Self-employed individuals are typically very busy and hard working. After all, it takes a lot of motivation and determination to set out on your own entrepreneurial endeavours. Managing your accounting and financials is an important part of your business. Missing bills or reporting taxes incorrectly can cause issues down the line. Of course, missing out on invoicing a client can cost you a lot of money as well. Here are some tips for better management if you are self-employed:
When someone goes into business, they dream of setting their own schedule and pace. The reality is that it can help to set your work hours. That is not to say that you have to always stick to them if an event comes up, but it does give you some guidelines. Some professions are going to allow for more flexibility than others. Set hours can help you manage your home and family life with work. All too often, those who are self-employed feel like they are always working because they can do their job anywhere. Everyone needs time for other important things in their life.
Set bills to auto withdraw
If you have certain business bills that have to be paid monthly, it can save you time and late charges to have them set to automatically withdraw. If your income is erratic, you can set bills to be paid by a business credit card and then pay the balance through the course of the month. If you get a month where you don’t have enough to pay the balance then it is a warning sign that you need to evaluate your budget.
Take shelter under the umbrella
Many self-employed people find that they operate more efficiently and with less stress when they use an umbrella company such as www.atlantic-umbrella.com. An umbrella company will ensure that you have the proper taxes charged, that tax withholdings are in order, and process invoices. They also make sure that all your insurance is up to date and in order. Think of them as a friend and business partner that can take care of the small things for you.
Set up your space
Just because you work from home doesn’t mean that you shouldn’t have a dedicated space for work. Even a small corner can be enough. Try not to use this space for other activities if you are the type of person that has a hard time focusing. This means getting rid of distracting objects and extra electronic gadgets. Keep your space clean and basic. Keep food and snacks away from your desk so you don’t fall into bad snacking habits or get distracted by food.
Talk to others who are self-employed
If you are just getting started being your own boss it can be helpful to talk to others who are self-employed and see what habits and tips they have for managing time and finances. LinkedIn is an excellent way to meet others who are in similar industries.