As a freelancer, you enjoy the benefits of being your own boss and making your own rules, but with it comes the responsibility of keeping financial records and completing the required annual paperwork.
What Is A Freelancer?
A freelancer is someone who works for themselves. Being a freelancer isn’t a legal business structure, it is a term people use to describe their work. Freelancers can be sole traders, contractors, or even a limited company. They often work on a job by job basis, such as a photographer, translator or copywriter.
Advantages And Disadvantages Of Being a Freelancer
As a freelancer, you probably don’t work a 9-5 day. Your time is spent between winning new clients and servicing existing clients, which leaves little time for keeping your books up to date, invoicing and day to day administration. As a freelancer you not only have to be good at your profession, but also learn how to advertise, network, write contracts, and manage accounts.
Whilst freelancers have the freedom to decide which jobs to take, which clients they want to work with and the hours they want to work, with freedom comes risk. Without a regular, set monthly income, cash flow management is vital to ensure you are able to maintain your living expenses in quieter months.
At Styles & Associates Accountancy, we offer accountancy and bookkeeping services to freelancers, providing hands-on support with the day-to-day challenges of running a business in order to help you achieve your full potential.
Fixed Fee Accountant for Freelancers
As a freelancer, you will benefit from access to our wide base of skills and services – but only pay for the services that you use. We provide fixed accounting fees so you know your costs in advance, and offer a monthly payment option so you don’t receive a large bill at the end of year. Get in touch to ask us about our fixed fee accountancy service for freelancers.
Freelancer Accounting Software.
Freelancers are often specialists in their field and will understand that specialist services can help increase the speed at which certain essential tasks are completed. Accounting software packages are designed to reduce time spent on generating quotes, invoices and reports, thereby allowing you to focus on what you do best.
By 1st April 2022, VAT registered sole traders will need to use an online or cloud based accountancy platform to comply with the MTD (Making Tax Digital) rules. At Styles & Associates Accountancy we work with HMRC compatible online accounting software and are a Xero bronze partner. Take a look at some of the accounting software solutions available to freelancers in our guide.
Free Resources For Freelancers.
When you are starting out as a freelancer it can be challenging to navigate the requirements of working for yourself, so at Styles & Associates Accountancy we have put together a range of free resources to help plan and grow your freelance business including:
Cash Flow Forecast Template
Business Plan Template
Outsource Your Accounts.
By providing practical support, our team of bookkeepers and accountants can give you back the freedom to focus on your clients. Outsourcing professional services is a time and cost-efficient way to ensure you can focus on your key skills which are vital to your business growth and success.
Account For Freelancers in Hampshire & Surrey.
Our enthusiastic and energetic team take pride in setting exceptional customer standards, responding to enquiries personally and promptly. We value each of our clients and strive to build a long-term relationship our clients. At Styles & Associates Accountancy, we work with many freelancers, sole traders, SME’s and new business start ups and provide a full range of financial services for freelancers including:
End Of Year Accounts
As your business grows you can take advantage of the additional services we provide – and when you add a new service, we will provide a new fixed fee quote. Get in touch today to arrange a free consultation.
Moving our business to Styles & Associates made savings for us on our accounting fees, corporation tax, and personal tax.