroll solution in one single platform.

Say Hello to FreshBooks Payroll

In January 2024, FreshBooks is launching an embedded, that U.S.-based business owners can add to their monthly subscriptions. FreshBooks will expand its payroll capabilities in partnership with Gusto, an industry-leading provider of HR and payroll technology.

All the tools you need for payroll and beyond, effortlessly contained in one place.

Since 2017, FreshBooks and Gusto have worked side-by-side to empower businesses with comprehensive, integrated solutions that are both time-saving and problem-solving for users. And we’re bringing that same energy into 2024.

We’ll see you there.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

What a busy year it has been for the FreshBooks Accounting Partner Program! From start to finish in 2023, we’ve dedicated ourselves to building out the software platform with innovative features and enhancements for everyone who uses FreshBooks, but with a particular focus on what accounting professionals want and need.

How did we know what you needed? Well, we asked. We’ve been all over the U.S. and Canada, in person and virtually, to talk to accountants, bookkeepers, and other financial professionals to find out what they (you!) need and want.

Then, we got to work delivering new and improved features. Each one has been thoughtfully designed with clear goals in mind: To nurture the growth of your accounting practice, streamline your workflow, and elevate your collaboration with small business clients.

And the best part? This is just the beginning. There’s so much more on the horizon for 2024!

But first, let’s recap some key launches and updates you might have missed.

Collaborative Accounting™ Certification

In October, we launched , a game-changing way of working that builds trust between you and your clients. By integrating technology and workflows, this framework empowers your clients to handle pre-accounting tasks like project management and invoice and payment tracking and enables you to focus on providing high-value advisory services.

The new Collaborative Accounting™ certification program is a unique opportunity to elevate how you work with your clients. It offers hands-on experience using FreshBooks and includes practical strategies and resources for you and your clients.

Dive into the engaging, 4-hour self-directed and earn valuable CPE credits. Once you complete it, you’ll be a FreshBooks-certified Accounting Partner, with access to exclusive perks like discounts on plans for new clients, priority support from our dedicated team, and more.

FreshBooks Academy

The brand-new is your personalized center for continuous professional growth. You’ll discover a wealth of resources there, including the Collaborative Accounting™ certification program, office hours events, and product resources.

And there’s more in store for 2024. We’re already working on adding even more interactive events and e-learning sessions to enrich your Collaborative Accounting experience and keep you at the cutting edge of accounting and financial management.

The Accountant Hub

Meet the , a new command center just for accounting professionals within the FreshBooks platform, designed to simplify how you manage your FreshBooks practice and make your client setup and onboarding a breeze. The Accountant Hub is available to all accounting professionals at no extra cost—all you need is a FreshBooks account.

Inside the Accountant Hub, you have a dashboard where you at a glance and easily invite clients and their teams. You can create your client’s FreshBooks account from the Accountant Hub, set up their customized chart of accounts and expense categories, and much more. It’s everything you need to streamline your workflow, all in one place.

New Chart of Accounts

The FreshBooks chart of accounts saw some massive upgrades this year that have the potential to transform how you work with clients.

Customizable Chart of Accounts

No two clients are the same, and neither is their chart of accounts. Within FreshBooks, you can now precisely how you need it so it aligns with each of your client’s unique needs. Following a successful beta in 2022, we went all in and launched this feature for everyone in February 2023.

Journal Entry Report

A comprehensive list of all manual journal entries recorded to the chart of accounts is key for reconciling transactions and performing detailed financial analysis. Now, you can run a Journal Entry Report for any specified date range at the click of a button.

Multiple Income Streams

We’ve added something special for FreshBooks Plus, Premium, and Select plan users. (Need to upgrade your client’s plan? Do it easily in the Accountant Hub.) You can now , diving into the nitty-gritty of the P&L and balance sheet, giving you and your clients a clearer picture of where their business stands.

And another little gem: You can directly assign specific items or services to individual income accounts. It’s a fantastic way to uncover which income streams are the real moneymakers, enabling you to offer strategic, data-driven advice to your clients.

Cash-Based Balance Sheet

Understanding the diverse needs of your clients, we’ve added a cash-based filter to the FreshBooks Balance Sheet report. This much-requested feature is a major improvement for businesses that operate on a collected or cash basis, allowing for accurate financial reporting and making tax time less stressful.

