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Freelancers and small business owners often have tight budgets. And staying on track means cutting out unnecessary expenses. But even the most well-run small businesses waste money from time to time. So how can you prevent this? Know how money gets wasted. Some common ways: 17. Buying too much inventory. 18. Failing to optimize for tax deductions. 19. Traveling too much for business. 20. Failing to optimize work processes. 21. Paying too much for legal or professional services. 22. Failing to manage cash flow effectively. 23. Not setting a clear budget. ⁠ You can find the full post on website: https://lnkd.in/gxrX62Fp ⁠ #agency #freelance #finance #consulting #smallbusiness

Check out the latest installment of our Ultimate Guide to Small Business Finances series! Learn all about effective payment solutions for your business and how to choose the right payment provider. Discover the best payment methods for in-person, online, mobile, and freelance businesses. Plus, gain valuable insights on tax responsibilities and how to stay compliant for business success. Read more here: https://buff.ly/3Jyk4ph #SmallBusiness #PaymentSolutions #TaxResponsibilities #FinanceTips #GeminiAccounting #BusinessSuccess #AccountingSoftware #FinancialManagement #TaxCompliance #BusinessOwners #FinancialPlanning

A reminder to anyone feeling awkward about chasing a late payment... 1/ You've delivered the work, and already provided them with a 30 day interest-free period to pay you. 2/ The "payment due" date on your invoice is the latest date they can pay you by, not the date they should start thinking about getting it sorted. 3/ Their lack of internal process and cash flow issues are not your problem. Even if their client hasn't paid them yet, you've done the work. They shouldn't have hired you if they didn't have the budget to pay you. 4/ It's not personal. You're a business, asking another business, to pay you for the work done. 5/ You're entitled to late payment surcharges and interest in law. You don't have to have included it in your terms or contract. 6/ If you're dealing with a larger company (50+ employees), speak to the Office of the Small Business Commissioner for advice, they can often take action or give you guidance on what action to take next. 7/ It's not going to damage your relationship with your client - they already damaged it, by not paying you on time. 8/ Even if it's not causing you cashflow issues, act promptly. Every invoice which doesn't get chased and challenged makes it that _little bit more okay_ for businesses to pay late. You can guarantee your client is chasing their late payers. I'm revising our ever popular guide to late payments, and would love to hear any stories from fellow freelancers, so we can include a diverse range of experiences. Hit me up if you'd like to share your story.

🚨Attention all freelancers and small business owners! 🚨 It has officially been 84 years (okay, more like 84 days) since I sent out invoices to my clients and I’m still waiting on that 💰payment💰. I don’t know about you, but I’m starting to feel like I’m living in a never-ending loop of waiting and checking my bank account every 5 minutes. Can anyone relate? Let’s commiserate in the comments below and maybe share some tips on how to politely remind clients to pay up. #freelancelife #smallbusinesswoes #whereismymoney #paymeplease

What do these figures suggest? That 67% of the UK are waiting to start their own business, while only 10% are doing it!!! 🤯 As a team of experienced business owners, who’ve been freelancers, sole traders and company directors for decades, we can confirm with no doubt - there’s never a perfect time to start a business. One of the most common reasons that stops people from starting a business is financial. Making sure you get paid correctly and on time is a big responsibility, especially when you’ve got essential bills to pay. We know it’s a big problem for business owners but we also believe it shouldn’t cost the earth to fix it. That’s why our invoicing generator only costs £5 a month and you can cancel anytime. If you’re one of the 10% that’s already in business but looking to cut costs - We can help you! Grab your 30 day FREE trial at: https://buff.ly/40ybUFl #smallbusinesstips #smallbizinvoicing #freesoftwaretrial

Useful guide for independent professionals setting out your legal rights regrading late payments - published by IPSE - the Association of Independent Professionals and the Self-Employed #waitwatchers #paydontdelay #smes #microbusiness #freelancers #cashflow

Whether you're a small business owner, freelancer, or just want to manage your personal finances better, we are perfect for you! #ASAN #WhereEaseMeetsException #unitedstates #internalrevenueservice #IRS #USATaxSolutions #TaxTips #BusinessStrategy #LLCvsSCorp #CPA #TaxSeasonRelief #FinancialPeace #CanadianTaxServices #TaxHelp #ExpertService #taxseason #taxplanning #canada #canadarevenueagency

2 common financial terms that confuse small business owners & freelancers are: "Profit" and "Revenue." (But let’s get the record straight now) Many think these terms are interchangeable.  But, they’re not. Here’s the scoop: Revenue is the total amount your business earns from selling products, providing services, or other income-generating activities. Think of it as the top-line number before anything is deducted. Profit, on the other hand, is what’s left after all expenses are paid. It’s the bottom line, the actual earnings you keep after accounting for costs like salaries, rent, & supplies. So, while revenue measures how much money comes into your business, profit shows how much you keep after covering all expenses. Let’s say you make much money but hardly have any left after paying all the bills…it will be an issue for your business because you have revenue but not much profit. Knowing the difference between profit and revenue is key to your financial health. I hope this helps. Need more tips on managing your business finances? Check out my previous posts! Also, hit the follow button and turn on notifications so you won’t miss out on any posts. P.S. What financial term have you scratched your head the most? Let’s clear it up in the comments👇 #FinanceMadeSimple #BusinessTips #financialterms #financecontentwriter

Sometimes, it’s inevitable that you’ll face delayed payments from clients, which can take days, weeks, or even months. But how can you be prepared for this unforeseen situation? First, it's important to have financial stability. As freelancers, we know that income can be unpredictable, so learning how to save and manage your finances is key. Building an emergency fund can help you cover your essential expenses during periods of delayed payments. Additionally, it's wise to create a clear payment schedule with clients and communicate regularly to avoid misunderstandings. Having multiple income streams or side projects can also help cushion the impact of delayed payments, ensuring you stay afloat while waiting for your payments to come through. #freelancingtips #freelancerlife #taxfiling

📝 Essential Financial Tips for Freelancers! 💼 Hey freelancers and self-employed superstars! 🌟 The In The Black team is here to help you keep financial control and stay on top of your game. Here are some tips to keep your finances in check: 1️⃣ Track Your Expenses: Keep a detailed record of all your expenses to make tax time a breeze. 🧾📊 2️⃣ Set a Budget: Create a monthly budget to manage your income and expenses effectively. 💰📅 3️⃣ Save for Taxes: Put aside a portion of your income each month to cover taxes. It's never too early to be prepared! 🏦💡 4️⃣ Emergency Fund: Build an emergency fund to cover unexpected expenses and ensure peace of mind. 🚨🛡️ 5️⃣ Invoice Promptly: Send invoices promptly and follow up to ensure timely payments. 📑⏰ Need more advice? Our team is here to support you every step of the way! Reach out to us anytime. 🤝✨ #FreelancerTips #FinancialFreedom #InTheBlackLtd #SelfEmployed #Budgeting #FinancialControl #TaxTips #FreelancerLife #MoneyManagement