2019 has been an eventful year for FreshBooks updates! Here’s a look back at everything new and improved.
At FreshBooks, we’re passionate about building out new features to help you run your small business as efficiently as possible. When we’re not doing that, we’re listening to your feedback in order to improve existing features.
Throughout 2019, the elves at the FreshBooks workshop have been busy delivering many new landmark features, as well as ongoing improvements. Let’s take a peek at what’s new and improved to FreshBooks this year. And with a few extra weeks left in 2019, who knows what else we might magic up!
New: Same Day-Deposits
2-5 days is a long time to wait for client payments. Plus, the strain on your cash flow can make it difficult to focus on delivering amazing work.
So, we’ve introduced Same-Day Deposits to help you get paid faster and quash cash-flow problems. If you are a U.S.-based customer using FreshBooks Payments with a Chase bank account, you can now access funds the same day your client makes a payment, subject to daily cut-off times. [Learn More]
New: ACH Payments
Want to give your clients the option of paying by bank transfer? If you are a U.S.-based customer, your clients paying in USD can now use Automated Clearing House (ACH) payments.
With ACH payments (aka bank transfers) funds are automatically deposited into your bank account and marked as paid in FreshBooks. [Learn More]
TIP: This payment method is ideal for large invoices since the transaction fee is low, at only 1%. So, you keep more of your hard-earned income while offering your customers even more choice.
Are you looking to work more efficiently with your clients and team? With Retainers, you’ll be able to bill your Client for a fixed amount upfront, as well as track hours against the allotted time.
Not only will this feature help you collect recurring client payments, but you’ll be able to set clear client expectations, avoiding the dreaded scope creep. [Learn More]
TIP: Retainers is only available on Plus and Premium plans.
New: Manager Role
Have you considered hiring or promoting an employee to help share the responsibility of managing day-to-day tasks? Now with the new Manager role, you can give your right-hand person access to all the tools and non-financial reports they need to help you run your business.
Once you assign a team member as a Manager, they can help you manage Invoices, Retainers, Estimates, track time and review project performance. Plus, Managers can access non-financial reporting, keeping you up to date on performance. (Don’t worry – you’ll still maintain exclusive access to your financial information). [Learn More]
TIP: My Team will be accessible from the main navigation menu, so you can quickly view your team members and manage their workflows.
New: Google Sign-In
Forget about remembering millions of passwords. Whether you’re signing up for a free trial—or logging in for the 1,000th time, all you need to access FreshBooks is your Google Sign-In.
Google Sign-In eliminates the need for you to create FreshBooks credentials and verify your email when you create a new FreshBooks account. If you already use FreshBooks and you have a Google account, you can log into FreshBooks using the Google Sign-in one-click process every time. [Learn More]
TIP: You have the option to add multi-factor authentication to your account. This enhances security and limits or revokes data access to third-party sites and apps.
Improved: Bank Reconciliation
Matching up your account entries is now possible with Bank Reconciliation, a recent addition to our suite of industry-standard double-entry accounting features.
Not only will setting up bank reconciliation keep your books up to date, but you can stay even more organized by automatically marking transactions as Transfer, Owner’s Equity or Expense Refund. [Learn More]
TIP: Use the Bank Reconciliation Summary to see how organized your accounts are and what remaining transactions need to be matched against your Bank Reconciliation.
Improved: Client Hub
Now you can manage everything related to your client all in one place thanks to the newly updated Client Hub. Here’s a summary of what’s been added:
- Create Invoices, Expenses, Estimates, Proposals and Projects using the Create New button
- View all information related to your client including Invoices, Retainers, Expenses, Estimates, Time Tracking, Projects and Reports.
- Keep your clients up to date on progress with Account Statements, Invoice Details report and other reports, as needed.
Get ready to save time and strengthen client relationships with Client Hub. [Learn More]
We want to make it as easy as possible for you to get a quick snapshot of the health of your business. So, we’ve updated the following reports to do just that!
- Profit and Loss (P&L) Report: Want to display the monthly totals on your P&L Report, without exporting? Simply filter by month (or a group of months) and then click the Enlarge button, in the top right corner. You’ll now see a landscape view of your P&L Report with all the months visible. [Learn More]
- Client Account Statement: Want to provide your Clients with a list of outstanding balances and history? Now you can, by sending them a Client Account Statement within their profile. [Learn More]
- Expense Report: To make the Expense report more scannable, we’ve added a grand total section for all Expenses. [Learn More]
- Revenue by Client Report: Trying to determine which clients are your most profitable? You can now sort the Revenue by Client Report by Organization, Primary Contact or Total columns. [Learn More]
- Accounts Aging Report: Wondering who hasn’t paid up? You can now sort the Accounts Aging Report by Client or Total columns. [Learn More]
Managing your invoices will be easy peasy with these new improvements:
- Description column added
- Issue Date and Due Date columns combined
- Recurring Template or parent Retainer links now available
- Partial payments now show the remaining balance on hover
TIP: Whenever a new Invoice is created, your Terms, Online Payment details and Due Dates will instead default to the same settings from the last invoice created.
Improved: Expense Tracking
Want to make those pesky (but unavoidable) admin tasks faster and more efficient? We’ve updated our Expense feature so that recording and tracking are more streamlined.
- Expenses will now be listed in chronological order on the Invoice when re-billed.
- The Expense creation date will be automatically added to the beginning of the Expense description.
- Generate Invoice has been added to Bulk Actions for Expenses.
- Quickly create new in-line expenses or edit existing ones using the + New Expense button.
Improved: Additional Partner Integrations
At FreshBooks, we strive to carefully curate complementary apps and integrations that help you take efficiency to the next level. Here’s a list of some of our recently added integration partners:
- Dropbox: Tired of jumping between your Dropbox and FreshBooks apps when doing your expense tracking? Save time with the FreshBooks Extension integration on Dropbox, by sending your scanned expense receipts in Dropbox directly to FreshBooks. [Learn More]
- Gusto: The Gusto payroll integration setup and management function are now easily accessible in the main navigation of FreshBooks. You can now access your Gusto account and modify any integration settings, all from one place. Once connected, you can run payroll and review payroll expenses straight from your FreshBooks account. [Learn More]
- Hubspot: Get ready to seamlessly manage your clients. FreshBooks directly integrates with HubSpot, a marketing, sales and service software that helps business owners manage and build better client relationships. [Learn More]
- Plaid: This one’s for our UK and Irish customers. You can now connect your bank account to FreshBooks via Plaid, which is Payment Services Directive 2 (PSD2) Compliant. [Learn More]
Looking Ahead to 2020
We’re always innovating FreshBooks and want to hear from you, our customer, on how we can continue improving into 2020.
If you have questions about FreshBooks or anything else, our award-winning Support Team can give you a hand at: email@example.com or 1.866.303.6061.
Prefer to figure things out of your own? You can always check out our FAQ pages.