Enhanced Transaction Management

Based on feedback from our Accounting Partners, reconciling transactions is no one’s idea of a party. So, we’ve implemented two big changes that are huge time-savers for transaction management.

Automated Expense Matching

Reconciling transactions from multiple sources was once a challenge, but not anymore with our updated Receipt Scan and Bank Transaction Matching feature. Now, transactions from bank imports and are synchronized. No matter what the source, when you upload an expense that matches an existing expense or bill, FreshBooks immediately displays potential matches. This effectively removes the inconvenience of duplicate transactions, making your accounting workflow smoother and more efficient.

AI-Powered Expense Categorization

We’re also using machine learning to revolutionize expense categorization. A new AI model for expense categorization helps to minimize errors and mismatches in bank reconciliation—especially useful if you rely on bank imports. At this writing, this new feature is in performance testing and rolled out to 10% of our users. We’re excited about its potential and plan to roll it out to all users soon, following successful performance testing.

FreshBooks in Spanish

¿Habla español? In 2023, we added a new language setting to provide a translated version of FreshBooks into Latin American Spanish. This update transforms the FreshBooks user experience for Spanish speakers, for everything from in-app navigation to client email communications.
It’s a significant step towards providing a seamless and fully integrated experience for Spanish-speaking accounting firms and their clients, allowing them to handle accounting tasks with greater confidence and efficiency.

We’ve also introduced an advanced layer of language customization exclusive to our Premium and Select plan users. This new feature allows you the flexibility to personalize the Spanish defaults directly in the Email Templates section under Email Customization. This feature is all about making FreshBooks even more user-friendly and adaptable to your unique business needs.

Syft Analytics Integration

FreshBooks is dedicated to expanding our suite of integrations so you have the tools and resources you need to improve workflow efficiency for both you and your clients.

A key addition this year was an , a move that upgrades your data analysis and reporting capabilities. This integration unlocks all functionalities within Syft, providing you peace of mind with robust security measures and enhancing your ability to deliver valuable insights to your clients.

Syft Analytics offers a range of features, including everything from detailed report generation to intuitive data visualization with graphs and dashboards. It enables you to create key performance indicators (KPIs) and build integrated forecasts, further bolstering your strategic planning abilities. Its consolidation tool is particularly noteworthy, allowing the merging of multiple entities, managing eliminations, and supporting an extensive range of currencies (170+ to be precise).

What’s Next? Look Forward With Us

As we turn our gaze toward the upcoming year, our commitment to being more than just an accounting platform continues to strengthen. At FreshBooks, we see ourselves as your dedicated partner, fully invested in evolving to support every aspect of your growth. Our aim? To be here for every milestone in your accounting firm and every client you collaborate with.

We want to make FreshBooks the best solution possible for you and your clients. But we can only do that with feedback from accounting professionals like you. Or, even better, with feedback from you! Learn more about the benefits of the , and join a community of progressive accountants and bookkeepers changing the industry.

Here’s to growing together in 2024 and beyond!

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

Imagine you are a salon owner planning on expanding your hair salon. You have limited space, and you aren’t sure whether to add another chair or add more space for hair care and other product sales.

So, what do you do? Let the data decide! Take a look at your income statement to see which income category generates the most revenue. With a quick glance, you see that service sales vastly outpace product sales. Bingo. Expanding your team and adding another chair is the way to go.

You can then decide to expand your product line because product sales are easily outpacing service sales.

When you can quickly and accurately assess how each of your income categories is performing and adding to your bottom line, you can make more informed decisions for your business.

To help with that, we’ve improved our feature set to allow customers to easily categorize their invoice income. It gives you and your accountant more control over your income accounts so you can refer to them when you need more detailed information on revenue.

What Is an Income Statement?

An Income Statement (also called a Profit and Loss report) is a snapshot of your organization’s financial performance. It shows your revenues, expenses, and net income over a period of time. With the correct details, the income statement can be a valuable tool for your business by providing insights into what areas you can improve and where your business excels.

An Income Statement shows your organization’s:

• Revenue from selling products or services
• Expenses to generate revenue and manage your business
• Net income (or profit) that remains after your expenses

What Are the Benefits of Multiple Income Categories?

