Accounting Partner Program

Top 10 New Product Updates in FreshBooks for Accountants and Bookkeepers

In the event that you haven’t been diligently following every FreshBooks product release and update over the past year, no worries. Here’s a handy roundup of what’s new, like easy-as-pie OCR receipt scanning and a host of bank rec improvements.

And that’s just the tip of the iceberg. We are always enhancing our software. Bookmark this page with the latest FreshBooks updates. You can also check on the latest updates within the software by clicking on the “What’s New” pop-up menu at the bottom right of your dashboard.

1. Automatically Capture Receipt Data (OCR)

Simply snap a photo of the receipt and FreshBooks will automatically log the merchant, totals, and taxes in your clients’ account, using OCR (optical character recognition) receipt scanning.

Or, upload any PNG, JPG, or PDF. Then, your client can easily create expenses and bills right from the uploaded file. Receipt files can be uploaded in bulk, too.

 

2. Bank Reconciliation Made Easier

Ah, bank rec. So important and so time-consuming. FreshBooks’ bank reconciliation tool does a lot of the heavy lifting for you and your clients. We’ve oiled the machine to ensure your bank rec process runs even more smoothly.

Here’s what’s new to bank rec:

• A manual-ad tool for individual transactions that were not imported, to avoid any interruptions in data imports
• The ability to reconcile credits
• Customizable date ranges, to speed up imports

3. New Accounting Reports

Yes, we’ve got a report for that!

Credit Balance Report

Get a detailed breakdown showing the amount issued, applied, and remaining for each of your clients’ customers using the Credit Balance Report.

Accounts Payable Aging Report

Keep track of which vendor bills are outstanding or overdue with the Accounts Payable Aging Report.

Profitability Details Report

Get a better picture of profit margins to share with your clients using the Profitability Details Report. It compares planned costs with real costs, based on Team Cost Rates.

Profitability Summary Report

The companion to the Profitability Details Report, the Profitability Summary Report shows a top-level summary of the data, as well as a breakdown of profitability across all Projects.

 

Recurring Revenue Details Report

Read more about this new report below.

4. Easy Profitability Tracking

Along with two new Profitability Reports mentioned above, we’ve launched a Profitability Graph. It gives business owners an at-a-glance understanding of how profitable each of their clients are.

5. Recurring Revenue Updates

We made some key improvements to recurring revenue features:

• The Monthly Recurring Revenue graph has been updated to reflect actual numbers instead of an average calculation
• The Recurring Revenue Report has been separated into two reports: (1) Recurring Revenue Annual Report, showing your client’s MRR by customer and revenue stream, and (2) Recurring Revenue Details Report, which drills deeper, showing individual recurring templates and retainers for each of your client’s customers

6. Apply Credit to Invoices

While creating or editing an invoice, now, your clients can apply any available credit.

7. Apply Taxes to Expenses in the Mobile App

Do you have clients with business expenses who work on-the-go? With the new “Add Tax” button in the FreshBooks mobile app for Android or iOS, they can automatically calculate and apply sales tax totals for their expenses, on the spot, using their mobile device.

8. Gusto Payroll Integration Enhancements

Simply put, FreshBooks + Gusto = a combo that’s made for small business owners. Gusto makes payroll a snap, and it connects with FreshBooks so all your clients’ info is in one place.

Now, you can import all Gusto payroll runs into FreshBooks as Expenses. Then, you and your client can access payroll runs right from their FreshBooks account.

9. KeyPay Payroll Integration

If you’ve got UK🇬🇧 or Australian🇦🇺 clients, they can now connect directly with KeyPay to see their payroll expenses in FreshBooks.

10. New to the FreshBooks Accounting Partner Program

Are you a FreshBooks Accounting Partner yet? If not, and you want to know more, read all about it here.

We’ve added so much to our program this past year. And there’s much more to come.

Comprehensive Certification

Our comprehensive certification training provides you with everything you need to support your clients with FreshBooks. The first step to getting certified? Joining our Accounting Partner Program.

Online Community

Ask questions, participate in discussions, and take challenges when you join our online Community, exclusive to FreshBooks Accounting Partners. It’s also a place to connect with other growth-minded professionals and earn points and rewards.

FreshBooks-Certified Accounting Partner Directory – coming soon

Expanding your book of business? This new directory (ETA 2023) will allow FreshBooks customers to search our Accounting Partner database for FreshBooks-certified accountants, bookkeepers, and tax professionals they can collaborate with for their business.