A little known gem within FreshBooks is our FreshBooks’ Report Card Service ™ which gives you an analysis of your business, and compares your business to other businesses in your profession.
What you do with your report card is up to you, but the insights you will get from it can help you make important strategic decisions about how to run your business. For example, if you learn that on average people in your profession generated more business from new clients than you did, perhaps it’s time to start marketing your services more effectively? If you take a long time to get paid versus your peers, consider collecting online payments or changing your collection terms.
Industry benchmarks matter because if you don’t have anything to compare yourself to, you are just shadowboxing. Everyone looks good when they are shadow boxing, but when you step in the ring with your peers, it’s another story! You can learn from seeing how you compare to others in your field.
What’s amazing about FreshBooks, is it provides benchmarking data to professionals who can’t get it elsewhere. Imagine you are a dog walker or a web designer? Where do you go to get industry benchmarks? FreshBooks, that’s where.
One of the benefits of FreshBooks is delivered online as Software as a Service. Because the service is used every day by thousands of individual businesses, therefore the data used to provide these industry benchmarks is free from the biases of the usual business surveys.
To be more specific, the data you see above is only from FreshBooks accounts that collect in US Dollars. We have removed the top ten 10% and the bottom 10% of the populations to eliminate outliers that might undermine the accuracy of the group as a whole. Also, we only included businesses we deem to be credible FreshBooks accounts (ie have created a certain number of invoices, have been around for X number of months, etc).
The industry benchmarks posted on these pages are available to everyone. However, FreshBooks users have access to more information through the FreshBooks report card service, and they get the benefit of seeing their own metrics next to those of people in their specific profession - not merely their industry as you see reported above.
All you have to do is sign up for a FREE FreshBooks account. Once you create your account, all you have to do is specify your profession on your company profile page. Once you do that, every quarter you will get your report card. Remember, participation in the report card service is totally optional – if you don’t tell us your profession, you won’t get the benefit of industry benchmarks because we won’t know what it is. So you can sign up for an account if you just want to use FreshBooks to manage your invoices and track your time.