Accounting Tools Relevant for Freelancers should be easy to use since several freelancers don’t have wide accounting knowledge.
As a freelancers it is however, essential that they know what accounting tools all are about. Accounting Tools are software that enables businesses to track and record financial activities in compliance with legal and taxation regulations.
It integrates several source documents like purchase order, invoice, bank reconciliation statement and so on together in one place. Also, because they have more valuable things to do than keeping accounting records. Moreover, they should have essential accounting functions, like expense tracking.
How much money can freelance professionals make per year?
If you’re interested in freelancing, various types of work are available. Typically, professions that require more technical skills can earn more for freelancers.
In USA, there are 57 million freelancers’ (51%) say no amount of money can entice them to take traditional job. They enjoy the following.
Flexibility and
Ability to work and stay in any location.
CNBC report shows that the average hourly rate and annual salary for most in-demand freelancing jobs as stated below. This article put forward 13 professional freelancers with average hourly expectations..
Writers: On average, a freelance writer earns $30-40/hr or around $42,000 annually.
Editors: Freelance editors usually earn around $25 to $35 per hour, an average yearly salary of approximately $40,000.
Programmers: Freelance programmers across different languages earn $60-70/hr or $120,000 annually.
General developers: A freelance developer typically charges $50-60 per hour, earning an annual salary of around $100,000.
Mobile developers: Also, Mobile app developers typically earn an hourly rate of $55-65 as freelancers, equating to an annual salary of $100,000.
Web developers: Freelance web developers earn an average of $90,000 annually by designing and creating websites at an hourly rate of $50-60.
Graphic designers: A freelance graphic designer typically charges $40-45 per hour, earning an annual salary of around $90,000.
Transcribers: Freelance transcriptionists can also earn an average of $20-25 per hour, adding to a yearly salary of around $32,000.
Online marketers: Freelance digital marketers typically earn an hourly rate of around $50, resulting in an approximate annual salary of $100,000.
Photographers: A freelance photographer has an hourly rate between $35-45/hr, with an annual salary of around $42,000.
CRM managers: A customer relations manager (CRM) expects to make between $50 to 60/hr, with an year salary of approximately $120,000.
Data analysts: A freelance who specialises on data analyst earn between $55 to 65/hr, annual salary of $100,000.
Bookkeepers: Lastly, an individual who works as a freelance bookkeeper usually earns an hourly rate of $30 to $35, which translates to an annual salary of approximately $40,000.
8 Accounting Tools Relevant for Freelancers
As businesses increasingly expect growth, they must have accounting tools that cater to the needs of freelancers and content creators.
These accounting tools will help freelancers meet their business needs and fulfil their obligations to the government. With the growing demand, the average hourly wages of freelancers can also increase, and proper data capturing becomes crucial.
QuickBooks
Two QuickBooks products are actually useful as Accounting Tools Relevant for Freelancers. They are QuickBooks self-employed and QuickBooks Online Simple Start.
Wave
Similarly, Wave’s accounting software streamlines invoice and cash flow management, allowing entrepreneurs to focus on business growth.
Zoho Books
One of the best overall accounting tools important for freelancers. Zoho Books is an online accounting software that streamlines financial management, automating business workflows, and enables seamless collaboration across departments.
Freshbooks
FreshBooks provides time-saving tools to run your small business efficiently
ZipBooks
ZipBooks is a robust platform that simplifies the management of your business with its beautiful and intuitive interface.
Trulysmall Accounting
This tool streamlines invoicing by centralizing invoice creation, branding, previewing/sending, and receipt.
Freeagent
This tool is designed for freelancers to track and analyze their finances.
Fiverr workspace
Fiverr Workspace Blog provides effective payment and back-office management resources for small businesses and freelancers.
Bonsai
Freelancers will earn money, receive payments and also have debtors owing them for their services. Appropriate bookkeeping skills will always stand as the key difference between a performing or non-performing freelancing business.
Important of Accounting Tools Important for Freelancers
Source: Canvas.
First, it makes them to keep track of incomes and expenses..
It makes them to staying on top of all invoicing issues
In addition, it makes them to keep accurate records for tax payment
It makes them to appreciate the work of an accountant and auditor
Also, is ensures the timely monitoring of daily business tasks and activities
It provides freelancers on how to take charge and defend business assets when bad times strike.
Improves cashflow
It makes freelancers to be motivated of their performance
It also protects freelancers against the legal consequences of not keeping accurate records for tax purpose.
It makes their work and reports to be more professional
Lastly, it makes them to be organised and able to budget for the future earnings and expenses.
Conclusion
It is essential for every writer who earn income to be familiar with the accounting tools. Also, to submit documents come tax time and annual report to monitor financial performance. In addition, if you need help, there are many step-by-step tutorials on YouTube or contact ohimai consulting.
