When running a small business online, we might want to use FreshBooks. FreshBooks is one of the best invoicing software available. There are so many companies are using this software for invoicing and accounting.
Last week, they have released a new feature for improving their overall software. It’s Double-Entry accounting. In this post, we are going to share the FreshBooks’ Double-Entry accounting features that you need to know!
FreshBooks’ Double-Entry Accounting Features
Double-Entry accounting is an industry standard method. It’s widely used by bookkeepers and accountants. They use the Double-Entry accountant to track and manage a business’s financial records.
There are 8 main features are available in the Double-Entry accounting.
Accountant Access
An accountant or bookkeeper can simply access the FreshBooks records. Also, they will be able to print the records or export the records to an excel format.
By using the Double-Entry accounting, you will be able to invite professional accountants. They will be able to create a profile and manage your FreshBooks’ Double-Entry tools.
Chart of Accounts
The chart of accounts will assign every single account in your General Ledger and sub-categorize them. Also, you will be able to add or remove accounts. If you are detailed in the chart, the accurate data will get.
Balance Sheet
A big picture snapshot contains the company’s assets, liability, and equity. By analyzing the balance sheet, you will know if you are on a red or black zone.
From there, you can also see the lifetime earnings. See if your business is healthy or not.
Bank Reconciliation
Linking a business bank account or credit card is pretty easy in FreshBooks. By using the Double-Entry accounting, you can collect payments automatically to your FreshBooks account!
Bank Reconciliation is something like a checklist that helps you to analyze the records and make sure that it is up to date.
Retainers
I get it. Invoicing is an awesome way for recurring income. On top of that, the team got released a brand new feature called retainers which will help you to do more than just invoicing. it is an awesome expansion for the core software.
But, only available with plus or premium plans. In a nutshell, most freelancers are working on an hourly basis. Let’s say that you have someone who pays you $100 a month. And you are working 10 hours a day for his project. When you got some over works, let’s say 17 hours a day, the retainer will help you!
Wondering how? The system will notify about the additional hours and you can simply bill for those extra hours! An awesome feature for every freelancer who needs something more than invoicing!
If you need to learn more, see our post about FreshBooks and retainers.
General Ledger
In General Ledger, you can see the complete accounting record of a company. It is divided into 3 types.
- Assets.
- Liability.
- Equity.
It will give us a clear understanding.
Cost of Goods Sold
Cost of Goods Sold is also known as COGS. You need to categorize COGS differently than the expenses. Let me tell you what does this mean.
Suppose you have a client who needs to create a logo for his business. If you are not good with logo designing, probably you may want to hire someone who knows Adobe Illustrator.
You pay the expert for creating a logo. That’s COGS. It appears on a separate line and appears to reduce your overall income.
Other Income
Do you have any other income?
If you are a blogger, probably you may have an affiliate or any related income. It’s a good option to track it. This is the feature that you want for proper tracking!
Trial Balance
Most businesses are using Trial Balance at the end of the month. It will help them to figure out the credits and debit align. If you have got any type of error, you will be able to fix it right using the form.
Credit balances are listed in one column and the debit balances are listed in another.
Probably Double-Entry accounting will help your business to make better decisions for the future.
Integrations
You can integrate FreshBooks with so many other platforms. Some of our favorites are
- G Suite.
- MailChimp.
- WordPress.
- AWeber.
- Zapier.
- Trello.
- Shopify.
- WooCommerce.
- Wufoo.
and much more… By integrating with your apps, you can get better results and also it will save you a lot of time!
FreshBooks Pricing
At this time of writing, they have 3 pricing plans. On top of that, they are offering a 30 days money back guarantee. Their current plans are
- Lite – $13.50 per month – 5 clients.
- Plus – $22.50 – 50 clients.
- Premium – $45 – 500 clients.
On every plan, you will be able to send unlimited invoices! Also, you will be able to customize your templates to look more professional, accept credit cards and get payments faster than we expected and more features…
If you are not happy with the purchase, you can simply ask for a refund. They will give your money back! So, it is 100% safe to try FreshBooks.
Visit FreshBooks
You can visit the complete features from below!
We hope you found this post helpful learned more about FreshBooks’ Double-Entry accounting feature. If you did, please consider sharing this post with your friends and fellow bloggers on social media.
For more related posts, you may want to check out our blog section. If you are looking for the best WordPress themes for your business website, see the complete list of best WordPress theme shops in 2019.
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Summary
FreshBooks is an awesome invoicing and billing software for small businesses. They have released a new feature called Double-Entry accounting and in this post, we are going to talk about it.
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