When you are a freelancer, you are just that. Free. As a business owner, you are on the move and so are your dollars, flowing between jobs, clients, and even locations. You may love the flexibility and transition of your job, but it can make it challenging to keep track of your finances in this less traditional setting. Here at Lili Banking, we want to make small business accounting easy for freelancers and side hustlers so you can get back to doing more of what you love.
What is Small Business Accounting?
Any freelancer who desires to manage their finances and not just stay in business, but thrive in business, needs to have a system of basic bookkeeping. Accounting for a freelancer can be an extra challenge because you are the business, unlike big companies that have accountants to manage these needs. Small business accounting is a system that freelancers use to record all inbound and outbound business transactions, produce financial reports, as well as analyze that same data to help you gain an edge in your financial standing.
Important Tasks for Freelance Small Business Accounting
You may have done some of these steps already, or maybe you are just starting out. No matter where you are in your financial situation, Lili can help you with these important elements of your freelance small business accounting to enhance your financial health:
- Open a bank account. It’s easy! Do it right here with us. It only takes three minutes!
- Track your inbound and outbound expenses and business activities. With one click, you can always see where you stand or print financial statements.
- Keep real-time, ongoing financial records for tax time. Remember, even if you are working with an accountant , you need information about your business taxes.
- Record all business transactions and expenses you can take advantage of deductions like gas mileage or client meetings.
- Track your savings. Financial advisors suggest setting anywhere from 25% to even 1/3 of your income aside. (shopify.com)
- Streamline payroll. Whether you are paying yourself as the sole proprietor or someone who is part of your freelance hustle, you can get everyone paid easily and even keep track of payroll taxes.
- Create an efficient cash flow system. You don’t have time to be stopping by the bank to deposit a check, take out cash, or keeping track of which card you used for which supplies. Lili’s mobile banking takes care of all that for you, even on the go with 35,000 free ATM locations nation wide.
- Manage all the paperwork. Who has time or space for a physical balance sheet these days? Our in-app options allow you to record transactions, do receipt scanning, and view bank transactions so you can make all the best financial decisions.
Lili Banking Makes Your Small Business Accounting Easier
Whether you need a quick look at your financial reports, bank statements, an analysis of your cash flow statement, or the information for tax time, we make keeping track of all this easy. The world has changed a lot in the past year, it’s time your banking make some changes too. We want to help you with our people-friendly business accounting software, right from our mobile app. Start an account with Lili today. It’s the best financial plan you will have ever make.