Freshbooks launched its new iPhone app / gives freelancers and small business the capability to create invoices and document expenses, fill out time sheets, organize expenses, and process payments on the go.

John Koetsier for VentureBeat writes: Cloud accounting service Freshbooks launched its new iPhone app yesterday. To celebrate, the company is giving 160 entrepreneurs a little treat.

The app gives freelancers and small business people the capability to create invoices and document expenses, fill out time sheets, organize expenses, and process payments on the go. But it’s safe to say that most business expense reports don’t include parachuting — or pedicures.

To promote the app, Freshbooks has launched a “new 4 Ps of marketing” promo. It’s a take-off on the old Ps: price, product, promotion, and place. These new Ps, however, have nothing to do with anything but spoiling entrepreneurs.

The first 40 people who log expenses for pancakes, parking, parachuting, or a pedicure via the new app will have it paid for by Freshbooks. The contest starts September 1 and runs through to the September 21.

Little tip?

Parking and pancakes are easy — meals are common expenses. And 40 pedicures could be soaked up pretty quickly. The P that may last longest is parachuting. So if you’ve ever had a dream of jumping from a perfectly good airplane, here’s your chance to get someone else to pay for it.

All you have to do? Treat yourself and expense it via Freshbooks.

Full contest rules are on FreshBooks’ Facebook page.