While you may enjoy the work you do, dealing with business finances can quickly overwhelm even expert entrepreneurs.
Unfortunately, ignoring it does you no good because details and record keeping is crucial to the life of your business. Not to mention, it prevents the IRS from knocking on your door. Luckily, some excellent tools and apps help take the stress out of managing your money.
Here are the best financial solutions every freelancer should have:
For those just starting their business or who are on a tight budget, Wave Accounting offers a basic, no-nonsense online software. The accounting and invoicing part of the program is 100 percent free to use. However, payments you receive incur a small transaction fee according to the client’s payment method.
AND CO by Fiverr
If you’re willing to fork over a little cash, you could have a whole suite of tools with AND CO by Fiverr for a nominal fee of $20 per month. It’s a multi-platform business and finance manager that is one of the only programs you’ll need to keep your company running. Additional features to accounting include sending proposals, creating and e-signing contracts, tracking time, and much more.
AND CO by Fiverr (expense-tracking feature)
AND CO by Fiverr also takes the agony out of expense tracking by automating it. You can connect your credit card and bank account to import transactions seamlessly or forward an email receipt to have the platform file it away. You can handle any physical receipts on-the-gogo with their mobile app.
If you get a lot of paper receipts and would rather it be someone else’s problem, Shoeboxed is what you need. Send them all your receipts in one of their postage-paid envelopes, and they’ll take care of digitizing and organizing all the data.
Personal Finance Software
Mint uses a hands-off approach to help manage your finances and avoid the feast or famine cycle typical with freelancing. All you need to do is link your online accounts, and Mint tracks and categorizes your spending. Within minutes you can see areas for improvement and set up a budget to move you closer to your financial goals.
You Need A Budget
You Need A Budget (YNAB) is an excellent choice for those who would rather be more intentional with their money and have meticulous control of their finances. Their zero-based budgeting system gets you out of living paycheck to paycheck by helping and encouraging you to cover this month’s expenses with last month’s earnings.
Turbotax dominates the market when it comes to DIY personal and business tax filing, and with good reason. They take the guesswork out of filing your taxes through a hand-holding, jargon-free, user-friendly interface. Submitting your personal federal return is free, but you’ll have to pay extra for state and business returns.
If you already have AND CO by Fiverr, it may be more cost-effective and simpler to go with Visor. Their team sticks with you throughout the year to help with federal and state filing, IRS audits, quarterly tax payment estimations, and optimizing financial decisions. Sign up from your AND CO account to get an affordable, member-only rate.
Check off Bookkeeping From Your To-Do List
You can take the pain out of managing your business finances by choosing tools that will help you get the job done faster. The above services also make it easier to stay on top of managing your money, so you can focus on growing your business instead.