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Why Freelancers Need A Small Business Bookkeeper

By Richard Williams


Many people who go into business for themselves sometimes believe in cutting corners but being cheap can be costly in the long run. Not everyone can perform certain services, which is why it helps to outsource certain tasks that may seem redundant or confusing. Most who value the future of their finances find that a small business bookkeeper is one of the best investments they can make.

As there are many opportunities to be found online, it is easy for a newbie to get caught up in the idea of earning using their computer or a skill set that is in demand. This means that although an individual made a certain amount per job, or by the hour, this may not be enough. One reason is that few bother to figure in taxes.

While it helps the novice entrepreneur to know some accounting fundamentals, oftentimes it is just advantageous to be organized. Maintaining receipts and other important documents can save a lot of time and labor. Even though it is best to keep originals and copies at a home office, keeping an electronic copy that is accessible to the bookkeeper or other financial professional is a good idea.

On the flip side, there are some who may be paying too much in personal taxes because they may have a regular job on top of supplemental income made online or offline. While some software programs can assist in this situation, it is best to keep steady records of everything. In this situation, it is best to pay taxes on a quarterly basis.

One mistake that new business owners make is taking on large jobs with no backing. If they remember to take a deposit or set up milestone payments, this may not be enough. Sometimes a personal bump in the road may cause a job to be temporarily halted or there may be a discrepancy that is on the part of the client. This is why it helps to be prepared and not live form one job to the next.

Although some software programs are capable of performing certain bookkeeping functions, sometimes having a human eye is best. Sometimes, tax matters may require assistance that is not easy for the average person to resolve. There are many online freelancers who go into entrepreneurship not reporting their income because they are uncertain about the money made for that tax year.

Many who thought they were being thrifty with cheap software find that going with a live person may be the best solution for their business. Even software used to create spreadsheets can only do so much without knowing how to create the proper calculation formulas. Often a freelancer or small business owner can save themselves frustration by keeping all transactions organized by the month.

When financial records remain in order, freelancers and micro ventures know where they stand. Also, if they need a bank loan or other financing, having accurate records handy can expedite what is usually a lengthy process. There are times when getting organized in a rush can be costly. An individual may not get the business expansion loan they deserve or be passed over for another opportunity because one small detail was left out. Practicing due diligence early always saves in business and personal finances.




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