It took me a while to get up and running with my accounts as a freelancer. Starting ‘the right way’ and keeping good records for both income and expenditure from the off avoids the horrible ‘oh my god my tax return is due in 1 day’ annual panic. I started researching freelance invoice software – I wish so much that I had found Freshbooks back when I started because it would have saved me a lot of grief.
Freshbooks is an online accounting system / recurring invoice system, is easy to use and very low monthly charges. Actually it’s free to start but presuming you have more than 2 clients you’ll be a paying customer. You set up your clients, set up your invoiceable items, and creating invoices is incredibly quick.
You can also use it to keep track of your business expenses and can upload a scan of a receipt to attach to the expense. Because it has a record of your income and expenditure it also can produce a variety of accounts for you at the click of a button – instant profit and loss reports, yay!
On top of all of that you can use it for time tracking per project.