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Small Business Tips

5 Bookkeeping Tips for Those who are Self-Employed

5 Bookkeeping Tips for Those who are Self-Employed

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What are the best bookkeeping tips for self-employed individuals?

  1. Keep logs of your  income & expenses.
  2. Hold on to all financial documents.
  3. Separate professional and personal assets.
  4. Educate yourself in finance and taxation.
  5. Make use of available tools available to simplify the process.

 

One of the biggest walls that self-employed individuals often run into is handling their finances. It’s more than just filing and paying their taxes – because those in the Philippines can use an online tax calculator for that – but the entirety of managing their money.

Handling your own finances is one of the many responsibilities that come with being self-employed and also one that not many are ready for. It is not a skill that can be learned overnight, which makes it even harder to develop. It takes weeks, months, maybe even years to be able to do it properly.

However, if you have enough drive and determination, then you’ll be able to learn how to do it in the nick of time. We’ve even left some bookkeeping tips for the self-employed and all you have to do is to scroll down:

Keeping track of expenses

Keep Logs of Your Income & Expenses

One of the best ways to stay on top of your financial situation is to keep detailed logs of your income and expenses. Sure, online and mobile banking has given us the ability to check our balance at any moment, but do not be satisfied with this. Although you know how much you have, it doesn’t exactly tell you when and where your money is coming and going.

Having actual logs of your expenses will allow you to check your spending habits and adjust accordingly. It will also make budgeting easier since you’ll be able to see where you can cut down costs. Plus, this is another great way to keep track of your cash inflow vs. outflow. And that’s how you’ll know if you are making profit or not with your business.

 

Hold on to All Financial Documents

On the off chance that you or your business gets audited or investigated, you are going to be asked to present several documents like invoices and bank statements. If you can’t provide any, then you’ll be put under a bad and may get into some trouble.

Besides this fact, financial documents can also help lessen your tax. If you provide proof that a purchase or transaction was made for the purpose of your business, then you can immediately deduct it from your total tax due.

Moreover, it makes tracking your expenses a lot easier if you hold on to the documents. But don’t just chuck them in your desk drawer. File your receipts, statements, and other documents in chronological order so you can easily access them at any time.

Assets

Separate Professional and Personal Assets

It’s hard to separate your professional and personal assets when you’re working for yourself. The line between the two is often blurred since work is so heavily integrated into your daily life. However, you need to make the effort to clear the line between them, and you can do this by opening up separate accounts for your business transactions.

There are many benefits that come with doing this and one is that it allows you to see just exactly how much money is tied up in your business. It also prevents you from getting into financial trouble because budgeting and costing are made simpler. By the end of every year, you’ll find it easier to track your business activity because your personal expenses have already been separated from your business ones.

Educate Yourself in Finance and Taxation

Knowledge and information is the best thing to have when it comes to managing your finances, especially for self-employed individuals who are aiming to build their brand. You’ll be surprised at how quickly freelancers and start-up businesses lose their money because of lack of knowledge on the matter.

This doesn’t mean, however, that you have to get some type of formal education on finance and taxation. There’re lots to learn when it comes to bookkeeping like effective and plausible ways on how to cut back, save, and make money, and you can learn all of them through online resources or by asking the right people.

 

Make Use of Technology to Simplify the Bookkeeping Process

For many of us, as much as we’d like to diligently keep our books, we may not have the time to do it ourselves, nor the budget to hire a bookkeeper for us. That’s where technology comes in. There are online apps you could use such as Taxumo, that allows freelancers and SMEs  to simplify the bookkeeping process, by auto-generating journal entries, which you can download, paste / transfer to your Manual Books of Accounts. 

 

Key Takeaway

It’s hard to be self-employed and manage all your finances and taxes on top of your workload. Thankfully, those in the Philippines can use an online tax calculator to lessen the difficulty of filing and computing taxes, but what about the rest of the money stuff? How do you make bookkeeping easier?

Well, it starts by developing the right habits and obtaining the right information. If you just follow the tips listed above, you’ll be able to properly handle your finances like the true boss that you are!

 

File & Pay Taxes Online In Minutes!

De-cluttering Your Workspace: Why de-clutter your work space now (and how to get started)

De-cluttering Your Workspace: Why de-clutter your work space now (and how to get started)

By | How To, Small Business Tips, Thoughtpieces | No Comments

Whether you are a business owner, freelancer or a  professional, we all spend a significant amount of time at work and sometimes even more than we spend at home.

With all the stress and challenges that comes with our work life, wouldn’t you want a work space where you can be comfortable and feel emotionally and mentally healthy? A space that boosts clarity, creativity, and productivity? A place that encourages collaboration and trusting relationship with your colleagues and clients?

Learn how to de-clutter your workspace here…

Small Business Tips: Using SEO To Spark Your Business in 2018

Small Business Tips: Using SEO To Spark Your Business in 2018

By | Digital Marketing, New Business, Small Business Tips | No Comments

I’m going to discuss one of the small business tips some entrepreneurs are not taking advantage of nowadays.