The more complex your business, the more important it is to add multiple categories to your Income Statement.

If your organization has many products and services or multiple locations, your reporting should be more granular, with different income categories.

For example, A Breath of Fresh Hair is a salon. Its Income Accounts might be:

• Product sales
• Services sales

The Write Stuff, by contrast, sells one thing—copywriting services. They are just fine with the default Income Category and don’t need to break down their income into more detail.

How Can You Edit Your Income Accounts?

You can add income accounts in FreshBooks through your Chart of Accounts, which is available on Plus, Premium, and Select plans. If you’re not on one of these plans but want to customize your Chart of Accounts, you can easily and quickly .

Below, you will find steps on how to add an income account.

To Turn On Advanced Accounting

1. Log into your FreshBooks account
2. Click on Settings in the left navigation
3. Click on Accounting under Advanced Preferences
4. Toggle on the Turn on/off Advanced Accounting toggle

To Add an Income Account

1. Click on Accounting in the left navigation. Then click on Chart of Accounts underneath.
2. Click on More Actions and add New Account.
3. Select Account Type and Account Subtype.
4. Enter an Account Name and edit the Account Number if desired. You can also include a description to clarify what you will use this account for.

*Owners don’t need to turn on Advanced Accounting to categorize their items and services in custom Income Accounts. Their accountants create a custom income account, and the owner can then categorize their item/service in that income account.

To Assign an Item or Service to an Income Account

To assign an item to an Income Account:

1. Go to Items & Services
2. Click on an existing item or service
3. Choose the Income Account that’s applicable

Do You Have to Add Multiple Income Categories?

Nope, you don’t! You may find the pre-populated default income category is all you need for your specific business, which is fantastic!

However, as your business expands or changes, you may need more flexibility in how you report your income. You or your accountant may want to add income categories to report how well each aspect of your business is performing so you always know what’s the most profitable.

If You Need Help, FreshBooks Is Here

If you have any questions about this feature, don’t hesitate to . We’re here to help!

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

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Google Calendar helps you track, log, and bill for client meetings automatically.

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Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

Once the clock strikes Q1, tax season is dead ahead. Or, as accounting professionals call it, game time.

The accounting busy season is like the Super Bowl meets March Madness meets Boston Marathon. You need strategy, endurance, and the best advice you can get.

Speaking from their own experiences, here are tips from FreshBooks Accounting Partners on staying sharp, working smart, and finding motivation during the busy season.

Plan Ahead and Start Early

Every athlete will tell you that success starts long before game day. That’s why the best plan is to have a plan, which includes getting everything you need in place as early as you can.

Most accounting professionals start tax season prep at year-end to help clients wrap up one fiscal year and move on to the next. One of the best ways to make every tax filing process routine is to use checklists.

This and comprehensive list of the will help you build a solid game plan before it’s crunch time.

Set Boundaries

Setting boundaries with clients can feel kind of formal, but it’ll go a long way in helping with your time management. Having rules of engagement also makes for a healthier and more functional relationship for you and your clients.

Managing client expectations is a crucial part of . It helps you avoid dreaded scope creep and starts the moment you and continues throughout the entire customer lifecycle.

During busy season, the last thing you need is more work on your plate. Be clear and kind (but firm) with your clients about what’s expected. Let them know the and communicate your expectations clearly before, during, and after tax season.

Many accountants outline their planned tax season working hours, including when they’ll check incoming communications and answer questions.

Lashanda, a bookkeeper and FreshBooks Accounting Partner, stays on top of things by being clear about her tax season work hours. She sets additional boundaries for herself by only working on tax returns until a set time.

“I am only available to my clients from 9 to 5 on Mondays to Fridays,” says Lashanda. “I will only answer clients within those hours and will work on returns up until 9 p.m. It’s best to have a cut-off, or you will neglect other duties such as family, self-care, etc.”

Work Smarter, Not Harder

Building out your tech stack can help you cut down on how many hours you work in a week. FreshBooks Accounting Partners and the greater accounting community have plenty of tips on using a range of technology tools.

“I use and to keep me on track and set habits for things that just need to happen, like time blocking around meetings and decompressing right after,” says Megan Justice, founder of .

