FreshBooks has added even greater functionality to its invoicing and accounting software designed for small businesses. It will now offer bank reconciliation and double-entry accounting to help its fastest-growing customers.
The package now includes a General Ledger, Chart of Accounts, Accountant Access, Bank Reconciliation and a host of other new features to enable growing service-based businesses to scale. FreshBooks says it will let businesses work seamlessly with an accountant and be 100% tax time ready.
FreshBooks is also beefing up its appeal for freelancers and business owners just starting out, allowing them to track their time and manage their receivables. This new advanced accounting functionality will live in the background of the software, ready for the business owner or their accountant to access when needed.
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Small business appeal
“We understand that small business owners went into business to serve their clients and do the work they love - not to learn accounting,” said FreshBooks CEO and Co-founder, Mike McDerment. “Our team is proud to have added greater functionality to FreshBooks that will help our customers accomplish even more, on their terms, without adding any unnecessary complexity.”
A new report from FreshBooks shows that accountants and bookkeepers recognize that complex accounting software is a huge problem for small business owners. The report shows that almost 70 percent say that small business owners find accounting software intimidating, and 83 percent say it’s typical for small business owners to make mistakes when using it. It’s no surprise then, that so many small business owners don’t use accounting software at all.
“Small businesses that send invoices have unique needs that are hugely underserved by the accounting software market. FreshBooks focuses on these businesses exclusively because we believe that by trying to serve everyone, you serve no one,” said McDerment.
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Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he's been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom's Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he's not working he's usually out and about on one of numerous e-bikes in his collection.