FreshBooks Adds Retainers to Help Service-Based Businesses Collect Recurring Revenue

TORONTO, June 26, 2019 /PRNewswire/ - Today, FreshBooks, the #2 small business accounting software in America, announces the addition of Retainers. This 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 serve 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 streamlined. 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 is available 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 more of their potential.

About FreshBooks
FreshBooks is the #2 small business accounting software in America, and loved by millions around the globe. The company has helped more than 20 million people process billions of dollars through its easy-to-use invoicing, time-tracking, expense management, and online payments features. Recognized with nine Stevie awards for best customer service in the world, the company's mantra is to "execute extraordinary experiences everyday." Based in Toronto, Canada, FreshBooks serves paying customers in 160 countries. FreshBooks.com

SOURCE FreshBooks

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