Finance for Freelancers

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Love it or hate it, business is financial so we all need to know the basics in order to build a successful freelancing business. Mark MacLeod of Freshbooks leads you through all the fundamentals in terms of invoicing, getting paid, collecting and remitting sales taxes, accounting 101, dealing with service providers, funding and taxes in this jam-packed session on finance for freelancers.

Business Economy & Finance

Finance for Freelancers
1
Mark MacLeod
FreshBooks

Intro
“Today if we look
at just North
America alone, no
one excep
QuickBooks Online
has more online
paying subscribers
than
FreshBooks, making
FreshBooks the #1
cloud accounting
specialist for
small business
owners.” 2

Agenda
3
Setting the Stage
Making Money
Spending Money
Accounting 101
Funding your business
Your long term goals

Change…
5
2011
2020
16 MM
70 MM
# of full-time
professionals
# of independent
professionals
Source: oDesk & eLance 2012 annual reports

Mo’ Money…
7
Unique
Clear
Referrals!
Leverage
Have a system
Sell Value

Pricing…
8
Not about cost
Get what you pay for…
Experiment
Value not time

Value-Based Billing
9
http://www.freshbooks.com/blog/2013/06/12/breakingthetimebarrier/

Getting paid
10
Retainers
Online (credit card, ACH)
Know HOW before you start
Remote clients prepay
It’s your money!

Hiring
12
STAFF CONTRACTORS
Pros: Pros:
 Control experience  On demand
 Build team, culture  Low cost
Cons: Cons:
 Cost  Unpredictable

Hiring
13
Confidentiality
Non-solicit
Non-compete
No prior conflicts
Benefits?

Contracting
14
Work for hire
Confidentiality
Non-solicit
Non-compete

Performing Work
15
Magic ratio
Work in Progress
Measure twice, cut once

What we believe…
18
Accounting software is built for
accountants
Do what you love
Business is financial…

ABCs…
19
Assets – what you own
Liabilities – what you owe
Equity – what’s left
Balance Sheet – statement of what
you own & owe

More ABCs…
20
Revenue – what you bill your
customers
Expenses – what you pay to generate
revenue
Profit – what’s left
Income Statement – statement of the
results of your business

What you care about…
21
Invoicing
Getting paid
Expense control
Compliance

Invoicing…
22
Excel is not an invoicing tool
Online:
o Bill more.
o Save time.
o Get paid faster.
o Look more professional

Avoid
23
Data entry (just connect bank
account/ credit card)
Fancy accounting terms

Sales Taxes
24
Must collect if more than $30K in
sales
Better to collect even before so you
can recover what you pay
File quarterly

Cash Management
25
Church & State: Separate bank
accounts
Rack up points
Expenses: need to keep receipts

Entity
26
Corporation:
o More $ to setup and maintain
o Enables more income splitting
o More professional
o Limited liability
Sole Prop:
o Easy. Less costs

Sources
28
Debt
o Not available
Equity
o Complicated. Expensive
Sales!!!
o The best

Equity
29
Selling a part of your business
o Your goals?
o Alignment?
o Exit strategy?
o Do you want a partner?
o Not easy to divorce

Build what you want…
31
Business: Love every day
Life: Have a financial plan
o Clear goals
o RRSPs???
o Retirement
o Succession

Thank you…
32
Mark
@startupcfo
FreshBooks.com

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R.C. Woodmass Crescendo Overview The reports are in: how we relate to technology directly affects how we relate to other humans, to our environments, and to ourselves. Are we headed for a technological dystopia, where robots are in charge and empathy is just a word for the history books? Not necessarily! Learn how the interfaces we interact with can teach us how to be better communicators, increase our understanding of each other, and how product design might be the key to building a positive future for all. Objective Directly address fear and skepticism about technology, inspiring all who design and build tech to think more empathetically when building UX and UI. Target Audience Product designers, HR specialists, and anyone skeptical about technology Three Things Audience Members Will Learn How to create user interfaces that are flexible enough to include everyone, even if they can’t keep up with all the different identities and new labels that people are using What is conversation design, and how it has the power to teach people how to communicate How AI has the potential to be more inclusive than previous data analysis systems, if we leverage its weaknesses to the human advantage

