As an online freelancer you are responsible keeping records of what comes in and report number to appropriate authorities and pay tax and other expenses. Having a business means that some of your expenses are also tax deductible so do take time to review what is acceptable deduction as that will say you hundreds or even thousands in a year.
So that tax report at the end of the financial year is as pain free as possible it is best to keep record of your income and expenses on a monthly basis –best even on weekly basis. This is the part that many online freelancers hate – the paper work, but if you make a habit doing it weekly basis and keeping everything in order, easier it is.
We have listed five free accounting tools you could use to keep records of your home based business.
GnuCash is a powerful tool for both small business and personal record keeping. It is free software you can use and is available both for Windows and Mac. It is easy to use, flexible and based on professional accounting principles. Gnu is only desktop version we found!
See more here.
Wave – small business accounting
Cloud based online tool to keep your business records in order. Has a handy tool of uploading bank statements and an app to keep receipts in order. Wave has invoicing, accounting, payroll, payments – not all free though! They have over 300k of happy customers and 44M transactions tracked. Read more here.
Free Excel of Google Doc Spreadsheet
If you want to keep it simple you can always use Excel spreadsheet or Google Documents. You can find hundreds of free excel templates for budgeting, accounting and many more. Check out Microsoft Office options and Google Doc Templates. While you are there check out Word templates for invoices and PowerPoint presentation templates, same for Google Docs.
Started over a decade ago Freshbooks provides cloud tools for small business, mainly focusing on invoicing. Free options are limited but great tool for service-based business. Freshbooks has had over 5 million customers over the years in 120 countries. They have invested not only technical stuff but also design – it is very nice looking tool to use – compared to GnuCash which is more on the technical side. Read more here.
Outright streamlines small business tax, income and expenses and keep you on track what is coming in, what is going out. Free options are bit limited but they do offer very competitive monthly free for pro-service. Read more about Outright here.