FreshBooks – send and manage invoices online
Found In: Business
Business is at the core of humanity, and operating small businesses in all their possible incarnations is at the core of the human spirit. Even in Communist countries like China, that is only a title given to a political party; China runs because of the many tens of millions of small businesses providing the goods and services that other people need. Since the era of agriculture sweet the world, and hunter gathering methods waned as the principle method for sustaining people, there have been businesses to cause the fair exchange of goods and services from the excesses gained by the division of labor into its specializations to pass those excesses to those who needed them. America could not be America without small business, and small business is the largest employer, and the most flexible of all structures to handle the constant state of flux that is always in motion in every economy.
People enter their chosen business for a variety of reasons, but at the end of the day, after taking account of any feelings of love for what they are doing, all businesses do seek to operate efficiently, effectively and at a profit. IF for no other reason than long term sustainability, all businesses seek to maximize their opportunities and to reduce their vulnerability to risk in whatever market place they are operating. And whilst all this is true, about ninety per cent of small businesses fail in their first five years of existence. It is when the reasons that most of these businesses fail are studied that some interesting facts come to light. The single greatest reason for business failure is the proprietor’s failure to maintain proper sets of accounts. Without accurate and timely accounts, business owners have no way to know how they are tracking in the market place. Cash flowing in and out of a business is not at all related to profits; it relates to cash only. It is easy to go bankrupt while making substantial profits if the sales are on such credit terms that there is not enough cash coming in. It is just as easy to be bleeding with losses at an alarming rate and yet not know it when inputs to production are paid on account and sales are all made with cash payment.
All businesses need to use an accounting system so as to maintain an accurate and up to date set of books. This is critical to meet the onerous demands of government which demand their statutory fees get paid, irrespective of the low quality of services they provide. And whilst it can be a very boring undertaken to administer the paperwork, rather than dealing with the more exciting side of business like making things and interacting with customers, the simple fact will always remain; without a proper set of accounting books kept up to date, all businesses are flying blind, and that almost never does this mean they are sailing blindly into extra and unexpected windfall profits. Almost certainly they are losing money and just don’t know how much or at what rate.
Freshbooks is built Around Invoicing and Cash Flows
Freshbooks is a online web site business that seeks to take all the drudgery out of keeping sets of books for small business. By being an online web site, users can log in from anywhere. Whilst all the paper records are probably stored at the business, nothing prevents the business owner from login in later at night from home to run through the accounts and to appraise themselves what those key and critical areas they need to know about.
The beauty of Freshbooks is who easy it is to set up a customer record. Once this is done, it is just as easy to enter a customer order, and so it follows that when this order is fulfilled, with the click of a button that customer is also invoiced, and they are invoiced by email. Email is fast, traceable in terms of proving delivery and free. Invoicing is the heart of the Freshbooks accounting system. It drives everything in the system, and also forms the back bone of a Customer Relationship Management (CRM) system because it keeps permanent record of all customers and their transactions with the business. And with Freshbooks, your clients can login to your system to review their own history of the trading relationship, and they can pay you online to settle their current account quickly and efficiently.
Freshbooks is Online, to get Paid Online
Freshbooks is all about billing clients in ways that are quick and easy. Unlike QuickBooks and other accounting systems, where there is a large number of things to set up just to do one thing, with Freshbooks it all flows simply and directly to you being able to invoice the client. Time and expense reports are easy to pull into the invoice. You can easily integrate Freshbooks with all the major online payment systems including Paypal, Authorize.net, iTransact, 2CO, First Data, and PSiGate.
Following up on outstanding debts owed to the business is simple and straight forward with Freshbooks and it is a simple matter to set up Freshbooks to automatically send reminders on a set time cycle of your choosing. This saves a lot of time and improves cash flow. In any event, with only the click of a button it is easy to see what the total outstanding debt position is.
As a full complement accounting system, Freshbooks also easily handles all your incoming invoices so that you can keep on top of the expense side of the operation. Suppliers to the business will love the convenience of getting paid promptly online, and most will give settlement discounts to encourage that. Government’s demands for statutory reporting and taxes are all part and parcel of the Freshbooks system too.
And if this were not enough, Freshbooks is fully capable of assisting with quoting on new business, as well has handling all matters pertaining to time sheet accounting.