Develop an effective accounting workflow to help you earn back precious time and keep your focus on higher-level tasks and advisory services. Using accounting software like FreshBooks gives you and your clients a leg up with a central source of truth for business finances. like Tallyfor and Gusto are other tax season lifesavers for you and your clients.

eliminates up to 90% of your manual data entry by automating book-to-tax reconciliation. tracks your payroll incomes and deductions, including payroll taxes, making tax preparation faster and easier. For businesses with W2 employees, , powered by Gusto, was released in 2024 as an add-on to your FreshBooks subscription. Look for enhancements to FreshBooks Payroll, including processing payroll for contractors.

Put First Things First

It’s called the accounting busy season for a reason. No matter how much planning and prep you do, chances are that you’ll be faced with distractions. Prioritizing the things that matter most is a great way to manage your time to avoid working more hours than you need to.

“When prioritizing the most important activities, I made a list of everything I do in a day,” said Cason Benham, CPA, and FreshBooks Accounting Partner. “Then I removed all nonessential activity that didn’t add value to my life. For example, instead of scrolling on social media, I go to the gym or play tennis.”

Get Advice From Trusted Peers

The ups and downs of the busy season rollercoaster can get a little lonely. But it doesn’t have to be! Reaching out to peers helps you connect, problem-solve, and, most importantly, know you’re not alone.

Accounting is not an easy job. Tax laws are some of the most complex legislation, and these regulations are constantly changing. Having a sounding board keeps you from working in a vacuum.

“There are some things that I just need to talk through with others,” said Rebecca Kittel, owner of . “Otherwise, I can waste so much mental energy on what was really a 5-minute task.”

You can search #TaxTwitter to get advice, voice frustrations, or share a few cheesy accounting jokes. Explore LinkedIn, FaceBook, Instagram, and other social media platforms to connect with your peers.

Joining connects you with close-knit peer communities.

Prioritize Mental Health

During tax season, taking care of your mental health and are just as important as tackling your to-do list. When you burn out, no one wins. Not you, your family, your clients, your friends—not anyone. Make time for the activities that help clear your mind and maintain a sense of stability.

“I still make time to walk away from office work,” shares Rebecca Weingartner, founder of . “It’s good to take opportunities to step away and connect with nature or other living beings. Whether it’s walking the dog or grabbing a coffee with

Find Your Balance

Whether it’s your first busy season or you’re a seasoned professional, working longer hours over the busy season can take its toll. Eventually, you may get to a point where you realize you need some extra help—from your team or even from someone outside the profession.

“For maintaining work-life balance, many years ago, I went from working 12-16+ hours a day to working around 8–9 hours a day,” said Cason. “I realized that I needed to surround myself with strategic partners (i.e., lawyers, CPAs, etc.) to outsource some of the work and then hire assistants to prepare the routine work that didn’t require advanced experience and technical knowledge.

After implementing this change, I found an extra 5–6 hours in my day to spend on everything else that wasn’t work-related. Meanwhile, the business grew really well each year.”

Schedule a Break After the Busy Season

Give yourself time to . Taking a vacation improves your health and helps you return more refreshed, mindful, and productive. It even . When you’re back from your vacation, the post-tax season is also a good time to work on your professional development and earn CPE credits.

Get Ready to Do It All Again Next Year

Once you’ve made it through your busy season, . Evaluate your workload and identify friction points that made it hard to get things done.

Set yourself up for a less stressful busy season by finding ways to address those pain points throughout the year. If you struggled to get clean data from your clients, then it might be worth looking at options for how to help them manage their books better throughout the year. Or, if time was your biggest enemy, it might be time to think about growing your firm and hiring more employees. Whatever solution you choose, you’ll be glad you did when the next busy season rolls around!

This post was updated in March 2024.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

As a business owner or independent contractor, you understand the importance of accommodating your clients’ preferred payment methods. Dealing with a diverse portfolio of clients means you encounter a range of payment preferences, from traditional checks to online transactions.

To simplify and streamline the payment process for you and your clients, FreshBooks has introduced Bank Transfers (aka Automated Clearing House or ACHΩ payments). By accepting Bank Transfers (ACH payments) with FreshBooks, your clients can send payments in seconds, and you can say goodbye to manual payment tracking and time-consuming trips to the bank.

