Please note this is a sponsored post for which I may be compensated.
Did you know that 85% of businesses fail because of poor cash flow? If you’re an entrepreneur, this figure may be making you shudder. After all, your business depends on a healthy and consistent cash flow. However, the sad reality is that many entrepreneurs are subjected to poor billing methods that hurt their cash flow. As a Certified Public Accounting (CPA), keeping track of billing is my least favorite business activity. This is where Freshbooks Retainers, the new option for Freshbooks customers on Premium or Plus plans, comes in.
If you’re not familiar with Freshbooks, it’s an invoice software that helps you add simplicity to your small business invoicing and billing. Not only does it allow you to create professional ooking invoices in seconds, it also lets you accepts various forms of payment, including credit cards and ACH. As a result, you can automate your business’ invoicing.
Now, the Retainers option lets you go above and beyond by:
- Helping you forecast your income
- Managing recurring payments from your clients
- Tracking your hours more effectively
Basically, with the new Freshbooks Retainers option, you’ll be able to bill clients upfront. You’ll also have the ability to track your time and adjust it based on the actual work completed.
There are many advantages to using Retainers as a small business owner, including:
- Ensuring your biling is done accurately and on-time
- Consolidating your invoicing process without having to use multiple systems and apps
- Focus on doing what you love and providing your clients with quality work
Most importantly, Freshbooks Retainers help you set clear guidelines and expectations with your clients. The amount, details and overtime billing are already set in the system, which will clarify the conditions for delivery. It’s also a great way to look professional and on top of your business.
The new Retainers option also gives you valuable insight into your business’ time tracking, trends, and future forecasts through efficient summary reports. This is a precious source of information that you can leverage to grow your business and achieve more profitability.
If you are new to the Freshbooks Retainers option, here are a few steps to help you create your first Retainer:
What struggles are you facing with your small business’ cash flow?
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