FreshBooks is an accounting software that comes in handy for accounting solutions. This guide is somewhat close to FreshBooks review and I’ll be explaining two of its most helpful tools for bloggers and freelancers to save time and money.
Let me explain it to you What FreshBooks is and how it can be helpful to bloggers and small business owners like you and me.
Whether you’re a blogger, freelancer or running an online business you have to deal with many payment related tasks such as blogging expenses, billing, accounting and tracking the ongoing deals with clients.
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And these payment related tasks demand the huge amount of time to complete and this completion are essential too because all these tasks are the backbone of your business.
So till now, to complete these tasks you might be having some spreadsheets on your computer in Microsoft Excel or in a form of some other files.
But the problem is you have to fill all those details manually each time and sometimes you have to put some mathematical formula which is something unusual for some people.
So, to overcome all these time-consuming accounting tasks here I’ve got you very helpful accounting software i.e. FreshBooks.
(This post contains affiliate links it means if you click and purchase something from that link, I’ll be compensated by the merchant, but you will not be charged extra for this, this could be a huge support to me from your side, Thanks)Freshbooks is a cloud-based accounting software serving more than 10 million businesses worldwide. Click To Tweet
FinancesOnline has reviewed FreshBooks features and tools and has given a great rating and declared FreshBooks as a number 1 accounting software. See the image
Undoubtedly, FreshBooks is a newbie friendly accounting software to manage expenses and billing moreover FreshBooks can
- Create and send professional looking invoices in less than 30 seconds.
- Set up online payments with just a couple of clicks and get paid up to 4 days faster.
- See when your client has seen your invoice and put an end to the guessing games.
So I hope you have got an idea about how FreshBooks can be helpful to your business.
FreshBooks is already amusing bloggers and online marketers with its exceptional tools like easy invoicing, expense tracking, time tracking and project management and none the less FreshBooks business name generator tool help you come up with an awesome business name which reflects your business and services.
FreshBooks Double Entry Accounting
Double Entry Accounting-
Double entry accounting is a type of accounting that accountants and bookkeepers use to manage and track their accounts.
If You ask me to explain this complex accounting in a simple language then I would say, in this type of accounting each financial transaction gets two entries one in a debit and other in a credit.
To make it more understandable, let you buy a camera for your photography business, then your purchase will be tracked as a credit for the cost and debit for the new asset you own i.e. camera.
Since in this way every transaction is double tracked hence you can have a more advanced and more insightful accounting in your hand.
So, this is what called a basic overview of double entry accounting.
Now let me introduce you with FreshBooks new Double Entry Accounting Features:
As a blogger, Freelancer or small business owner I know how complicated it could be to keep and track all the financial transaction in a professional way.
To overcome such hurdles many of us hire professionals and accountants on higher prices to keep our accounts on track.
On the other side many bloggers, Freelancers are using FreshBooks to complete the same tasks without the help of any professional.
Double Entry Accounting Features:
1: Other Income– I have listed this feature at the first just because it is the type of income we bloggers/freelancers earn most often.
Like affiliate commission or a bonus for extra services are categorized under “Other Income”.
Since these are not regular income hence you can list this income in “Other income column”. So you don’t miss out from what you bring in each year exactly and you better have smooth tax time.
2: Accountant access- You can allow your accountant by creating a personal profile to your double entry accounting tools only without giving full access to your Freshbooks profile.
This feature allows you both to intercommunicate on your financial position and help you take better decision for the future.
3: Charts of accounts- It’s more than an organization tool. It allows you to lists all the accounts records in your general ledger.
Furthermore, you can create categories and subcategories and define more values for better understanding.
4: General Ledger- a General ledger is a tool that holds all the financial transactions of your business.
It’s just like a master accounting which tells you about your initial progress, present life of your business and can help you make decisions for the future.
5: Cost of Goods Sold- As a blogger, I often need external help from Freelancers to complete particular tasks. It could be hiring graphic designers or some services.
When you purchase such type of services for particular tasks then these are known as COGS and it should be categorized differently so you aren’t taxed on them.
6: Bank reconciliation- Sometimes you faced some manual and offline transactions that don’t reflect into your bank account and hence not in FreshBooks. But you must add these entries to keep your accounting up to date.
Bank Reconciliation tool is a gateway to add such entries and keep your accounting healthy.
7: Balance Sheet- If you want to look at your business’s financial position at any time then balance sheet is what you would want for a long.
It is a place where you can find about all your assets, liabilities, inventory and a lot more.
You can also find the overall health of your business by looking at your earnings over time.
8: Trial Balance- Trial balance is what you can call a checklist of your financial entries. And for a healthy business, the total of debit balance should be identical to credit balance and Trial Balance reports can bring both the totals in front of you in moments.
If totals are not equal and if an error tracked then you can easily fix that error, simple accounting is that.
So, FreshBooks’s Double Entry Accounting is a full feature packed tool to simplify accounting for small business owners.