Fiverr.com is a great platform to sell your content and products if you want to earn extra money. It’s a popular freelance services marketplace that attracts clients from all over the world, both online and offline. Even though, evidence shows that many businesses use fiverr.com services to find skilled professionals. There’s a high demand for digital services globally, so you can offer a wide range of services on fiverr.com to increase your income. Also, among the several ways to make extra money on Fiverr, writing is one way to create high-quality offerings that stand out. Place your order today to help you write an article for $20.
22 Ways on How to Make Money on Fiverr
There are 22 ways to make money on Fiverr by selling your skills.
1.Human Resource Consulting
These consultants execute a wide variety of tasks, such as generating employee policies, recruiting and job coaching.
This kind of services can earn you over $1,000 in a single month.
Instead of producing a fresh work for every order, you can substitute to produce the book or report down.
Then continue to sell to different customers at different times. Also, it must clearly state that you reserve the copyright of the work.
3.Website Development
This is another way to earn big on Fiverr. Interestingly, E-commerce niche is among one of the greatly sought-after web development services on Fiverr.
Top sellers charge from $20 for a simple work to about $3,000 for a broader one.
Those you can write short and quick work get paid handsomely. If you a writer who can deliver 500 words in 30 minutes or less, you make about $10 per hour. However, the aim is to deliver a high-quality work and you will keep receiving order from buyers.
5.Marketing software.
You can promote your client’s site with several of traffic generation software. In addition, you can earn $50 to $100 for an hour.
6. Make digital drawings
You can earn large from using automated photo-based drawing tools to produce digital drawings. Also, buyers look for custom graphics-based drawings and are ready to pay.
7.NFT Artist
Sellers earn money producing art and sell the digital rights, in the form of non-fungible tokens, to collectors. However, top sellers earn as much as $1,000 to make NFT art collections.
8. Research
Seller earns money using Google for a research project. It is however, imperative that you make your research has focus and be able to turn out the research in a very short period of time.
9. Virtual assistant
This has to do with the country you live in, it is easier to make money selling an hour or two doing virtual assistant work for clients you find on Fiverr.
10. Adjust pictures
You can earn from adjusting pictures like using Photoshop to clear the background of a picture. Clients are constantly looking to get their picture background cropped off their pictures to enable then use those pictures online
11. Influencer Marketing
If you have numerous followers on social media, as a result of your participation, Then, turn this asset into earnings on Fiverr. Definitely, many businesses and individuals are eager to pay to enable them to advertise their brand on your social media channels. The price charge for this kind of service hinge on the number of followers on your platform or the conversions the buyer gets
12. Design business cards
Several firms and individuals are constantly in need of business cards, as a result there is no lack of demand for people with fairly simple graphics skills who are able to design business cards to earn money.
13. Social Media Marketing
This is among the fastest-growing sources of making money on Fiverr. Of course, this seller will be able to perform audience research, checking social media platforms and posting content to them, and campaign creation. In addition, you can earn between $50 to $2,000 per gig, depending on the tasks the buyer wants you to perform.
14. Take pictures with signs
You can earn money from Fiverr for taking a picture of you holding up a sign standing next to a landmark in your area.
15. Design flyers
You can design flyers and earn big off Fiverr. However, the desires for graphic design have improved exponentially.
16. Graphic Design
If know how to design logo, clothes or card, then Fiverr is the right place to sell your services. Starting prices for logo designer gigs is between the range from $5 to over $1,000
17. Become a reviewer
If you can review 500-word in less than 12 or 10 minutes, this can be a great gig to offer for the market. People are constantly in need of reviewing since consumers frequently buy products or services after reading to understand the review
18. Translation
Translator who can translate documents and other projects on Fiverr will be able to earn money. You can offer to teach people in their languages and also market their products in those own languages. Top-selling translators get up to $500 for a translating job.
19. Produce a video testimonial
If you are presentable and can speak talk in front of a camera professionally, then, you can offer to sell video testimonials.
20. Use software to create SEO diagnostic results
Buy and offer any of this software to diagnose how healthy a site is in terms of SEO. Most of the software packages are easier to operate, so you can earn good money from it.
21. Make use of a software to locate SEO keywords
Make a report that is full of SEO keyword will land you big earnings. There’s a enormous demand for this service
22. Copywriting
Lastly, copywriter who is able review products, business content, write blog posts and website landing pages or author books will earn big in Fiverr. A top-selling copywriter can earn as much as $900 to make a brand story.
Conclusion
In conclusion, several people ask how to make extra money on fiverr, even thought everyone has something to offer the global market where they can earn money. Also, you just need to start now on Fiverr and start spinning your spare time into spare money.
This article covers business and personal growth, connected due to the author’s strong interest in both concepts. Business growth is when a business reaches the level of expansion and pursues additional options to earn more profit. It is achievable when business owners and environmental factors determine what happens to a firm’s success.
