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Nicole Newman is passionate about seeing businesses grow using technology tools that increase productivity. [link widoczny dla zalogowanych] The digital divide is separating the United States into two communities: technology-savvy and technology-illiterate. With a Temple University bachelor's degree in Management Information Systems, she is armed with solutions.
Freshbooks has done it yet again! My last post on Freshbooks talked about the new functionality of uploading expenses. Now, through their great customer service (Thanks Tim!), I can share a workaround to enter revenues that are not received through invoices. A commission check from an affiliate link is one example of this type [link widoczny dla zalogowanych] of [link widoczny dla zalogowanych] revenue. Another example is the commission received in a network marketing business. Through an e-mail, I asked Freshbooks "Hi, I receive checks from some affiliate links on my website. Can I bring them into freshbooks like expenses just a positive balance instead of negative and get considered [link widoczny dla zalogowanych] as additional revenue?" Thoughtful Tim [link widoczny dla zalogowanych] responded to my question within [link widoczny dla zalogowanych] 24 hours. He answered "I'm afraid these checks can't be input as positive [link widoczny dla zalogowanych] expenses to reflect revenue. What you can do is put them down as stand-alone invoices and mark them as paid via check".
1. Create a new invoice and send it to yourself 2. From the list of invoices, check off this invoice and click on the "enter payment" button near the top of the screen 3. In this payment screen, mark down all the details of the check received and click the "save" button". As a quality assurance consultant, I verified the process and would make a few modifications. For monthly checks, set up a client to track all invoices and payments received (just like any other client). Add a task and give the task a flat rate (like 1.00 or 10.00 per hour) and modify the time so the total invoice = the amount of the commission check.
Freshbooks is innovating and continuing to make life [link widoczny dla zalogowanych] easier for business owners! As a consultant for the Urban League Entrepreneurship Center, I have first hand knowledge that the [link widoczny dla zalogowanych] 2 most requested services are marketing and accounting. Just as social media has dramatically lowered the cost of marketing services, Freshbooks has dramatically lowered the cost of accounting services.
Freshbooks was [link widoczny dla zalogowanych] already a great online invoicing and time tracking system. Just recently, they expanded the product line up by including the ability to import EXPENSES! From author Casey McKinnon, Director of Product Management "Do you find logging and tracking your expenses one-by-one tedious? You can now easily import them into [link widoczny dla zalogowanych] Freshbooks so you are ready for tax season and will always know your business' profitability. This makes it really simple to import items from your bank account or credit card statement monthly to ensure your expenses are up to date."
This means that your business can get up to the minute profit and loss statements which are the books needed for loan financing (plus 3 years of tax returns). This comes just in time for tax season - Accountants and Quickbooks beware. As a web-based distribution system, Freshbooks has the upper hand in innovation!
With these simple changes (uploading expenses, exporting expenses and entering additional revenues), the Freshbooks invoicing [link widoczny dla zalogowanych] system has now become the Freshbooks accounting system! Thank You Freshbooks for KISS (Keeping It Simple Stupid)!
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