What Is a Bank Transfer (ACH Payment)?

Bank Transfers, or ACH payments (which stands for Automated Clearing House), allow your clients to transfer money online from their bank to yours. ACH in particular connects financial institutions across the U.S. for seamless transfers.

Are Bank Transfers (ACH Payments) Secure for My Business and My Clients?

Yes! The ACH network, which facilitates Bank Transfers through FreshBooks, follows strict security protocols to ensure the integrity and confidentiality of the transferred funds and all sensitive information.

These transfers use encryption, which protects the information sent between banks and keeps it private and safe. Additionally, ACH transactions require strong authentication to ensure only authorized individuals can initiate or approve payments.

The ACH network has built-in security measures, like firewalls, to prevent unauthorized access. Moreover, there are regulations in place to ensure that financial institutions take the necessary steps to protect customer data.

By using ACH transfers, small business owners can have peace of mind knowing that their payment transactions are secure and their sensitive information is well-protected.

Why Should I Enable Bank Transfers (ACH Payments)?

Here are some great reasons:

• Only a 1% flat fee, lower than a credit card payment
• Get paid 2x faster than by check
• More flexibility and convenience for clients
• No setup fees, monthly fees, or minimum charges
• A good, reliable option for recurring payments

How Long Do Bank Transfers Take?

Good question! Bank transfers are often completed in 1 business day. But they can take up to 5 days, depending on which payment gateway you use and how long it takes the financial institution to process the transaction from your bank account.

How Do I Enable Bank Transfers (or ACH Payments)?

To enable Bank Transfers:

1. Log into your FreshBooks account and click the gear icon in the top left corner.
2. Click on Online Payments Settings. Here’s what it looks like in-app:
   
3. Click Get Started with Online Payments and then click Continue
4. Verify your email, business information, and add a bank account
5. Now, you’ll have the option to accept Bank Transfers on an invoice

You can also enable ACH payments directly on an invoice:

1. Click on the right of the invoice.
2. Select the checkbox beside ACH.
3. Click Done. That’s it!

Here’s what it looks like in-app:

Note: to be able to accept Bank Transfers (ACH), you first need to set up Online Payments. You can .

How Do ACH Transactions Work?

ACH payments are similar to bank transfers or wire transfers (the sending of money from one bank account to another). So let’s say a client wants to use ACH payments on an invoice. When you send the invoice out to be paid, your client can provide their bank account information to you (their account and routing number) and sign an authorization for ACH transactions.

Then, when it’s time to pay, your bank will send their bank a request to transfer the money they owe from the provided account. And the two banks will then communicate to ensure that there are sufficient funds to process the ACH transaction into your bank account (similar to a direct deposit).

All of this is done through the Automated Clearing House network, which handles the transactions for a variety of banks and financial institutions.

Need Help With Bank Transfers (ACH Payments)?

If you have any questions about getting started with Bank Transfers or ACH payments (like how to set up ACH payments, what are the ACH transaction fees, or how exactly do ACH payments work) feel free to .

Plus, learn more about accepting online payments with , , and .

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This post was updated in September 2023.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

FreshBooks releases new features and updates every month – designed to make accounting even easier for your business. And this post is the best place to check in on all the latest changes.

January 2023

Change Time Zones for Both Your Business and User Accounts

Work with team members in different parts of the world? You can now adjust the time zones associated to both , as well as . This allows employees to log time entries in their time zone, and have it reflected in yours.

Easily Update Business Information From Within Documents

While on an Invoice, Estimate or Proposal, you can now hover over your Business Details and click on the Edit Business Information button to change your details directly inside a document.

Show or Hide Your Phone Number and Address on Documents

On Invoices, Recurring Templates, Estimates, Proposals and Credits, you can now show or hide your Business’ Phone Number and/or Address.

🇬🇧 VAT Filing Is Now Available to Those on a Flat Rate Scheme

Making Tax Digital for VAT allows you to submit VAT Returns digitally to HMRC using FreshBooks. And now, the integration is available to businesses on a Flat Rate Scheme.

