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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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