As a freelance writer, you probably list money management as one of your biggest concerns. You’re in charge of all those financial matters, and it can drain a lot of your time if you’re not careful. Clearly, that’s not a positive thing because you want to be spending time on your actual work, not tracking numbers. It can be tempting to bite the bullet and hire an accountant, but that can be incredibly expensive. Instead, you should make use of these financial management tips.
Everything Should Start with Budgeting
Budgeting is where everything should begin for you when you’re trying to speed up your financial management. That might sound strange because your this takes up extra time, but it will save you a lot of time in the long-run. You have to be patient and play the long game if you want to be successful with all this.
Work Out Your Hours Worked
If you charge customers for the work you do by the hour, you need to have a way of accurately and efficiently tracking your time. Tools like Hourly offer you the perfect way to do that. You won't have to spend time thinking about what rate you should charge, and there will be no disagreements between parties because it will all be tracked.
Don’t Mix Personal and Business Money
This is the golden rule of running a business. If you’re not completely focused on keeping your personal money away from your business money, you’re going to run into some pretty serious problems before long, especially when filing your taxes.
Use the Latest Methods of Taking Payments
There are so many ways to take payments these days, you should make the most of everything that modern technology has to offer in this regard. If you don’t take payments correctly, you will find that you get left behind. So, read this mobile payments guide and find out where the latest trends are headed and where things are heading next. It will definitely pay off for you.
Tackle Late Payments in a Forthright Way
You can’t afford to allow clients and customers to pay you late. For a freelance, this kind of thing can be disastrous. To tackle this problem rapidly and stop it from becoming a common occurrence, you need to tackle it head on. Send reminders to your clients. Also, take payments upfront as much as possible.
Managing your money in a fast and efficient way is essential for freelance workers like you, so be sure to make use of these tips as soon as possible.