As A Freelancer, How Are You Managing Your Finances?
Overwhelmed by the idea of keeping detailed financial records for your business? You’re not alone. The thing about being self-employed is that you end up having a boatload of administrative tasks come with the territory. Most of them have absolutely nothing to do with your actual craft. And among those tasks, it’s safe to say that managing your finances is the most daunting and time-consuming.
In as much as it is daunting a task, keeping detailed books is also among the most important. Tracking your expenses well can actually help you bring home more money at the end of the year and be of immense importance in the event of an audit.
In order to develop successful systems to stay on top of your finances, this might help;
Decide what your priorities are: Invoicing? Taking credit card payments? Managing personal and business expenses? Hourly billing? Look for apps that optimize the features you need most.
Experiment: Most of the people try a few different methods before landing on what works for them. It’s ok to abandon a process that’s not working for you.
Ditch the tech If you have to: If a spreadsheet does it for you, great! No need to unnecessarily complicate things with an app or piece of software if you prefer low-tech.
Stay on top of it: Build bookkeeping into your schedule to keep it from becoming a source of dread.
There’s no one-size-fits-all bookkeeping solution. The goal is to find something that works for you. Because once you do, it’s game changing.
Bookkeeping is no longer that scary, stressful, time-sink.