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FreshBooks Double-entry Perks!

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I always dreamed of being a business owner, but what I didn’t dream of was all the accounting and invoicing that is involved with it. It is one of my biggest problems. I hate it…. Up until I started using Freshbooks. 

Freshbooks has been amazing… and puts my mind and finances to ease. Freshbooks has amazing customer service, and their product helps save your time and money! They know how much pain and expenses there are as business owner. It helps you to better serve your customers and be more efficient with your time. 

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Real quick… let’s talk about Freshbooks. They create professional looking Invoices in Seconds. Nothing is worse than getting an unprofessional invoice! FreshBooks makes creating professional-looking invoices for your business so easy and worth it! It’s even simple to create and customize your invoice: add your logo, and personalize your thank you email.Your customers will be amazed. 

Now here are some quick benefits to Quickbooks: save time and accept credit cards on invoices, put your business on autopilot, get paid upfront with deposits, bill for exactly what you’re worth. Doesn’t that make you so happy just hearing those things?? I know it does for me, who has time for extra steps? 

However, I am happy to share with you, their new feature “double-entry accounting.” This is such a great benefit to their program! 

What is double-entry accounting? It is an industry-standard method that bookkeepers and accountants use to track and manage a business’s financial records. 

FreshBooks’ double-entry accounting functions have eight new features that are part of the industry standard system, including Cost of Goods Sold, Other Income, General Ledger, Trial Balance, Charts of Accounts, Accountant Access, Bank Reconciliation and Balance Sheets.

All of that sounds like a headache to me, but it is super easy knowing that Freshbooks takes care of it for me. 

Let’s talk about each item real quick.

Accountant Access: You are able to share your information with your accountant or CPA. It is super easy, and you both can see everything at the same time and same way. It’s a win-win. 

Chart of Accounts: This helps you stay organized and has a complete listing of every account in your accounting system such as assets, liabilities, equity, revenue and expenses.

Balance Sheet: Sometimes we need to have a big picture of our business financial position and this does that for you. You can factor in the company’s assets, liability, and equity. Stop stressing about business finances with this simple snapshot. 

Bank Reconciliation: You will be able to automatically connect payments and income into your Freshbooks account. You will be able to see any new expenses, payments, or income. It helps make sure your records and reports are up to date. 

General Ledger: This tells your business finances story. You will be provided with a complete record of all accounts a company uses. 

Cost of Goods Sold: As a business you will need to get equipment and supplies to run a successful business. However, you might need to get a type a good that is essential such as a particular tool for a contractor for a specific client. This is different than expenses. 

Other income; You might get income from other places, you know those small jobs that you hustle for. You can record the extra ways you make money so that your taxes will be smooth. 

Trial Balance: You will be able to double check your accounting to make sure your list of debits and credits match up. 

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You can always read more about Freshbooks https://www.visions2images.com/blog/2019/1/10/benefits-of-freshbooks


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