BOOKKEEPING FOR FREELANCERS

Most of the freelancers we know would rather gnaw off their left arm than do their bookkeeping - and with good reason. It’s confusing, it’s boring, and it’s not what you signed up for. You became self-employed to spend time doing what you love - not wrestling with spreadsheets. But, like it or not, accounting is important as a way to understand your business finances and a legal requirement! Thankfully there’s a simple way to not hate bookkeeping. Let's address the accounting spiral of doom.

HOW TO DEAL WITH LATE PAYMENTS

It’s rare to meet a freelancer who hasn’t had to chase a late payment or had issues with a client who refused to pay. It impacts cash flow, is detrimental to the freelancer’s well-being, and is highly time-consuming. Freelancers don’t want to jeopardise the client relationship with threatening emails or, worse, spend time in the Small Claims Court. So what's the answer? When Solna, a smart invoicing App, got in touch, we jumped at the chance to ask their advice.

NO MONEY, BIG PROBLEMS

The rewards of freelancing are highly appealing. Flexible hours, plenty of travel, more time with the kids and doing something you actually like to do every day. It all sounds pretty great! If only we didn't have to pay the bills. The pressure to make enough money is a constant companion for a freelancer and an area many prefer to simply ignore.

SELF ASSESSMENT TIPS FOR FREELANCERS 2016

No sooner have you settled back into work after a festive break do you have to take care of your Self Assessment. 31st of January is the cut off point in case you missed the billboards dotted around the UK and there is a £100 fine if you miss the deadline with an additional £10 per day for 90 days thereafter. To make the process as painless as possible we've put a checklist together for you to follow.

CALCULATE YOUR HOURLY BOTTOM LINE

What you are worth and your bottom line are two very different things. The main difference is that the former relates to your value while the latter is a calculation to determine what you need to charge in order to sustain your current standard of living or 'break-even' point. The beauty of this little bottom line formula is that you can adjust it to find out what your freelance hourly rate should be to achieve the life you'd like to live. Remember, know what you are worth, then ask for it!

HOW TO GET PAID ON TIME

Getting paid (on time) is one of the biggest frustrations our members have to deal with. Along with the freedom of being your own boss comes the hassle of staying on top of your invoices and finances in general. Many freelancers still use the basic methods of emailing an invoice made via Word or Google Docs making without any tracking process. Other freelancers use an online tool to monitor payments. However you oversee your invoices, you've undoubtedly got a story of a late payment, a non payment or a dispute with a company about money. We feel your pain. We've been there (trust us). We've also done the research to help.

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