To stay in business, businesses need to get paid for the products they sell and/or the services they provide. Earlier in the year I wrote about invoicing clients and getting paid on the go with FreshBooks which if you haven’t already read, can be found here.
In the post, it was mentioned that one of the administrative functions that FreshBooks offers besides invoicing is expensing. During the course of business, most will incur expenses as they go along and these will vary from business to business. At the end of the day, it is important to not only know what they but to track and record them accurately. These figures are essential in calculating profit and most expenses are deductible.
The idea of keeping track of expenses may seem a little daunting but FreshBooks makes it easy with the various expense capture tools that it offers. As a start, expenses can be manually entered via their online software or mobile apps. Here you will find a range of categories to which to file the expense as well as options to set recurring expenses, attach receipts or assign them to specific clients.
This works perfectly for me. I have a couple of recurring expenses set up with one of them being hosting and whenever I do work for clients and make purchases such as a software license, I expense it at assign to them straight away.
If manual entry isn’t your thing and you have expenses data in the relevant format, FreshBooks offers the option of importing them via CSV or QBO (QuickBooks Online Bank Statement File) files. There is the option of connecting to your bank account for automatic imports and categorising of expenses but this option is only available to users in North America at the moment.
There really isn’t that much more to say because it is that easy to track expenses with their service. At the end of the day you will be able to pull down an expenses report that will give you a good idea of whats going on in your business, where money is being spent and the status of expenses that have been assigned to clients.
Does expenses and receipt capture with FreshBooks sound like it makes good business sense?
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