February 2023

Create Custom Due Dates on the iOS App

You can now create a custom invoice due date via the FreshBooks Mobile App for iOS – giving you more control over how and when you get paid.

Easily Share Invoice Links From the FreshBooks Android App

Need to send an invoice link on-the-go? The Share Link now generates a shorter unique link on the FreshBooks Mobile App for Android.

When Exporting a CSV, Address Line 2 Is Now Included

If you’re exporting a list of Clients or Vendors, the second address line is now included if it has been filled in. This will make your CSV exports more detailed and accurate.

March 2023

Payments Are Now Easier to Create and Edit

We have made improvements to the input fields on Payments, making them easier to deal with when creating or editing.

Track the History of Your Documents More Accurately

When viewing the history on an Invoice, Estimate, or Proposal, the year is now displayed next to any date stamp if the event did not occur in the present year.

Track Your Team Members’ Capacity At-A-Glance

As part of Project Profitability, you can now set your Team Members’ and track the utilization rate on the .

States and Provinces Are Now Abbreviated on Documents

If the Country is set to Canada or the US for any address, the Province or State is automatically abbreviated (two letters) on Invoices, Estimates and Proposals.

The is now updated to reflect all functionality while creating or editing Invoices on the FreshBooks Mobile App for iOS.

April 2023

Find Potential Expense Matches for Scanned Receipts

If a matches the Date and Amount of an existing Expense or Bill, this is flagged as a Potential Match for you to attach the image to instead.

Change the Date Your Calendar Week Starts On

You can now choose whether you want calendars to start on Sunday or Monday in your account. Just go into the to make the change.

Assign Income Accounts to Items & Services

Items & Services can now be assigned to Income Accounts in your Chart of Accounts. This will make it easier to more accurately track all your numbers.

Payments and Partial Payments Just Got Easier on iOS

Set up online payments and manage them in the new , as well as accept partial payments while creating or editing Invoices on the .

May 2023

Easily Search Through Bank Transactions

You can now by amount, date, or description. This will make it easier to find the entry you’re looking for.

Specify Currency When Importing a CSV for Expenses

When importing a list of Expenses, you can now choose the format your currency is in. It’s a small change that will make it easier to organize all your numbers in your preferred currency.

Address Line 2 Added to CSV Imports

When importing a list of Clients or Vendors, Address Line 2 can now be included in the CSV file.

Updated Invoice Options Menu on the Android App

The options menu is now updated to reflect all functionality while creating or editing Invoices on the FreshBooks Mobile App for Android.

June 2023

Add Your Team for Free on FreshBooks

Add Team Members as to store their information at no extra cost.

Multi-Language Emails Templates

Email Templates can now be customized in other languages based on your Client’s language. Email Template defaults are provided for French and Spanish (Latin America).

Use FreshBooks in Spanish

In your Account settings, you can now choose to use your FreshBooks account in Spanish and as the default language for all Client communications.

Accountants: Manage Clients More Easily With the Accountant Hub

Easily add clients, manage their books, and toggle between client accounts from one central location with the free FreshBooks .

July 2023

FreshBooks in Spanish on Android

Set your Android device to , and the FreshBooks Mobile App for Android will be displayed in Spanish.

Balance Sheet in Collected (Cash-Based)

You can now run the .

August 2023

Archiving Income Accounts

When , Items and Services will be reassigned to the Sales Account under the Revenue Parent Account instead.

Updated Business Switcher

The  now includes links to the Accountant Hub and Developer Hub, as well as updates to support keyboard navigation.

Time Format

Choose to have your time displayed in 12 hour or 24 hour format in your  settings.

September 2023

Verify By Code

When signing up for FreshBooks, you have the option to  by code or by email.

Accountant Hub Log in to Client’s Account Opens in Frame

When using  as an Accountant Hub user, the Client’s FreshBooks account now opens in the same window in a frame.

Estimate and Proposal Share Links

Send Estimates and Proposals using  to share outside of email.

October 2023

FreshBooks in English (Canada)

In your , you can now choose to use your FreshBooks account in either English (United States) or English (Canada).

Updated Profit and Loss Report Filters

View a breakdown of your Income by Transaction Type or by Account on the .

November 2023

Updated Navigation and New Settings Section

In Beta: The navigation experience has been updated along with a new Settings page for all business settings, and a new top menu for account settings.

