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Finance for Freelancers

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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.

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Finance for Freelancers

  1. 1. Finance for Freelancers 1 Mark MacLeod FreshBooks
  2. 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
  3. 3. Agenda 3 Setting the Stage Making Money Spending Money Accounting 101 Funding your business Your long term goals
  4. 4. Setting the Stage 4
  5. 5. Change… 5 2011 2020 16 MM 70 MM # of full-time professionals # of independent professionals Source: oDesk & eLance 2012 annual reports
  6. 6. Making Money… 6
  7. 7. Mo’ Money… 7 Unique Clear Referrals! Leverage Have a system Sell Value
  8. 8. Pricing… 8 Not about cost Get what you pay for… Experiment Value not time
  9. 9. Value-Based Billing 9 http://www.freshbooks.com/blog/2013/06/12/breakingthetimebarrier/
  10. 10. Getting paid 10 Retainers Online (credit card, ACH) Know HOW before you start Remote clients prepay It’s your money!
  11. 11. Spending Money… 11
  12. 12. Hiring 12 STAFF CONTRACTORS Pros: Pros:  Control experience  On demand  Build team, culture  Low cost Cons: Cons:  Cost  Unpredictable
  13. 13. Hiring 13 Confidentiality Non-solicit Non-compete No prior conflicts Benefits?
  14. 14. Contracting 14 Work for hire Confidentiality Non-solicit Non-compete
  15. 15. Performing Work 15 Magic ratio Work in Progress Measure twice, cut once
  16. 16. Accounting 101… 16
  17. 17. Reality 17
  18. 18. What we believe… 18 Accounting software is built for accountants Do what you love Business is financial…
  19. 19. ABCs… 19 Assets – what you own Liabilities – what you owe Equity – what’s left Balance Sheet – statement of what you own & owe
  20. 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. 21. What you care about… 21 Invoicing Getting paid Expense control Compliance
  22. 22. Invoicing… 22 Excel is not an invoicing tool Online: o Bill more. o Save time. o Get paid faster. o Look more professional
  23. 23. Avoid 23 Data entry (just connect bank account/ credit card) Fancy accounting terms
  24. 24. Sales Taxes 24 Must collect if more than $30K in sales Better to collect even before so you can recover what you pay File quarterly
  25. 25. Cash Management 25 Church & State: Separate bank accounts Rack up points Expenses: need to keep receipts
  26. 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
  27. 27. Funding Your Business 27
  28. 28. Sources 28 Debt o Not available Equity o Complicated. Expensive Sales!!! o The best
  29. 29. Equity 29 Selling a part of your business o Your goals? o Alignment? o Exit strategy? o Do you want a partner? o Not easy to divorce
  30. 30. Final Thoughts 30
  31. 31. Build what you want… 31 Business: Love every day Life: Have a financial plan o Clear goals o RRSPs??? o Retirement o Succession
  32. 32. Thank you… 32 Mark @startupcfo FreshBooks.com