If you’ve been following me for a while, you know that I LOVE FreshBooks and boast about it whenever I get the chance to.
And now they’ve added AWESOME features, which I needed to share with you all!
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What is FreshBooks?
FreshBooks is cloud accounting software that enables you to invoice customers, record expenses, track your time, etc. In case you missed it, read my review and why I LOVE FreshBooks here.
It has never been easier to whip up and send an invoice, and have it track by client.
Since my last blog post about FreshBooks, they have added a feature called, “double-entry accounting”.
And while I am by no means an accountant or try to be one (which is why I LOVE FreshBooks because it does all the hard and confusing work for me!) they make it easy to understand. Double-entry accounting pertains to the method that accountants and bookkeepers alike use to keep track of finances.
What does this have to do with you? I hear ya. I thought it wouldn’t be useful for me either, but hear me out.
Double-entry pertains to two entries for each transaction. For example, if you make a purchase for your business, it will record it as a debit (money spent on the asset) and a credit (for the cost). By doing this you gain more information and insight for how your money is being used throughout your business. This makes it especially handy during tax time. (Let me not tell you how hard of a time I had filing 2018 taxes, because I didn’t use FreshBooks until the END of the year!)
While this method does seem a little complicated in the beginning, it actually isn’t and FreshBooks will definitely help you out and make it much easier to keep track of!
Who does this double-entry accounting feature benefit most?
I feel that anyone can benefit from this type of accounting, in that it will (automatically) take care of your business finances for you (when inputted correctly, of course). There is nothing better than knowing that you aren’t spending thousands on an accountant when you can spend as little as $15 per month for this service! If you’re a fast-growing small business, this is most definitely the right thing for you! Imagine having all your accounting, financing, time-tracking, double-entry accounting tools all in one place…… can you see it?
Is this double-entry accounting feature for YOU?
Although I can sit here and stress to you that this is the greatest thing since sliced bread, I have to be honest and say that this method may not work for everyone. I can (and will) say that FreshBooks offers free trials, so you really have nothing to lose in terms of trying this out. While double-entry accounting is not a requirement for you or your business, there are many other wonderful features of FreshBooks that I’m sure you will enjoy.
The verdict on double-entry accounting
Being the super OCD organized person I am, double-entry accounting seems to be right up my alley! I was excited to hear about this feature and will definitely be tying this out in 2019. One of my 2019 business goals were to being more organized and efficient in terms of income and expenses (let me remind you of my 2018 taxes ugh) so this feature was rolled out just in time for me! I hope you enjoy it as much as I know I will. Check it out here, and let me know how you like it!