Accounting
FreshBooks Adds Retainers Feature
Retainers can help streamline invoicing, time-tracking, project management and accounting in one place to reduce time spent on administrative tasks.
Jul. 02, 2019
Cloud accounting software maker FreshBooks has added a new Retainers feature to its popular business management system. The new payment option makes it easier than ever for service-based businesses to automate their recurring revenue, the ideal payment model for agencies and consulting firms.
FreshBooks’ Retainers are designed to help service-based businesses:
- Collect recurring client payments in advance
- Stabilize income and improve financial forecasting
- Track hours against allotted time to effectively manage project progress and avoid scope creep
- Set clear expectations with and better serve clients
- Streamline invoicing, time-tracking, project management and accounting in one place to reduce time spent on administrative tasks
“Along with helping you run a more profitable business, retainers-based arrangements help you better service your clients. Conversations are focused on the work, not payment collection,” said FreshBooks CEO and Co-founder, Mike McDerment. “This elevates your relationship from service provider to trusted partner — and that’s where the magic happens.”
“FreshBooks has been hugely helpful in keeping our invoicing and accounting processes streamlines. Many of our clients need ongoing retainer work and FreshBooks’ new Retainers feature has already lightened our workload significantly,” said Jessica Perilla, CEO and Creative Director at JPD Studio, a New York city based creative digital agency that specializes in branding and website design and development. “We’re now able to take advantage of automated invoicing, see our client retainer details at-a-glance, enable our team to easily track hours and with just one click, generate a detailed report for the client.”
Retainers are available to FreshBooks customers using Plus and Premium accounts. More information about Retainers can be found on the FreshBooks blog.
Since 2004, FreshBooks has helped more than 20 million people in 160 countries around the world to easily send invoices, track time, manage expenses and get paid online. Earlier this year, FreshBooks announced the addition of bank reconciliation and double-entry accounting to help its fastest growing customers unlock even more of their potential.