The Settings tab in the Finance section allows you to manage important financial information for your workspace. This includes essential details that help maintain organization and clarity in your financial operations.

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Workspace Contacts

Create and Manage Contacts: This feature allows you to add and manage contact information for individuals or organizations you frequently work with. The primary workspace contact information will appear as the “From:” details on all invoices you generate, representing your business entity.
Tip: The primary workspace contact appears as the “From:” on invoices, bank details are shown for payment instructions, and at least one product is required for invoice line items.

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Bank Information

Enter and Update Bank Details: You can input your bank information which will be displayed on your invoices to facilitate payments from clients. This typically includes your bank account name, account number, routing information, and any specific payment instructions.

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Products

  • Define and Manage Products: Products are required components for creating invoice line items. At least one product must be defined before you can create invoices. This requirement ensures:
    • Consistent pricing across invoices
    • Standardized service/product descriptions
    • Accurate financial reporting and tracking
    • Proper categorization for accounting purposes
Tip: Name products clearly (e.g., “Senior Developer Consulting”) and structure SKUs as [Category]-[Type]-[Variant] (e.g., DEV-SR-HOURLY)

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Best Practices

  • Regular Updates: Make it a habit to regularly review and update your workspace contacts, bank information, and product definitions to ensure accuracy.
  • Documentation: Keep documentation of any changes made in the settings for future reference and accountability.
  • Product Management: Review your product catalog periodically to ensure it reflects your current service offerings and pricing structure.
By managing these essential financial details, you can enhance the efficiency of your financial operations and support the overall success of your workspace.