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Matt Swoboda Notch Overview The adoption of real-time technologies and workflows for content creation is a seismic shift in the world of video/graphics. It has a fundamental effect on not just on render times but on the entire creative process. In this session hear from someone who has been using realtime graphics for creative work for almost 20 years, and his experiences in applying it to productions such as the Ed Sheeran world tour and Cirque du Soleil. Objective Give the audience an overview of what really is capable in a real-time workflow today, and where things are headed. Target Audience Anyone who wants to take confident steps in the direction of real-time motion graphics, especially within the live, installation and AR fields. Five Things Audience Members Will Learn How does real-time change the creative and production process Limitations – where does it work, where doesn’t it make sense What real-time graphics are capable of today What happens on a rock’n’roll tour bus What DOESN’T happen on a rock’n’roll tour bus

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Hasan Ahmad Aquent DEV6 Overview PWAs are a newly emerging delivery format for web, desktop apps. The fact that they can be installed on a client device and behave like natively installed apps means that special care should be taken when designing and building these types of apps, above and beyond a typical browser-only web application. One of the most important (potential) differentiators in the user experience of a PWA app vs a traditional web app is the ability to provide a high-performance UI because of their ability to do things like cache resources offline, including entire pieces of Web UI code, and the use of background services. In this talk we are going to do an exhaustive overview of the entire landscape of building PWAs from a performance-first perspective. Target Audience Web development teams Assumed Audience Knowledge Web Development fundamentals Objective Large enterprise applications Five Things Audience Members Will Learn Why PWA’s require performance engineering What tools are available to measure performance metrics Offline caching strategies Host device considerations: desktop and mobile Taking advantage of background code: Service Workers

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Bhavana Srinivas Netlify Overview A new web stack has emerged. A stack powered by modern browsers, API economy and Git based workflows. A stack that is not tied to specific technologies. A stack that takes into account both developer experience while building the application, and user experience when interacting with the application. A stack that delivers better performance, higher security, and lower cost of scaling for web applications. In this talk, Bhavana will dive more into the architecture and best practices for building performant web applications using the JAMstack Objective Educate the audience about the JAMstack and why it powers performant sites Target Audience Web stakeholders who want fast, secure and performant websites Assumed Audience Knowledge Built a website/interacted with sites Five Things Audience Members Will Learn What is the JAMstack The ecosystem around the JAMstack How to improve the performance of your site built on the JAMstack Example sites built on this architecture Resources and best practices

Rise of the JAMstack

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Midge “Mantissa” Sinnaeve Mantissa Overview Midge will be speaking about his experience of switching to open source applications for his freelance work. From ditching expensive software subscriptions to going down the linux rabbit hole, he’ll take you along for the ride and show you some cool stuff along the way. It’s an in-depth look at what happens when your digital tools become an extension of yourself and how that can in turn inspire you to get better as an artist and find your style. Objective Taking a critical look at how you work and why. Target Audience (Motion) designers, 3D & VFX artists Four Things Audience Members Will Learn Open Source Design Tools Self-criticism Inspiration Letting go

From Closed to Open: A Journey of Self Discovery

FITC

Studio Macouno has been realizing post industrial projects for two decades. Though they’re very busy doing things like creating generative shavers for Philips and designing life size 3D printed petition elephants, those are but a fraction of what they would like to do. In this talk Dolf will explore the projects they just don’t have time for. The things the studio would love to do but can’t do on it’s own. The things that are way out there… Those that don’t seem possible, or are just too much work. The dreams that they think are a bit too much, but they just might do anyway. Objective Finding, funding and founding cooperatives for creative futurist projects. Target Audience People interested in making things today that seem ideas for tomorrow. Five Things Audience Members Will Learn Some about generative design 3d printing Art Running projects And making things happen

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Welcome to my Personal Brand Exploration Presentation! In this engaging and insightful presentation, I take you on a journey to discover the essence of my professional identity as a digital marketer. Through a blend of visual storytelling and strategic insights, I showcase the key elements that define my personal brand and highlight my unique value proposition in the digital marketing realm. In this presentation, you will: Gain an understanding of the objectives and significance of personal branding in the digital age. Explore the core values, strengths, and passions that shape my professional persona. Witness the creative process behind developing a cohesive visual identity and brand narrative. Learn how I leverage my skills, experiences, and aspirations to create meaningful connections with my audience and stakeholders. Discover the strategic approach I take in aligning my personal brand with industry trends, market demands, and future career goals. Whether you're a fellow digital marketer, a potential employer, or simply curious about the power of personal branding, this presentation offers valuable insights and inspiration. Join me as we delve into the world of personal branding and unlock the potential of crafting a compelling professional identity in today's competitive landscape.