FreshBooks Expense Tracking Feature
To be frank, most of us manage our monthly expenses in the same way that is we use to have a box full of monthly expenses slips, bills and invoices. So at the end of the month, it becomes a tedious task to manage and sort out all those invoices and bills in various categories moreover all this process consume a huge amount of time.
- So to save your time and money FreshBooks expense tracking tool comes in handy.
When you log in to your FreshBooks Dashboard you will be having an easy to navigate dashboard on your screen. On the left side, you will be having all the shortcuts to jump over various places like invoices, client, expenses, project and time tracking section.
Among all these head over to expenses section (as indicated by “1.”)
Here you will have various functions and links like in the image below,
Whenever you have a new expense to list then you can create that from “New Expense” as indicated by “2.” (I’ll guide you how to create that later in this post).
You can also connect your bank account to import all your expenses done from a credit card or direct transfer. (When you click on the link indicated by “3.”)
If your bank account is connected with FreshBooks Expense tracking tool then it will import all your expenses done from that account and will sort out those expenses with their respective categories like grocery, electricity bills, transportations, child education, policies etc.
So at the end of the month, you would be having an advanced spreadsheet through which you can analyze your expenses easily and you will be having a quick look at your tax status.
Now, let me guide you how to create an expense which gets done offline and not from a bank.
When you click on the link “New Expense” you will be shown a pop up like in the image below,
Here you have two ways to create an expense. If you have an expense slip received from the grocery store or somewhere else then click on “Select a file” here you can upload the picture of that particular slip (if you are using FreshBooks app then you can take the snap of that expense slips).
After uploading slips, FreshBooks advanced system will sort out all those expenses with their respective categories (no need to do it manually).
It’s a great time saver.!
The 2nd way, if you don’t have any slip to upload and have some expenses to list then you can create it manually.
For this, head over to “Choose a Category” (indicated by arrow “2.”)
Here FreshBooks has already listed all the possible categories of expenses. After this select the expense date and type the name of vendor & expense’s description (vendor name will automatically be saved for the future references) and now put the grand total of this expense at the bottom of the slip and then save it.
Additionally, I want to draw your attention towards the expense settings at the right panel of this form through this you can modify the expense’s type.
If you have any monthly subscription of some services that monthly charges you then you can make it recurring and by doing so, you don’t need to create this expense manually in future. FreshBooks automatically create this expense every month for you.Thus you can track all your expense and stay organised for tax time with FreshBookClick To Tweet
Again, a great time saver!
Now, it’s time to look on
FreshBooks Business Name Generator Tool
No doubt all the tools of FreshBooks are invaluable to run any business smoothly without lifting finger, but I personally love its Business Name Generator Tool to discover the most innovative business name for my clients.
Let me show you how I discover new and awesome names.
Head over to Business name generator tool page of FreshBooks, you will see the page like the following image
When you click on the button “Let’s get started” FreshBooks will ask about the niche of your business and suggest you 4 broad niches, here you have to select the one in which your business can be listed easily.
For example, I would like to start a blog so it falls somewhat under creatives and marketing
Now on the next page, FreshBooks will ask you about a keyword that you want to include in your business name or in your next domain like I want to include “Blogging” word in my new domain
On the next page, FreshBooks will suggest you the most innovative and a fresh batch of names which you can select for your new business.
Somehow If you don’t like the suggested names you can ask for more suggestions by clicking on a link “Show me more names” (Indicated by “2.”).
- Apart from this if you are not finding a good match and want to change your main keyword then you can go back and change your main keyword from the link indicated by point “3.”
After performing all the steps I have found a new shiny blog name i.e. “Blogging Infinity” which I can put in my new domain to start a new blog.
Note: Namecheap is a best, cheapest and reliable domain registrar. You can buy a new domain from Namecheap for as low as $0.88/year.
Undoubtedly, FreshBooks is an advanced and cheapest invoicing and accounting solution for small business owners that make billing painless.
If you are a freelancer, blogger or a creative who offer a variety of services and dealing with various clients then FreshBooks can be a blessing for you as it will take care of all your accounting solutions.
Apart from the expense and name generator tools, Freshbook offers tons of other features to manage your clients persona and invoices.
None the less FreshBooks blog is always a great learning resource for self-employed creatives.
In this fast-paced internet era, many of us find less time to stay organised with billing and expenses.
To avoid such painful accounting many business owners used to hire accountants to manage their accounts for higher fees but when they know that they can do all those accounting tasks themselves for a fraction of those accountant’s fees they quickly jump to use that tool.
And this is the Impact of FreshBooks on more than 10 million business owners who are using FreshBooks for their accounting solution.
If you are using FreshBooks then let me know what feature of FreshBooks impressed you a lot.
If you have not tried it yet and want to try it, then I highly suggest you try 30 days free trial offered by FreshBooks to my readers (No credit card required when signing up).
I’m sure you will amaze with FreshBooks newbie friendly but most advanced accounting tools.
Where to go from here:
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Over To You
Use the comment box and let me know how do you find this FreshBooks breakthrough helpful and what FreshBooks feature helped you in your business.
Do let me know If you want me to write more about FreshBooks and its other tools and features.
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