Retained Earnings on Balance Sheet

Retained Earnings is now displayed on the Balance Sheet.

Coming Soon

FreshBooks Payroll powered by Gusto

In Beta:Businesses in the US can sign up for  and payroll for employees, file payroll taxes, and maintain labor compliance.

Interested in trying FreshBooks Payroll? Join the .

For a full changelog and list of upcoming releases check out our .

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.

Our view at Stack - Freshbooks simplifies accounting for solo business owners, freelancers, and small companies. Intuitive, easy-to-use, and affordable. Manage payments, expenses, invoices, and accept payments seamlessly.

In a perfect world, every project would go off without a hitch. You deliver great work, and your customer pays the invoice straight to your bank account. But in reality, working with different on different projects makes every invoice a little different too.

Sometimes a client wants to pay for your work before you’ve even created an invoice. Other times you may want to reward a loyal customer with a discount on their next invoice. And sometimes, you need to refund a client after an invoice has been paid (for a customer overpayment).

To help with all of this, FreshBooks just launched the new feature. It’s a powerful addition that allows you to track overpayments, refunds, and discounts, and easily apply them to invoices, so you know exactly how much a client owes.

What Are Credits?

Credits allow you to track prepayments and overpayments from clients, that you can easily apply to future invoices. This allows you to keep track of discounts, refunds, and service credits.

Why Should I Use Credits?

Credits are a great way to ensure you’re tracking every transaction between you and your clients – even when you don’t have an invoice created.

It also allows you to build better relationships by offering discounts, service credits, and even refunds for your work – so you can be more flexible with your payments.

It also allows you to carry forward a credit balance for any subsequent invoice payment – making a potential invoice payment on a future invoice super easy for you and your client.

How Do I Create A Credit?

Creating a Credit is simple:

1. Log into your FreshBooks account
2. Once on your Dashboard, click Create New in the top right corner
3. Select Credit
4. Choose a Credit Type
5. Click on Add a Client to choose a Client
6. Click on Date of Issue to change the date if needed
7. Click on Add a Line to add Items or Services you’re giving a credit for
8. Click Save to create the Credit, or click Send to email it directly to your Client

That’s it. Plus, once you’ve created a Credit, you can then View, Edit or Delete it. .

How Do I Apply a Credit to an Invoice?

After creating a Credit, you can quickly apply it to an Invoice:

1. Click Invoices in your left navigation
2. Click on the Invoice you want to apply the Credit to
3. Click on the More Actions button
4. Select Add a Payment
5. If there is Credit available, it will automatically be selected for you
6. Add Payment Notes if needed and click Add Payment to finish

 

Note: If a client has a Credit tied to their account, you’ll have the option of automatically applying it when creating your next new invoice for them.

Plus, when you run a you can match any existing Credits with your bank transactions (so that your bank account and FreshBooks account are in line).

What Types of Credits Are There?

There are 3 types of Credits that you can create on FreshBooks:

• Prepayments: For when a client has prepaid for a service, before an invoice has been created (think of it as an advance payment)
• Overpayments: For when a customer overpays an invoice, and you want to carry the amount forward (for use on a future invoice)
• Credit Note: For when you want to apply an offer, service credit or refund for a client

Wait: How Are Prepayment Credits Different Than Deposits?

Prepayment Credits can be used when a client voluntarily pays for your product or service ahead of time. can be used when you ask for on a specific project.

What Else Can Credits Do?

Credits are also directly linked to each of your client’s Account Statements. This makes it easier for you to keep track of all Credits and credit balance tied to specific clients, so you’ll know exactly where they stand financially. This makes it easy to ensure your accounts receivable is accurate for each customer account.

Alternatively, you can run a Credit Balance Report to see any balances, credits issued, and applied amounts tied to a particular client. Here’s what it looks like:

If You Need Help, FreshBooks Is Here

Your business’ success is always top of mind for us. So if you have any questions on how to use Credits, or anything else, our support team is here to help.

Ready to use Credits? to learn more or !

This post was last updated in December 2022.

If Freshbooks is of interest and you'd like more information, please do make contact or take a look in more detail here.

Credit: Original article published here.