Uneak White's Personal Brand Exploration Presentation

uneakwhite

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Uneak White's Personal Brand Exploration Presentation

Finance for Freelancers

1. Finance for Freelancers 1 Mark MacLeod FreshBooks

2. Intro “Today if we look at just North America alone, no one excep QuickBooks Online has more online paying subscribers than FreshBooks, making FreshBooks the #1 cloud accounting specialist for small business owners.” 2

3. Agenda 3 Setting the Stage Making Money Spending Money Accounting 101 Funding your business Your long term goals

4. Setting the Stage 4

5. Change… 5 2011 2020 16 MM 70 MM # of full-time professionals # of independent professionals Source: oDesk & eLance 2012 annual reports

6. Making Money… 6

7. Mo’ Money… 7 Unique Clear Referrals! Leverage Have a system Sell Value

8. Pricing… 8 Not about cost Get what you pay for… Experiment Value not time

9. Value-Based Billing 9 http://www.freshbooks.com/blog/2013/06/12/breakingthetimebarrier/

10. Getting paid 10 Retainers Online (credit card, ACH) Know HOW before you start Remote clients prepay It’s your money!

11. Spending Money… 11

12. Hiring 12 STAFF CONTRACTORS Pros: Pros:  Control experience  On demand  Build team, culture  Low cost Cons: Cons:  Cost  Unpredictable

13. Hiring 13 Confidentiality Non-solicit Non-compete No prior conflicts Benefits?

14. Contracting 14 Work for hire Confidentiality Non-solicit Non-compete

15. Performing Work 15 Magic ratio Work in Progress Measure twice, cut once

16. Accounting 101… 16

17. Reality 17

18. What we believe… 18 Accounting software is built for accountants Do what you love Business is financial…

19. ABCs… 19 Assets – what you own Liabilities – what you owe Equity – what’s left Balance Sheet – statement of what you own & owe

20. More ABCs… 20 Revenue – what you bill your customers Expenses – what you pay to generate revenue Profit – what’s left Income Statement – statement of the results of your business

21. What you care about… 21 Invoicing Getting paid Expense control Compliance

22. Invoicing… 22 Excel is not an invoicing tool Online: o Bill more. o Save time. o Get paid faster. o Look more professional

23. Avoid 23 Data entry (just connect bank account/ credit card) Fancy accounting terms

24. Sales Taxes 24 Must collect if more than $30K in sales Better to collect even before so you can recover what you pay File quarterly

25. Cash Management 25 Church & State: Separate bank accounts Rack up points Expenses: need to keep receipts

26. Entity 26 Corporation: o More $ to setup and maintain o Enables more income splitting o More professional o Limited liability Sole Prop: o Easy. Less costs

27. Funding Your Business 27

28. Sources 28 Debt o Not available Equity o Complicated. Expensive Sales!!! o The best

29. Equity 29 Selling a part of your business o Your goals? o Alignment? o Exit strategy? o Do you want a partner? o Not easy to divorce

30. Final Thoughts 30

31. Build what you want… 31 Business: Love every day Life: Have a financial plan o Clear goals o RRSPs??? o Retirement o Succession

32. Thank you… 32 Mark @startupcfo FreshBooks.com

Editor's Notes

Employment trendsMarketplacesOutsourcingOnline presence
Costs: benefits, severance, utlization
Invoice as soon as work is done. On the go…
No GL, Chart of Accounts, Trial Balance, Accruals
No GL, Chart of Accounts, Trial Balance, Accruals
Lower taxes
Services-based business should not need outside funding!
No GL, Chart of Accounts, Trial Balance, Accruals

Finance for Freelancers

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