How to Manage your Company Finances Using FreshBooks

While most companies acknowledge the importance of drafting a budget for their company, the reality is that planning (and adhering to) the expense plan you have set will never be easy and rarely goes the way you want it to. It is quite normal for any company’s operations that there will always be uncontrollable economic situations and pressing business cash flow concerns that will likely affect your finances and budget.  

Luckily, cloud accounting tools can significantly help you with your budgeting difficulties. Ever heard about FreshBooks and wondered how FreshBooks work?  

FreshBooks is a cloud accounting software used mostly by companies who are just getting their feet off the ground. Lucky, this online tool is particularly adept at improving company invoicing requirements as well as provide financial insights that company owners need. Aside from this functionality, FreshBooks is also recommended for its amazing budgeting features. 

See how FreshBooks may just be the tool you need to help you manage your finances as a starting company: 

Features of FreshBooks 

Expense Tracking 

As a modern cloud solution, FreshBooks is lauded by its users for its expense tracking feature. Through this feature, it is easier for companies to keep tabs on their expenses. Admittedly, it is not easy for the preoccupied business owner to stay on top of his expenses.  

Expense tracking provides a convenient way for business owners to monitor their expenses. In a nutshell, this feature allows business owners to get a clearer picture of their business finances, particularly in terms of business spending. 

Automatic Expense Report 

Here’s another notable FreshBooks feature that has an impact on your business budget: the automatic expense report. This feature can help ease your budgeting tasks by speeding up the process of organizing your business expenses. This feature works well for companies who do not have a lot of time to work on their exhaustive list of expenses. This feature works by automatically helping you generate your expense list in real-time. Simply put, it significantly reduces the time needed to complete your critical expense report, which is indispensable for your seamless budgeting and bookkeeping functions. 

Late Payment Reminders 

To get your finances running smoothly, it is important to ensure a strong credit payment method. While business owners may have different requirements in imposing the most suitable method, you should consider that issuing accurate and timely payment reminders is a vital aspect to the success of this endeavor. With FreshBooks’ late payment reminder feature, you can easily impose a stricter payment method for your clients. By sending payment reminders to your clients, this feature will help you increase cash inflows through a more strategic debt collection program. 

Overall, the foundation of your business lies in how well you manage your finances from the start. By effectively drafting a budget and making use of modern tools to keep that budget on track, you can keep your business cash flow out of trouble. 

Using FreshBooks for your Accounting Needs 

While FreshBooks is great for managing company finances, you should still prioritize employing an accounting team or availing accounting services as your operations expand and your financial responsibilities start to diversify. Expert finance and accounting professionals would not only be able to handle your finances but offer advice, ensure following rules, find ways to save money, and give personalized guidance. While FreshBooks helps with tasks, an accounting team's human skills are vital. They interpret data, make smart choices, and offer solutions for lasting financial success. 

Need help with your Company Finances?  

When it comes to accounting, the services provided by an accountant are imperative. You have two options when it comes to this: hire an in-house accountant or outsource a business accounting service. You can check out our blogs if you want to know more about outsourcing your functions to a reliable partner.  

Need help with accounting for your small business? Check out D&V Philippines' suite of finance and accounting services or you can grab a copy of our whitepaper Outsourcing: How to Make it Work to know how we can make outsourcing engagement work for your growing business.   

This post was first published on 06 November 2014 and edited 19 January 2024. Edited by: Aly Tagamolila