Automated Bank Reconciliations
Reconciling your books with the bank regularly eats up time — yet all you’re doing is making sure numbers match up. You could spend that time better on mission-critical projects if you could somehow automate your bank recs.
FreshBooks lets you do that. Once you import transactions from your bank, FreshBooks suggests transaction matches that you can approve with one click or edit in case there are errors.
You can create a summary report for these and export it to Excel as well.
Billing and Invoicing Features
FreshBooks is best known for its wealth of invoicing features, especially its invoice customization. You can change the currency and language if you’re working with customers or clients in different countries.
Additionally, you can create recurring invoices to collect payments from routine clients or customers. For example, freelancers can use this feature to automate payment collection on retainer contracts.
Lastly, FreshBooks lets you set automated payment reminders and toggle automatic late fees if your clients/customers don’t pay on time.
Freshbooks isn’t just great for getting paid — it also helps you track what you owe to others. You can view bills you owe for a much easier bookkeeping experience on the accounts payable side of things.
Do you have an accountant that needs to access your software for tax purposes? Or perhaps you have a bookkeeper keep your accounting records straight for you?
Fortunately, FreshBooks offers accountant access for all plans above Lite. You can add or revoke accountant access as needed.
Freshbooks offers you the ability to generate several types of reports, such as Profit and Loss statements, accounts agin reports, tax summaries, expense reports, invoice details, and more. You can sort and filter by various factors to get the exact data you need.
You can save these reports, export them to Excel, and even print them out to keep a hard copy.