This post contains affiliate links. If you click them, I’ll be compensated.
Ask most small business owners what part of their job is the worst and I bet they’ll answer “Accounting!” I know that’s been the case for me, trying to keep everything organized for the blog. In the past, my system has been a combo of some hard copy mixed with online records (a typical yet very inefficient jumble). Receipts have inevitably been lost, costing me extra time and money!
After a recent strategy session to streamline my work responsibilities, I decided to take the plunge and get a good cloud accounting program called FreshBooks.
FreshBooks was originally created as an invoicing service, but it’s grown to include expense and time-tracking—valuable features that promote productivity while reducing waste.
The invoicing system is very user-friendly, even if you’re not techy. Using their templates, you can create professional-looking invoices complete with your own logo. When you’re ready to bill, simply send the invoice via email, download a PDF or print it with a single click. Clients can pay right from the invoice—even on a mobile device. Recurring invoices are even easier: auto-bill a client’s credit card so you never miss a payment. It works for any currency, so working with international clients is not a problem.
One feature I really like is the invoice history. Some clients are notoriously slow to pay and this allows me to see when/if it was viewed, then send a gentle reminder if needed.
Making the switch from paper to cloud can feel daunting at first, but the results were totally worth it. Instead of keeping huge filing cabinets, I now snap a picture of receipts/documents right onto my phone. Instead of guessing, I’m certain where the money is thanks to a customizable Expense report. I’m able to get a lot of work done on-the-fly rather than being stuck behind a desk.
FreshBooks users now have the ability to set up online ACH payments. (ACH is an acronym. It stands for Automated Clearing House. The Automatic Clearing House is a system that serves a network of financial institutions by helping them transfer funds electronically.) ACH payments are pulled directly from one person’s account and sent to another. It removes the check or card payment that usually serves as an intermediary step in the payment process.
Payments are processed in 3-5 days, eliminating long wait times for checks to clear. The fee is also super affordable—only 1%. Freshbooks will automatically mark the invoice as paid once the ACH transfer is made.
ACH is currently available only in the United States. Learn more about how ACH and FreshBooks can simplify your business here.