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Finance for freelancers
The document discusses financial management for freelancers, highlighting FreshBooks as a leading cloud accounting platform. It covers essential topics such as making and spending money, accounting basics, funding strategies, and the importance of having a clear financial plan. The presentation emphasizes valuable pricing strategies, invoicing, and best practices in managing expenses and financial documentation.
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Finance for freelancers
- 1. Finance for Freelancers 1 MarkMacLeod FreshBooks
- 2. Intro “Today if welook 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.” Mike McDerment Co-founder and CEO 2
- 3. Agenda 3 Setting the Stage MakingMoney Spending Money Accounting 101 Funding your business Your long term goals
- 4.
- 5. Change… 5 2011 2020 16 MM 70 MM #of full-time professionals # of independent professionals Source: oDesk & eLance 2012 annual reports
- 6.
- 7. Mo’ Money… 7 Unique Clear Referrals! Leverage Have asystem Sell Value
- 8. Pricing… 8 Not about cost Getwhat you pay for… Experiment Value not time
- 9.
- 10. Getting paid 10 Retainers Online (creditcard, ACH) Know HOW before you start Remote clients prepay It’s your money!
- 11.
- 12. Hiring 12 STAFF CONTRACTORS Pros: Pros: Control experience On demand Build team, culture Low cost Cons: Cons: Cost Unpredictable
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- 14.
- 15. Performing Work 15 Magic ratio Workin Progress Measure twice, cut once
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- 17.
- 18. What we believe… 18 Accountingsoftware is built for accountants Do what you love Business is financial…
- 19. ABCs… 19 Assets – whatyou 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 careabout… 21 Invoicing Getting paid Expense control Compliance
- 22. Invoicing… 22 Excel is notan invoicing tool Online: o Bill more. o Save time. o Get paid faster. o Look more professional
- 23. Avoid 23 Data entry (justconnect bank account/ credit card) Fancy accounting terms
- 24. Sales Taxes 24 Must collectif 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.
- 28. Sources 28 Debt o Not available Equity oComplicated. Expensive Sales!!! o The best
- 29. Equity 29 Selling a partof your business o Your goals? o Alignment? o Exit strategy? o Do you want a partner? o Not easy to divorce
- 30.
- 31. Build what youwant… 31 Business: Love every day Life: Have a financial plan o Clear goals o RRSPs??? o Retirement o Succession
- 32.
Editor's Notes
- #6 Employment trendsMarketplacesOutsourcingOnline presence
- #13 Costs: benefits, severance, utlization
- #22 Invoice as soon as work is done. On the go…
- #24 No GL, Chart of Accounts, Trial Balance, Accruals
- #26 No GL, Chart of Accounts, Trial Balance, Accruals
- #27 Lower taxes
- #29 Services-based business should not need outside funding!
- #30 No GL, Chart of Accounts, Trial Balance, Accruals