If you are like me, invoicing, billing and money management are not your favorite tasks. But if you like having the Internet, paying the mortgage and eating regular meals, sending invoices to clients and collecting payment is one of the most important things you do each month.
I found that out the hard way. Early in my freelancing career, I created my invoices in Microsoft Word and sent them by U.S. mail.
There was no tracking of who was invoiced and who paid or who paid late. I didn’t notice that a client had not paid me for two months until my bank account was overdrawn!
That was it! I needed an invoicing system. That’s when I started using Freshbooks.
FreshBooks is an easy-to-use invoicing software. It is cloud-based, so your invoices are available anytime and anywhere. From your desktop, laptop, smartphone, and your tablet. There are also IOS and Android apps for your mobile devices.
Invoices and Payments
This frees up so much time each month. Now you don’t have to spend as much time sending out monthly invoices or late payment notices.
One of the best things I like about using FreshBooks is that I can see when a client logins in and views his invoice.
Clients receive an email with a link to their invoice and payment history. There they are given payment options. Freshbooks offers API options for several payment options, including PayPal, Stripe and other payment gateways. Credit card and PayPal payments are automatically entered as paid.
When you receive a check for payment, simply click on the invoice and enter the payment amount. You have an option to send the client an invoice saying that payment has been received.
- Customized Invoices
- Online Payments
- Recurring Invoices & Auto Payment
- Late Payment Reminders
The only drawback I have noticed is clients who pay with a credit card cannot make partial payments. If you charge clients a deposit fee or other upfront payment, you will need to create separate invoices.
Freshbooks also creates simple estimates. While this is not a full proposal or contract, the estimate is a quick way to give a price quote for a project. Again, you set your prices for services or your hourly fee, then create the estimate.
You can send it to a prospective client via email. If they like the estimate, they can approve it and you will receive a notification that the estimate has been approved. At this point, you can turn that estimate into an invoice.
When the tax man comes, he will want to see receipts for all those business expenses you have deducted. Thanks to the paper used today, most receipts will fade away within a month or two. If you are a person who has a pocket full of crumpled business receipts, you will find that they are completely unreadable.
Freshbooks allows you to keep a record of your business expenses. There is a long list of basic business expense categories, but you can also create your own.
Tip: Take a look at the tax code for your area and create categories for deductions and expenses that apply to your particular business.
You can create recurring expenses and with the mobile app, you can take a photo and attach it to the expense. Expenses can also be billed to a specific client or project.
- Team Timesheets
- Track Unbilled Time
- Different Rates for each Project
Accounting Reports & Taxes
- Profit and Loss
- Accounts Aging
- Expense Reports
- Balance Sheets
- Automatic Secure Backups
Pricing: FREE for 1 client, with limited features. $19.95 per month for up to 25 clients. Other plans include unlimited clients, additional team members and team expense reporting. Try Freshbooks