Simple spreadsheets can get the job done and often cost far less (or are free) than the best software out there. Don’t plan to implement a complicated bookkeeping software if you’re a bookkeeping newbie or are barely keeping track of things with paper and pencil. Just like New Year’s Resolutions people start off hardcore and get burned out quickly because it’s too cumbersome, detailed or just not their thing. Keep it Simple – We see it happen all the time. Make the hours you spend working on books fun by eating your favorite food, listening to music, or even meeting up with a business partner or another entrepreneur and working on the books at the same time. Tip: Not everyone thinks working with numbers is fun. If you already do that, sit down and make a short list of financial matters you don’t seem to get around to – then plan to knock one out at the end of your bookkeeping sessions until you’ve completed the list. Schedule it in your phone, in your work calendar, or even take a day off where you spend just a few of the hours working on your books with no interruptions. Make it a point to sit down with your books regularly. Make it a Date – We’ve found that we’re more consistent in sitting down with the books when we make it a date. From here you’ll start looking at how to earn those amounts and go from there. How much would you need to make each month? Each week? Each day? to reach your answers to questions 1 & 2. Then you’ll want to take those numbers and break them down. How much money would I like to make? (This is the question where you put your dreams in the mix – make sure that you’re picking number that makes you stretch but that is still realistic.).How much money does will it take to run a sustainable business? (This means that you’ll need to take into consideration the cost of running your business, as well as what amount you’ll need to live on and meet your other financial obligations.).Tip: When you’re setting financial goals, play it smart. You’ll want to dream big enough to make you stretch a bit, but plan well enough that executing the particulars is doable. Sit down with a calendar and assign goals and tasks to each business quarter. As accountants and small business owners ourselves, we like breaking the year in to quarters. It doesn’t really matter how you divide up your goals, but keep in mind that no one can do anything at once. Taking even a few minutes to jot down a few goals and plan out your fiscal year can make all the difference when it comes to managing your money. Make a Plan – A dream is going to stay a dream, unless you make a plan. Plus we’ve proven that even just one or two will help grow your bottomline and make your small business flourish. We’ve got a few strategies that might help you work bookkeeping into your normal routine. So how do you as a freelancer, make your money work for you, instead of the other way around? Who doesn’t want more time to network with clients, work to accomplish goals, or have enough extra cash to expand? We’re sure you’re nodding your head in agreement. Keeping the books may be on your ever-growing to do list, but it’s easy to push it to tomorrow, especially when you’re busy running the day to day stuff.īut putting your finances first can create a lot of freedom, not to mention help you grow your small business quickly. As a freelancer or small business owner you often are wearing many hats as you work on marketing, production, managing inventory, scheduling appointments and so on. Whether you have a steady nine to five or you’re a full-time entrepreneur managing your finances requires a lot of diligence.
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