Freelancing can carry with it some great benefits with freedom and flexibility being the forerunners. However, as with most things, there are plenty of other considerations of freelancing that are commonly overlooked, the administrative side being one of them. If you are considering venturing into the world of freelancing then be sure that you have a good understanding of all the administrative requirements that go with it. Below is a list of some of the daily and monthly admin tasks you will need to be on top of.
Taxes
Just because you are not taxed at source does not mean you will not be liable to pay taxes on the profit you made. Filing your own taxes is likely to be one of the biggest encumbrances of freelancing and carry with it the most responsibility. Be sure that you are fully aware of your tax liability and that you stay up to date with filing your tax returns. Failure to do so could have very serious consequences.
Keep your accounts up to date
Along with taxes, your accounts are part of the less glamorous side of freelancing. That said if you can keep on top of your accounts on a monthly basis it will make filing your taxes infinitely easier. Set aside a few hours each month to ensure your bookkeeping is kept up to date. You will thank yourself in the long run.
Insurance
Not all freelancers will need insurance but nonetheless, it is worth looking into. When you work for yourself you do not have the safety net an employed member of staff may benefit from. To help give you peace of mind and protect you from getting into potential difficulties take a good look at the policies available and consider whether you will benefit from them.
Invoicing
How and when you invoice for your services will depend on your and the nature of your work but it is always a good idea to have a clear and consistent invoicing procedure. It is also worth agreeing to the payment terms that suit both you and your client in advance of any work being undertaken. This can enable you to have a solid understanding of when you can expect to receive payment and therefore budget accordingly. Unfortunately, when it comes to freelance work you may find yourself in the regrettable position of having to chase invoices. While nobody likes to do it it is an essential part of working for yourself that you cannot afford to overlook.
Meet your deadlines
As the work as a freelancer can be sporadic and hard to come by at times one of the best things you can do is meet your deadlines. Adhering to deadlines will show professionalism, trust and will increase the chance of your freelance services being used again. When agreeing to deadlines with potential clients always be sure to provide yourself with ample (even extra) time to ensure you can fulfill your deadlines. What is more submitting work ahead of schedule will be viewed favorably.