For most business owners, getting paid quickly is critical. It can also be extremely difficult. We have all experienced the frustration of investing time, energy and funds into a client job only to be left spending more time which is your margin following up on collections!
Managing the bookkeeping for your business – it doesn’t sound so bad at first, right? But when you dig deep into everything that goes into managing your business finances, it can be daunting. It turns out that bookkeeping is time consuming and complicated! Some have used the term tedious others go as far as to use the term “drudgery” when describing the duties that go into small business bookkeeping.
Here are six actions that you need to do for accurate and relevant financial statements:
Being a freelancer can also come with its fair share of challenges. You have to market your own services, manage client expectations, stay on top of bookkeeping, and file taxes as a self-employed professional.
As a freelancer, what can you do to make sure you don’t drop the ball on being financially healthy?
“Don’t mix business and personal finances,” is one of the most common pieces of advice given to business owners. And for good reason. Many business expenses can be deducted from your taxes but most personal ones cannot be. So when personal expenses get recorded in your business’s financial records, you’re setting yourself up for trouble later on.