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4 Accounting Software Features You’re Not Taking Advantage

Guest Article If you use accounting software every day to handle your books, on top of managing the day to day operations, you might not be leveraging all the features that will ensure your business is optimizing cash flow. Any accounting software has an accounts receivable (AR) module that can improve collecting payments from clients. Common pain points of the entire AR process can be avoided by simply using your current accounting software to it’s fullest capacity. Many small businesses struggle with collections, that combined with a lack accurate accounting records, and you’ve got a mess on your hands. There are four accounts receivable functions you likely already have in your software and once activated they can make big difference to the bottom-line. Recurring Billing Support Recurring payments are common. If you are in a situation where you can set up recurring payments for clients via ACH debits or some other electronic method, you should do it. It helps promote higher collection rates while minimizing the time spent on future collection efforts. If you’re providing good enough services/products to your clients, you’ll want to ensure their payments are coming in on time, so you can spend more time focusing on running the business rather than dealing with collections issues. Billing/Collection Email Integration If billing your customers isn’t as simple as you’d like, then you’ll need to establish some level of a billing and collections process. If a customer’s due date is arriving, you’ll want to send a reminder email. If they’ve paid on time, they will likely desire an invoice. If they have not paid, you’ll have to begin the dreaded collections process of sending past-due notices. Leverage your AR software to create and send emails. It will go a long way toward improving your collections process. This eliminates the need to copy data from the program and paste/attach it into an email. The ability to have this communication at your fingertips as soon as you need it will let you breeze through any reminder emails or Invoice-paid emails that you provide to a client as a courtesy. Your AR…

Approachable Accounting: FreshBook’s New Take on Small Business Accounting

FreshBooks , has traditionally offered a very SIMPLISTIC cash flow process to small businesses. It’s evolving and is now introducing a full-blown “industry-standard, double-entry accounting” via the FreshBook’s platform, with a TWIST. Double-entry Accounting (Just in case you are wondering what it is!) Double-entry accounting is a standard industry practice that balances cash transactions across two or more accounts: a reduction in one account (Expense) will balance an increase in another. Thus, the accounts are always kept balanced. If you want a deep dive into this practice, read about it here. Approachable Accounting: The Customer-Centric Approach FreshBooks has introduced a standard industrial double-entry accounting for such business owners who are great at running the business operations but not necessarily great at accounting. Although they have introduced a standard industry practice, they have turned it more towards the business owner & adhered to their trademark simplistic & no-frills approach. Therefore, they have branded their platform as “Approachable Accounting”. FreshBooks, unlike other cloud-based accounting software solutions, revolves around the business owner & makes the process “easy-to-understand” & “easy-to-practice” for him/her. So, FreshBooks Platform has stripped off the conventionally used heavy, complex accounting algorithms and focused on integrating a user-friendly simplistic outlook. FreshBooks approachable accounting is an easy, simple, seamless & non-intimidating process that helps you in recording not only your day-to-day transactions, invoices & costs but also in keeping an account of liabilities and assets. FreshBooks offers a warm & inviting interface that allows you to integrate all your finance related data seamlessly into the system without having to bother about the complex accounting practices. At the back-end, FreshBooks algorithms are tirelessly at work, doing all the essential, complex calculations for you, so that you are on top of all your financials including tax time, invoices, cash transactions & beyond. The “Approachable Accounting” Features The Core Accounting Features –The Invoice-based Transactions The following 3 double-entry accounting features make up the backbone of FreshBook’s accounting engine & maintain all the records for you while you remain free to on running your business: The Chart of Accounts: This is the list of accounts your…

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