Over 3.5 billion searches happen per day, according to InternetLiveStats.com.  Is your website near the top of the search results when someone searches for the services or products you offer?  According to BigCommerce.com, in 2017, 51% of Americans (and that’s just Americans) prefer to shop online and that rate grows every year.

Find out more about SEOs here…

Facebook Ads

4 Guaranteed Ways to Scale Your Successful Facebook Ad Campaigns

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Facebook ads

So you’ve been running Facebook ads for quite some time now, either for your business or your client’s. Hopefully, it’s been going great for you.

If you haven’t started yet, read  “What You Basically Need to Know About Facebook Ads.”

Once you find winning campaigns which get you your objective at a low cost, it’s time to level up those campaigns by scaling them.

Scaling generally refers to making something bigger than it currently is. In this context, scaling your Facebook ads refer to improving your results through different strategies which are aimed at gaining more leads, customers, and sales.

Facebook Ads: How to Scale Your Campaigns

Ready to start scaling out some of your campaigns? Here are 4 ways to do so, starting with the most obvious one:

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Facebook Ads

5 Ways To Make Sure Your Facebook Ads Reach The Right Audience

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Facebook Ads

If you’ve been using Facebook ads to drive customers and sales for your business, then I don’t have to tell you how great the targeting of the platform is.

Most of the time, advertisers are able to directly pinpoint their Facebook ads to their intended audience.

However, there are times when businesses have very specific offers targeted to a specific audience which cannot be easily targeted.

If you’re in this boat and you’ve been struggling to reach your exact audience, this is the post for you.

Below, we’ll discuss FIVE ways to make sure that your Facebook ads are able to reach the right audience: Read More

Facebook Advertising: How to Get Direct Inquiries for Just P1,200 a Month

Facebook Advertising: How to Get Direct Inquiries for Just P1,200 a Month

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Facebook Advertising: How to Get Direct Inquiries for Just P1,200 a Month

As part of our mission to help you focus more on your passion, we at Taxumo will be inviting various experts here on our blog to guide you on how to grow your business effectively. 

Below, digital marketing specialist Julian Cañita explains how Facebook advertising can be a great platform to reach your potential market.

I know a lot of people who are really great at closing sales.

Give them inquiries and they can convert a lot of them into clients and customers.

But for some, business still tends to be slow. This is because having a good success rate of closing leads is not much if there are very few inquiries. And this tends to be what a lot of business owners neglect or put on the backseat. They just wait for inquiries to come in as opposed to actively looking to connect with potential prospects themselves.

One way to get your business out there is through advertising. But a lot of small businesses don’t venture into advertising because the misconception is that advertising costs a lot.

The truth is, it doesn’t have to! Read More

How To Do A 3-Step Facebook Ads Audit for Your Client

How To Quickly Do A 3-Step Facebook Ads Audit for Your Client

By | Digital Marketing, Small Business Tips, Thoughtpieces | No Comments

How To Do A 3-Step Facebook Ads Audit for Your Client

As part of our mission to help you focus more on your passion, we at Taxumo will be inviting various experts here on our blog to guide you on how to grow your business effectively. 

Below, digital marketing specialist Julian Cañita shares his expertise on Facebook advertising to help you grow your client’s business.

Are you a freelancer looking to get hired as a Facebook ads specialist?

Welcome to the club!

I’ve been that guy for the past two years, and the thing that’s helped me the most in landing my clients is my pleasing personality.

Just kidding.

When I pitch to clients, I tell them that my expertise is Facebook Ads and what I’ve done. But those are just words. They ask for portfolios.

The thing is, because of technicalities we do not need to get into in this post, I’m not able to show any of my previous work as a Facebook Ads specialist.

What I do instead is to conduct an audit of the potential client’s Facebook ad account. I ask for analyzer’s access, go through the ad account and map out what I plan to do for the business.

If you’re kind of in the same situation as I am and need help converting those prospects into clients, I’ll share with you how I do a quick Facebook Ads Audit.

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What You Basically Need to Know About Facebook Ads

What You Basically Need to Know About Facebook Ads

By | Digital Marketing, Small Business Tips, Thoughtpieces | No Comments

What You Basically Need to Know About Facebook Ads

As part of our mission to help you focus more on your passion, we at Taxumo will be inviting various experts here on our blog to guide you on how to grow your business effectively. 

Below, digital marketing specialist Julian Cañita explains how Facebook ads can be a great platform to reach your potential market.

So you want to run Facebook ads for your business?

That’s great!

As a Facebook Ads Specialist, I understand the power of using the platform as a way to grow businesses and how effective it can be. So if you are just planning to start on using Facebook ads, this piece is for you!

In this quick guide, I’ll teach you the very basics of the Facebook ad platform so you can get started.

Before continuing, I would recommend that you access your Facebook ads manager account. Take a quick look around and even do some tests yourself. This will help you better understand the points I’m about to lay out.

Once you’ve done that, then we’re okay to proceed.

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