As a business enterprise, you must keep track of your business that makes it easy to understand for future reference. This eventually helps you to improve the financial status of your organization. FreshBooks is an application that comes with a fantastic feature of tracking your expenses. It is suitable for small and medium-sized businesses that do not wish to carry out complex accounting activities. In this blog, we will understand the importance of a prominent feature of FreshBooks, which is Cloud Accounting.
If you require any further clarifications or guidance tips, feel free to reach out to FreshBooks experts via 1.800.417.5147.
Why is Expense Tracking important?
- Helps you maintain your finances.
- Prepares you for estimating and filing your taxes.
- Allows you to reimburse your employees fairly.
- Eases the process of business forecasting.
What is Cloud Accounting?
It is similar to traditional desktop accounting, except for one thing, it is virtual. Cloud Accounting helps you manage and access your banking records thoroughly through the internet. The data is saved on a digital cloud, and it keeps on expanding as the number of data increases. It is a register that does not come to an end.
How does Cloud Accounting help you in Expense Tracking?
1. Reduce Manual Labour to Track your Expenses
Most applications today update automatically as you make any change in your records or make a transaction. Be it your bank account, credit card or your cheques. These cloud accounting mediums are way ahead of manual labour as they update instantly. Thus, eliminating your ride to your financial institution.
2. Track Expenses Anytime, Anywhere
Nowadays, almost every bank has a mobile app for easier access to accounts. Many of them even have features that allow you to upload a picture in the app to update your records, like a virtual cheque or debit card activation. It is also safe as the app sets up secure access that the initial user can make.
3. Improved Tax Records
Cloud-based accounting software allows you to save even the tiniest of data in a secured manner. This reduces your duties to carry documents everywhere. For example, by storing receipts on the software, you are cancelling taking a spreadsheet. This further leads to better management of your tax records as all of the necessary documents come in handy. FreshBooks has an exciting feature of receiving automated expense clarifications on the go.
4.Track Billable Expenses
There can be situations where you forget to bill your client. This is nothing to panic about now. With cloud accounting, you can mark your expenses as billable and convert them into invoices. Everything is just a few taps away.
5. Better Cost Control
With everything under your control, you are more likely to manage your money in a more organized manner. This will lead to better cost control. You will be up-to-date about where all your money is going and where it needs saving.
We will now conclude on our blog on FreshBooks Expense Tracking, hoping that you now have a basic idea about the programs important feature – Cloud Accounting. For more profound guidance, reach out to FreshBooks Support via 1.800.417.5147.