Question

How can FreshBooks software be used in accounting department?? Explain.

Answer 1

FreshBooks tracks invoicing for small businesses and freelancers.

FreshBooks offer built-in time tracking capabilities that are helpful for project and case-based businesses where employees track billable hours alongside other project expenses. The dashboard and project views of these hours help you keep your entire project and individual employees on the right task at the right time. Depending on the size of your team, you’ll likely import this data into your accounting system once compiled.

FreshBooks also includes customizable invoice design and a click-to-pay button for online invoices. The invoices pull data directly from the timekeeping feature, where you can mark your hours as “billable,” and they’ll immediately show up on your invoices. Automations include recurring invoices and automatic invoicing of billable hours, as well as follow-up emails for overdue payments.

FreshBooks is mostly focused on invoicing and payment collection, so you may have to purchase/connect to another accounting system anyway. That said, it does offer special expense features like receipt tracking, project time tracking, and sales tax management. FreshBooks doesn’t provide accounting in the form of fully automated balance sheets and the like, but if you want to put in some work, you can enter your own data to fill out balance sheets. This can be time-consuming, depending on how many clients and projects you run at a given time.

FreshBooks includes many integrations, but these target more freelance and small business markets. Connect your app to human resources and tax filing tools for small businesses to round out the payroll-tax-invoicing circle.

FreshBooks reporting centers on profit margin, and their central dashboard shows your periodic input vs. output. Because FreshBooks works best as an invoicing and time tracking tool, the reports focus on payment collection and a couple of tax-related reports. The software has filters to help you build more granular reports, and some of the reports are time-based to help you stay on top of your payments due.