2018 has been quite the year for FreshBooks updates! Here’s a look back at everything new and improved to FreshBooks this year.
At FreshBooks, we’re always listening to customer feedback in order to improve and build new features to help you pursue your passion.
In 2018, we’ve done you proud, shipping many new landmark features, as well as ongoing improvements. Let’s take a peek at some of the new and improved features we added to FreshBooks this year to help make accounting and invoicing a little bit easier.
With a few weeks left in 2018, the busy elves in the FreshBooks workshop might have a few last-minute things up their sleeves. Stay posted to see what else we magic up!
New: Industry Standard Double-Entry-Accounting
Feeling like you’re starting to think beyond the day-to-day of running your business? We’re proud to announce a new option for FreshBooks customers: Industry standard double-entry accounting to help grow your business. [Learn More]
Since November, FreshBooks’ double-entry accounting functions have seven new features that are part of the industry standard system. You can find more detailed information on each of them here. It includes:
- Cost of Goods Sold (COGS): Associate expenses with the costs required to deliver your service to clients.
- Other Income: Record and track the income you receive outside of your invoices in FreshBooks, so all your income is in one place.
- General Ledger: It’s a complete record of all the financial transactions of your company throughout its life.
- Trial Balance: A statement of all the debit and credit balances in your chart of accounts. Any disagreement in the totals will show an error so you know what to investigate.
- Chart of Accounts: A list of all accounts that help you categorize the transactions of your business. It helps you keep all your financial information organized in an accountant-friendly way.
- Accountant Access: A personalized login for accountants for easy collaboration and data sharing so they can access all of the information they need to provide you with clear insights about your business’s performance.
- Balance Sheet: A full aggregate record of your business’s finances, including assets, equity and liability, so you know whether you’re in the red or black. You can see trends over time and compare performance in different time periods to determine the true health of your business.
New: Advanced Payments
Imagine getting paid instantly. It’s now possible with the Advanced Payments add-on that includes Virtual Terminal and more. As of August, it’s now available to all new FreshBooks users. For $20 / month (plus 3.5% + $0.3 per transaction), you’ll get a Virtual Terminal to securely store credit card information and charge clients instantly over the phone, in-person or on-the-go.
Using the Virtual Terminal, you can process payments on the spot. Without leaving FreshBooks, simply enter your client’s credit card information to process a one-time payment or save for future, recurring use.
Most importantly, this is a PCI-compliant way of keeping your client’s data sage and ready to use when you need to. [Learn More]
New: Mark Time as Unbilled
While it might seem like a strange concept, marking time as unbilled can be helpful to either fix a time-tracking admin error or have the option to rebill a client for logged time again. This small enhancement helps you spend less time keeping your records organized, for tax season and beyond. [Learn More]
New: Import Expenses AND Clients from CSV
Since April, expenses can now be imported in bulk with the CSV file import option. Now you can easily stay on top of your expenses that don’t already sync automatically into FreshBooks. [Learn More]
Naturally, in May, we also made it possible to import clients in bulk with any CSV file. Now it’s a cinch to keep your client records up-to-date. [Learn More]
New: Revenue Streams
With the addition of Other Income, we also added the ability to see your total profitability on a simple, color-coded graph on your dashboard: Enter Revenue Streams.
Now you’ll be able to know exactly where your invoice and non-invoice revenue is coming from, so you can easily spot trends and make more informed decisions on how to grow. Strategic decision-making just got a little bit easier. [Learn More]
Improved: Navigation Bar Optimization
The navigation bar in your FreshBooks account just got a mini makeover. This is all in an effort to give you, the small business owner, a more organized way to find the reports you need as we continue to add more key features in the future. [Learn More]
Improved: Roster of Partner Apps and Integrations
We’re always adding to our list of partners to enable self-employed professionals, like you, automate more of your workflow.
Improved: Uncategorized Expenses Filter
To help you save time organizing your expenses, you can now use the search box to filter by Uncategorized expenses. No more headaches trying to track down those rogue receipts. [Learn More]
Improved: Managing Clients’ Automatic Payment Details
Want to keep you invoicing quick and accurate? As of late September, you can now edit your client’s credit card on auto-bills.
In just a few clicks, you can create an invoice that will get automatically sent to your client. Plus, you’ll now have the option to include an automatic payment so your client doesn’t have to enter their credit card info every single time. [Learn More]
Bonus: These saved credit cards are also now visible in the Client Profile, which you can add and remove as needed.
Improved: Invoice Bulk Actions
Invoicing in FreshBooks just got a whole lot speedier. These new bulk actions mean you can spend less time on manual work, and who wouldn’t love that? As of July, you can perform the following bulk actions: Print, Send by Email, Mark as Sent and Download. [Learn More]
Improved: FreshBooks Mobile App
You already use the FreshBooks mobile apps to send invoices, capture expenses and check-in on your business from anywhere. But with these new features, your pocket-sized secret weapon just got an upgrade. Whether you’re an iOS or Android user, we’ve added a few updates to the FreshBooks mobile apps.
iOS Mobile App Updates
Bulk Actions on Invoices
As of August, you now complete invoice bulk actions from your phone, such as Delete, Archive and Mark as Paid. No need to move to your desktop. [Learn More]
If you usually invoice from your iPhone, this automation update will save you tons of time. Since August, you can simply rebill a client instead of creating a new invoice. Be sure to change the reference number though to stay organized. [Learn More]
Late Fees and Reminder
As of June, you can now add late fees and reminders to any invoice from the iOS app. This new update means you can enjoy more freedom to work anywhere and even avoid awkward client conversations. [Learn More]
Android Mobile App Updates
Reference Numbers on Invoices
You can now view the Reference Number (PO Number) associated with the Invoice and even add one during Invoice creation. [Learn More]
Now you can simply rebill a client so you don’t have to create a brand-new invoice. Don’t forget to change the reference number to keep you records organized. [Learn More]
Improved: Team Invites
To help make project management less painful, in May we refined team invites so it only takes a few clicks to add a single person to multiple projects.
Plus, FreshBooks will even pre-populate an email so you can get started on billable work right away. [Learn More]
Improved: More Languages Added
With FreshBooks used in over 120 countries, we wanted to make sure we improve the user experience for people working in all languages. That’s why FreshBooks now supports 12 languages, including:
- Spanish (Latin America)
And, of course, we will work on growing this list in 2019, so more people around the globe can use FreshBooks with ease. [Learn More]
Looking Ahead to 2019
We’re always innovating FreshBooks and always want to hear from you, our customer, on how we can continue improving into 2019.
If you have questions about the FreshBooks or anything else, our award-winning Support Team can give you a hand at: firstname.lastname@example.org or 1.866.303.6061.
about the author
Lisa is passionate about small business success, having managed funding programs for hundreds of Canadian start-ups and entrepreneurs. She is presently Senior Content Marketing Manager at FreshBooks.