13 Nov Bookkeeping and time management important for freelancers
Managing bookkeeping processes and time can increase productivity, efficiency
There are several pros found within the realm of freelancing. One of the pros may be centered around time, but if left unmanaged, time can hinder your business processes.
As the following QuickBooks article suggests, sometimes you understand you may have worked hard, but did you work smart? Time tracking is a vital portion of being a freelancer and it can ultimately affect your income if not managed properly. At the same time, if it is managed properly, it can be a benefit to your business by increasing revenue and an efficient workflow.
QuickBooks gives five tips to help with time tracking:
The first is to maximize your billable hours. Throughout the work day, there are certain tasks that you have to complete to maintain to keep projects moving such as emails, phone calls or invoices. If you can reduce the time you spend on theses tasks, then you should be able to spend more time on billable hours. If invoicing and bookkeeping tasks are taking up your time, then it may be a good fit to look for software that can aid in the process or an experience bookkeeping professional.
The second item to keep in mind for time tracking revolved around increasing your income. By looking at the time you spend on a project for each client, you can get an accurate picture of which clients are more profitable.
Improving productivity is the third tip to help with time tracking. Cutting distractions and becoming accountable for your time should always be a top priority. If you are tracking your time on a project accurately, then you are less likely to avoid the common pitfalls of the Internet or other time-wasting personal tasks.
Finding the right schedule can aid in time management, and it will result in a reasonable workload for your day or week. For many freelancers, understanding the time it takes to complete a project may be different during the startup phase. But once your business has matured, you should know how long most routine projects or tasks take.
On the same note, obtaining an accurate quote for work is something that becomes more natural as the business matures as well. As your system improves, quoting price for a project will be spot on for your time and cost.
If you would like to learn more about QuickBooks and accounting software, Dempsey Vantrease & Follis has QuickBooks ProAdvisors who can assist along with QuickBooks training and setup. Our bookkeeping services also include on-site bookkeeping assistance and ongoing support.