4 Invoice Mistakes Newly Minted Freelancers Must Avoid

The main focus for new freelancers is finding work and filling up a client roster. An area that may get less attention is business systems such as your client on-boarding and bookkeeping processes. These systems are just as important as marketing strategies because it’s how you serve your client and then physically bring in money. Here are four early invoicing mistakes I made that you should avoid:    Mistake #1: Using Archaic Bookkeeping Methods to Save a Buck I started out very scrappy and invested minimally in my business to save money. I created invoices in a Word document and did bookkeeping with a spreadsheet. It’s pretty embarrassing now to think about it.  This method was free, but it was also …

4 Reasons Why Time Tracking Is Good For Your Company

People don`t like to be micromanaged. On the other hand, if you have people working remotely, how can you track their time? How do you know how much time each of them spends on a specific project? Furthermore, how do you see what those projects actually cost? Thankfully, today, companies like Sighted have their own time tracking tool that lets you track time and make invoices from the time logged for each employee. Let’s take a look at what the real benefits are of having a time tracker for your company: 1. Access to Time Tracking If you have people working from home, they can access the tracker from every corner of the world. Moreover, you can access and see the …

What Taxes Do A Small Business Owner Pay?

Tax season: The most stressful time of the year. Many small business owners, such as freelancers and entrepreneurs, don’t know what taxes they need to pay or even if they have any tax deductions at all. As for the freelancer, that`s entirely a different story. Does any freelancer need to report cash flow for each project? How do you report it? Do you need to pay taxes even though you, as a freelancer, don`t have a steady cash flow? Let’s make things clear: Know Your Tax Basics Everything you need to know can be found on the IRS Website. I agree that the website has a lot of information, but you will need to take some time and find the correct information for you. You …

7 Tips to Fixing Your Short-Term Cash Flow Problems

Most businesses don’t have steady revenue all year round. There are months where sales are high and months where you’ll barely scrape by. There are also sudden expenses and late payments from customers that may threaten to do you in. But for all your business cash flow problems, there’s a possible solution. Getting to the Root Cause of Your Businesses Cash Flow Problems  Before you can implement a sound strategy for fixing your cash flow crisis, you have to understand what’s happening at a foundational level. In other words, what’s causing the problem? While there are hundreds of possible causes, almost every cash flow issue can be tied to one of the following three categories: 1.Sales Issues Let’s begin with the most common culprit: sales …

Collecting Unpaid Invoices – The Easy Way

You are short on cash, and you have checked that you have unpaid invoices. Even though you did your part, finished your project on time, and delivered everything that client asked for, in the end, they still did not pay you. Dealing with unpaid invoices can be tricky, and the hardest part is that you need to stay friendly and professional and still maintain a business relationship with your clients. Ultimately, in the end, you don`t want to lose your clients and receive bad feedback. People who haven’t been freelancers or small business owners don’t know how hard it is to collect overdue invoices from clients while keeping your anger inside. Well, today, I will share some tips on how I …

6 Steps To Ensure That Your Invoices Get Paid Before Christmas

Christmas is getting close, and it`s time for presents. Before you become jolly and ready to drink the eggnog, be sure that you have your back covered with your cash flow streamlined, which includes checking all of your invoices. It`s not all secret Santas and jingle bells, as in this period, many freelancers and business owners struggle with invoices that are not paid. There is a lot to love about the holidays but make sure you bring home the bacon to have a stress free Christmas. To help, read over this checklist on how to get paid before Christmas. 6 Steps To Ensure That Your Invoices Get Paid Before Christmas 1. Early Xmas Shutdown As you probably know, most offices will …

Unpaid Invoices Are The Silent Killer Of Your Business

The end of the year is getting closer and you have unpaid invoices. Even though business owners and freelancers are their own boss, managing cash flow is the hardest task of all. With the end of the year right around the corner, we find more expenses, holiday vacations, and on top of that, unpaid invoices. Getting paid is important and not getting paid is a big issue. Therefore, let`s see the effects of overdue Invoices: Creates Slow Cashflow You can`t invest in your company if you don`t have any cash flow, and as a freelancer, not having regular income means that you can`t pay your bills.  You work to get paid; you are not a charity. As a small business …

CLIENT IS MIA (MISSING IN ACTION) AND NOT PAYING YOUR INVOICES

I love being a freelancer. I’ve been a freelancer for more than 11 years now, and even though I have had so-so clients, I believe that most of my clients are fantastic. Overall, we have had excellent communication, mutual respect and a professional relationship. On the other hand, before I found long-term, respectful clients, I had a few clients that would go MIA and disappear from the face of the Earth, avoiding paying my invoices. In a situation like this, what can you do? To help, here are several tips for what you can do when a client falls off of the map. The Big Picture When this first happened to me, it was in my early years of freelancing, and I was devastated. …

Bookkeeping: What You Can Automate In Your Business Books

Bookkeeping is one of those things that businesses just have to deal with. Love it or hate it, keeping accounting books updated is helpful year-round. Updated books help you with taxes and basic reports that give you insights into the health of your company. If you want to save time with bookkeeping, all you have to do is setup these common automations. You might find yourself saving hours every month! Simplify your reporting There’s a rule in life called the KISS rule that applies to your business as well: Keep It Simple Stupid! Don’t worry about making your books incredibly detailed and granular if your business does not require it. For example, many businesses accept payments using a 3rd party service. I used to split out …

How To Make Invoicing Painless

A handful of people like to do invoicing; I`m not one of them. Working as a digital nomad, you jump from client to client, from project to project, and you don`t have time to deal with invoices. However, the invoicing process, even though it takes time, is essential to maintaining your business and to secure a steady cash flow. Regular payments are important for several reasons: ♦ It keeps your business running. ♦ This is a material world, and we all work for money, so it`s important to get paid. ♦ Your monthly necessitates need to be paid. To help, read these tips to make your invoicing process painless: Terms and Conditions There are two types of clients; the one …