![]() The most important thing when you’re just starting out is getting paid. You’ll want everything to be traceable.Īvoiding tax penalties is a good reason in itself to get on top of your accounting, but you should also have some internal motivation.ĭo you want to run a successful business and achieve your financial goals? No matter what those goals are, you need to be on top of your numbers. That means properly and correctly recording all of the financial transactions in your business. The foundation of tax compliance and knowing your numbers is having an accurate set of ‘books’. It can take years for the tax authorities to investigate you, so if you’ve avoided paying taxes for a few years and haven’t heard from them, it doesn’t mean you’re off the hook. Usually, there are late lodgement penalties, interest, and in some countries there can even be jail time for tax avoidance. These are tax compliance and the desire to run a successful business.Īs far as your tax obligations go, the penalties for non-compliance will vary from country to country. There are two primary reasons to get your accounts in order. We’ll also discuss the criteria you should use when selecting a software for invoicing, receipt storage, and accounts management. Today, we’ll look at why records are important, how to build your war chest, and how and when to hire an accountant. No matter what stage your business is in, improved financial record-keeping and great habits can save you time and stress while opening the door for growth. If you’ve been in the game for a while, feel free to skip to the second post when it becomes available. ![]() In part one of this two-article series on freelance business finances, we will focus on businesses that are just starting out.
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