Love it or hate it, business is financial so we all need to know the basics in order to build a successful freelancing business. Mark MacLeod of Freshbooks leads you through all the fundamentals in terms of invoicing, getting paid, collecting and remitting sales taxes, accounting 101, dealing with service providers, funding and taxes in this jam-packed session on finance for freelancers.
2. Intro
“Today if we look
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.” 2
19. ABCs…
19
Assets – what you 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 care about…
21
Invoicing
Getting paid
Expense control
Compliance
22. Invoicing…
22
Excel is not an invoicing tool
Online:
o Bill more.
o Save time.
o Get paid faster.
o Look more professional
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