For every freelancer, being adept at spinning the numerous plates required to keep your business afloat is a matter of pride - but the practice itself is often the stuff of nightmares!
From honing your craft, client negotiation, to effective digital marketing, there are a huge range and number of skills the successful freelancer needs to master. So for our latest Expend blog, we decided to focus on good value accounting tools, so you can focus more on the things you love.
Many of these ‘plates’ to spin involve managing the accounting and financial side of your business - which can be a time-consuming operation but nonetheless imperative to get right. Fortunately, in this digital age, there are some handy accounting tools to help you keep on top of your finances as well as all those other plates spinning effortlessly! What’s more, many of these are available for little cost compared to the burden they ease - here are our current favourites.
If you’ve ever shopped online, it’s likely that you’re already familiar with PayPal, one of the world’s most popular online payment systems. The good news is that if you’re already a user you can upgrade to a business account completely free of charge – setting you up with a fast and efficient way to receive payment for goods and services.
And although you will still need to pay a small fee on each transaction, many freelancers still find it an easy and cost-effective way to receive funds. They’ll also offer credit to approved businesses which you only repay from income, easing cashflow headaches too.
VT Cash Book
It’s true, cold hard cash is still alive! Whether you are selling cakes at a market or the latest trend in street food, you will likely find some of your income comes in cash, rather than digital transactions. So when PayPal just doesn’t cut it for your business, VT Cash Book is here to pick up the slack. Easy-to-use, simple and totally free, it’s a handy tool that allows you to record payments from multiple sources, so preparing VAT returns and creating spreadsheets is a breeze.
— PocketSuite (@PocketSuite) July 8, 2017
If you’re just starting out as a freelancer, you might find some of the accounting options a little overwhelming – not to mention somewhat superfluous to your needs. Thankfully, PocketSuite is a great way of managing all the essentials such as sending invoices and receiving payments without getting overwhelmed by unnecessary features. Best of all their Pro package is free.
No matter how established your business is, chasing payments is a common pain point for many either due to a lack of ‘clout’ or just the dislike of asking for money, the 263m+ search results for ‘how to ask for payment’ suggests you are not alone. Fortunately, Satago have come to the rescue with their free debtor management CRM which, after some initial setup and welcome customisation, will automate the debtor management process for you. An awkwardness-free cash flow boost? Yes please!
Yes, we’re shameless! But how could we not include ourselves in our favourite accounting tools? Because expenses are a chore, taking up far more time than they should. So we’re rightly proud of our solution that automates the whole expenses process, making it effortless and giving you back your precious time to spin the more important plates!
— London Tech Week (@LDNTechWeek) October 27, 2017
So, there you have it, many of the tasks freelancers must manage involve the accounting and financial side of a business - an important but time-intensive undertaking. Above are 5 of our current favourite affordable tools you can use to keep your accounting plates spinning effortlessly.
These cost-effective solutions save you time, money and headaches so you can focus on really making a difference in your business. If you think we've missed any good value accounting tools, let us know.