Did you know that 40% of small business owners still wait to get paid by check?!?
It’s true. According to Freshbooks research of 10,000 of their client accounts and 2,700 small business owners responses, nearly half of us still wait to get paid by check and 62% struggle to pay our bills. I know. I’m one of them. It’s frustrating waiting for those funds every month. Being a freelancer means there’s no real job stability. I like to know my funds are available as quickly as possible.
Freshbooks makes getting paid faster a real thing for me and loads of other small business owners. Every single one of my clients paid by check between 2008 and 2013-ish. I didn’t know how to offer credit card payments. Now, only a few of my clients bother with checks. Most take advantage of the fact that I can accept credit card payments on any invoice and that they can save their cards in Freshbooks and set up auto-payments. HALLELUJAH!!
New Double-Entry Accounting Functions for all you number nerds.
They just released a whole slew of double-entry accounting functions to help you structure your financial information in an industry-standard format so that sharing that info with your accountant will be super easy.
- Cost of Goods Sold (COGS)
- Other Income
- General Ledger
- Trial Balance
- Chart of Accounts
- Accountant Access
- Bank Reconciliation
- Balance Sheet
Being a freelancer, I don’t have much use for most of those features. I do use the Other Income function occasionally to track income from affiliates and other odd jobs. I also checked out the Bank Reconciliation feature and … BOOM! My accounts haven’t been balanced in … well, they never were. This is so satisfying to do and I feel like I’m actually learning something about accounting. Even though I’ll never understand accounting.
Not sure if any of these are right for you? That’s alright. Let Freshbooks help you figure all of it out and sign up for a free trial here.
How do I send my invoices so that I get paid ASAP?
A great way to track expenses and and income is great. But, how do you decide the best way to get those invoices to your clients? The answer will depend on the type of business you run and the client you’re invoicing for payment. Check out this video by Freshbooks explaining three effective ways to send an invoice and get paid fast.
This is an awesome affiliate post. If you click a link or make a purchase I'll earn a bit of coffee money, which I may even share with you if you schedule a consult. *wink*