A few minutes can save you from having to spend hours at the end of the year doing all this. That means making sure your expenses align with the appropriate tax category, that you’re on top of invoicing and processing payments from clients, and that you update your prices to reflect what you’re currently charging. This will save time and money when you’re ready to file your taxes.īut once you’ve setup your software, your work isn’t done! The best way to keep your accounting stress-free is to spend a few minutes a week managing your accounts (we’ll cover that more in a moment). That way, you won’t have to worry come tax season. One important aspect is to ensure that you categorize your expenses appropriately so they align. If you’re struggling, hire an accountant just to help you get it up and running. It’s important to set up your accounting software correctly. Some cater to small businesses, and some even specifically to freelancers, and these may offer specific functionality that relates to your type of business. And it’s priced affordably (usually $10-$20 a month), so you have no excuse not to use it. Small business accounting software is incredibly easy to use, even if - or especially if - you’re not financially-minded. If you’re using a spreadsheet to track your finances, you’re making them harder to manage than necessary.
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