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Finance Freel

Finance Freel

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Published by: kidalive on Nov 03, 2012
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10/04/2013

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Since creative freelancers are already quite used to dealing with

computers, the notion of adding another software program or

online service to the mix isn’t terribly intimidating.

The trouble with a lot of computer-based accounting software

programs is that they’re way too bloated for us. We don’t need

employee payroll management, sales force monitoring, or inventory

tracking for thousands of widgets, but there they are. Users of pro-

grams like AccountEdge, Bookkeeper, MYOB, Sage 50 (formerly

Peachtree), and QuickBooks know this problem quite well.

If you fnd yourself using one of these programs because your

best business buddy, the fower shop owner, bought you the latest

version as a “grand opening of your business” present, use the a

la carte approach. Ignore the software functions that don’t apply

to your situation, and focus your attention on the functions that

do apply.

And what might those primary functions be? Here are the Finance

for Freelancers Greatest Hits:

1. Invoicing. This one’s in frst place because every freelancer

loves getting paid.

2. Recording payments received for invoiced work, and

depositing the funds into your bank account.

3. Writing checks or logging electronic payments via online

services like PayPal. Because the people who do business

with us also love to get paid.

4. Tracking time spent on projects. If you bill clients by the

hour, then you’ll need to show a record of what you did for

them. Time billing will enable you to break your hours and

projects down to the minute. You can also use time tracking

to fgure out how long jobs take you. This is good to know

if you’re billing by the project and you’re basing your fee on

Bookkeeping Basics

17

the hours worked multiplied by your hourly rate. (More on

this topic in Chapter 5.)

5. Generating reports, with proft and loss being a special

favorite.

As mentioned above, there are plenty of software programs that

include these fve among a host of other functions. If you prefer

a more streamlined approach to your bookkeeping life, online

apps like Blinksale, Cashboard, Freshbooks, LessAccounting, and

Simply Invoices omit the bloat and focus on favorite freelancer

functions like creating estimates, invoicing, and getting paid.

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