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As a freelancer, you may find bookkeeping to be one of the most daunting parts of the job, but it doesn’t have to be overwhelming. Let’s explore a few of the challenges freelancers face and ways Cheqbook can help.

Lack of Organization

One of the main reasons that freelancers struggle with accounting is a lack of organization. When you are self-employed, it is up to you to keep track of your income and expenses. This can be a challenge if you do not have a good system in place for tracking this information – thankfully, Cheqbook can help.

Not Having Enough Time

Another common issue that freelancers face is not having enough time to keep up with their accounting. When you are self-employed, you have to juggle many different tasks and responsibilities. This can be a challenge if you do not have enough time to dedicate to keeping up with your accounting. Cheqbook can help speed up the process and could save you 80 hours a year!

Unclear Expenses

Another reason freelancers struggle with accounting is that their expenses are often unclear. When you work for a traditional employer, your business expenses are typically reimbursed by your company. However, when you’re self-employed, you’re responsible for paying all of your own business expenses out of pocket. This can make it difficult to keep track of what qualifies as a business expense and what doesn’t. Cheqbook can help you categorize your income and expenses so figuring out deductions is easier.

Self-Employment Taxes

In addition to regular income taxes, freelancers also have to pay self-employment taxes. These taxes consist of Social Security and Medicare taxes, which are normally withheld from your paycheck if you’re an employee. However, since freelancers are self-employed, they must pay these taxes themselves. This can be a significant expense, especially if you’re not expecting it but with Cheqbook, there won’t be any surprises. You can learn more about self-employment taxes here.

In Conclusion

Bookkeeping is an essential part of running a successful freelance business—but that doesn’t mean it’s easy. If you’re struggling with bookkeeping as a freelancer, know that you’re not alone and that Cheqbook is here to help. Check out our tips for freelancers and sign up for a free 30-day trial of Cheqbook!