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Cloud invoicing and accounting software provider FreshBooks has released the full version of its Automatic Expense Import product, which allows small business owners to connect their financial institutions (including bank accounts and credit cards) directly to FreshBooks and have their expenses imported automatically into their account every day.

FreshBooks released the product in beta form in October during the Sleeter Group Accounting Solutions conference and the company is claiming it has been in use by over 3,000 customers. Automatic Expense Import is included with all FreshBooks paid packages, and for a limited time it is also available to existing, free FreshBooks accounts as well.

Key features in the new include one-time setup to connect financial institutions to FreshBooks accounts; automatic daily import of new expenses; accommodates multiple accounts including checking, credit card and PayPal; imports the last 30-90 days of expenses data (depending on the bank); and flags duplications.

“Small business owners want to focus on serving their customers and on doing what they love, not on accounting,” said FreshBooks co-founder and chief executive Mike McDerment. “The ability to automatically import expenses from your bank enables small business owners to effortlessly manage their expenses, which helps them know exactly how much they’re spending and frees up times to work on more important things than paperwork. This is the promise of the cloud – a better way to work.”

This article first ran on the Accounting Today web site.