When you work for yourself, you face many challenges that you really didn’t think about. At first, you are caught up in your ability to make your own schedule, work from anywhere that you are, and not having to answer to anyone. Then reality sets in and you realize you are answering to every client’s expectation.
You have to manage your income in ways that tend to get confusing at times. There are so many things that keep coming up that you aren’t prepared for. You just have to remember that you do have help. There are solutions to every problem that you may have.
Finding An Accounting Option
There are so many accounting options that when you start looking into them you can get so overwhelmed that you want to throw your hands in the air and walk away. What you need to do first is sit down and see what you really want in an accounting agency. Some may overcharge you for services that you may not need and others may not offer what you do need and you don’t realize it until you are locked in.
The important aspects that you need to ask yourself are:
- Do you have a mobile option?
- Do you need mobile options
- Are you locked into a single product (virtual vs actual product) For example, if you are a freelance photographer are you locked into digital art or can you can you sell your product in a store environment?
- Do you have the option of tracking all methods of payment, including virtual payments?
- Finally, can you customize your accounting based on your product and business.
Once you have a good idea on what your needs really are, you can focus on companies that offer exactly those amenities. It will narrow down your choices. However, before you chose your company, make really sure you follow through on checking references. You want to be able to trust the company with your money. If you have any doubts that you can ease by talking to a representative, keep looking for that perfect match. Your ideal company will inspire trust.
When You Need Loan
Sometimes getting a loan isn’t really an option. There are times when a loan is exactly what you need to get your company flowing smoothly. A loan can be just what you need to help you get the supplies for your first big order completed. Loans do not have to be a burden hanging over your head.There are many loans that can have funds to you in a matter of hours. These loans have one thing in common, you have to have a pretty decent credit score.
If you don’t have an amazing credit score but you need a loan, there are still some options for you to choose from. Most of these are high interest and have no wiggle room on payments. Usually you have to have a bank account and they are going to want to pull the payments out automatically. It is a good way to build up your credit, especially if your credit is just okay but not great. You need to sit down and really consider your income and your needs. Decide what you can pay back and then don’t go any higher than what you need. That way you can keep your payment schedule and watch your credit score climb.
Preparing for Audits
No matter where you find help with your accounting, you have to make sure that you have audit support. There are times when you have looked over all your assets, taken stock of your financial feeling and walk away feeling pretty confident that you know your financial situation. Then, unexpectedly, you get that letter that you are being audited. It’s like someone dropped an anvil. This can cause you to begin to second guess your information.
A good accountant will be able to help you to see where your money is. You will have recorded information that you can then hand over. You will have someone to call and talk to. That way you take the unknown process and shed light on it. There is nothing worse than feeling unsure and in the dark.
Even if you are doing your books with a great app that will let you to handle your money from where ever you are, your main priority is making sure that you know how to face an audit with confidence. You need to know how to have access to files, or a filing system,that can be ready when you need it.
An audit doesn’t have to be just from IRS. Sometimes you can be audited by investors, collaborators, or even future investors. Simply put, you need to know where your money was, and will be in order to cover your future assets.
Making it all work for you
Companies like FreshBooks, bring everything you don’t know to light. They offer webinars, videos, and even cloud learning. That put it in one simple location to teach you the right way to keep your books. You don’t have to be scared, worried, or even frustrated. You have resources that show you where you can get the quick loans that you need to replace that one piece of equipment that doesn’t always work right.
The best part about knowing how to do your own books, and having the software to do it, is that you can be confident that your investments are going to make your company shine. You can remain on your own schedule and know that you have the ability to track your money, including what you have coming in, so that you know what your increases really are.
You can do this, there is no reason why your company can’t thrive in a way that works for you. Know your product, know your cash flow, and know your own abilities. Never be afraid to reach out and find what you are looking for because if you do, you will never lose.
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