In addition, businesses experience growth when there is no agent and the principal issues. The industry is expected to grow when its customer base is expanded, revenue increases due to several business models. Also, strategies employed or when different products are produced after researching the market to know the need of consumers.
Personal growth involves both comprehending and pushing oneself to reach their full potential. It can encompass adopting new habits, hobbies, skills, and approaches to accomplish one’s objectives.. It can also mean continually examining who you are becoming and your plans to attain that level.
Growth is not just about gaining market share but also involves engaging in social activities. This means a surviving company’s success relies on how well it serves its wider stakeholders and increases social welfare (Ward, 2020).
Numerous studies have explored business creation, operation, and management (Santamaria, 2018; Birley & Westhead, 1993; Rosa, 1998; Iacobucci & Rosa, 2010). However, this book has identified an F-Ojes Model consisting of three main business and personal growth pillars.
Component of this model tested
Successful businessmen and women have knowingly or unknowingly tested and applied the components of this business and personal model. It has helped them achieve success and expand their businesses.
Amancio Ortega created the Inditex Fashion Group and Zara chain store to fulfil his business and personal ambitions. He implemented this strategy by reinvesting billions of dollars in dividends into real estate and further expanding his business. As a result, both he and his company have thrived, with Zara having branches and offices worldwide. He was even once the wealthiest man in Spain.
Ortega’s leadership style involves actively listening to employees and clients and recognizing them as essential members of his business network. He prioritizes their input and ideas to ensure the business’s success. Ortega kept manufacturing and pricing tasks in-house to prioritise the business’s best interests.
As he listened to employees’ suggestions, he was able to design unique brands. It has helped him integrate their opinions and views into the organization’s success. A network can do this for someone who receives vital information from the immediate environment.
Several scholars have investigated different models for business growth. Still, this book looked at the model by Churchill and Lewis (1987), which is relevant to small and growing businesses as stated in the five stages of company development. According to Lewis and his friend.
The stages are:
Existence
This is related to garnering customers and delivering product or service.
Survival
This means companies have demonstrated that they are workable business entities, with a big question as to whether there is sufficient money for the firm to break even and remain in business.
Success
This has to do with the decision challenges encountered by owners of the business as to whether to exploit the firm’s achievement and expand or keep the firm stable and profitable, providing a base for alternative owner activities.
Take -Off
It means how to make the firm proliferate and finance its growth..
Resource Maturity,
With its size and management advantages, the company can become a strong market force if it keeps its entrepreneurial spirit.
According to Lewis, the model can be helpful for owners during the initial stages of their businesses. As a valuable tool for business owners, the model facilitates task allocation and enables the adjustment of management positions. It also proves beneficial for accountants and consultants in identifying issues and offering solutions to smaller enterprises.
A business or individual who desires business and personal growth should apply the three pillars that make men great. Expanding customer base, increasing revenue, producing more, and going global can help achieve goals.
In line with Premaratne, the success of business enterprises and individuals depends on personal networks (Premaratne, 2001). Still, this book discusses identity and knowledge about current information technology and the knowledge-based economy.
In this book, the author has introduced the F-Ojes Model, which has three main pillars. The first pillar is IDENTITY; the second is represented by the letter K, which stands for KNOWLEDGE. Lastly, the third and final pillar is represented by the letter N, which denotes NETWORK.
The author has listed certain pillars that resemble self-determination assumptions. These pillars relate to the requirements that individuals need to fulfil before achieving psychological growth. Find them below:
Autonomy
This is when the expectation is that individuals control their actions and objectives and feel a sense of ownership.
Competence
This is where the requirement is for people to gain mastery of tasks and learn diverse skills. Believing in your skills increases the likelihood of taking action towards achieving your goals.
Connection
This is where the requirement is for people to relate to other people across the network. When people experience a sense of belonging and attachment to others, they can see self-determination to achieve things.
Today, one cannot do without any of these technology like IoT, Cloud computing, Drone technology and Artificial Intelligent. If combine this technology with F-Ojes Model, it will surely position businesses and individuals.
References
Birley, S. and Westhead, P. (1993). A comparison of new businesses established by “novice” and “habitual” founders in Great Britain. International Small Business Journal, 12, 38-60.
Iacobucci, D. and Rosa, P. (2010). The Growth of business groups by habitual entrepreneurs: The Role of Entrepreneurial Teams. Entrepreneurship Theory & Practice, 34,351-373.
Premaratne, S.P.,(2001). Networks, resources, and small business growth: The experience in Sri Lanka. Journal of small business management, 39(4), pp.363-371.
Rosa, P. (1998) Entrepreneurial processes of business cluster formation and growth by “habitual” entrepreneurs. Entrepreneurship Theory and Practice, 22, 43–62.
Santamaria, S. (2018). Company growth or business growth? Business group formation as an entrepreneurial growth strategy. https://business.uc3m.es /seminarios/ filesem1542013693.pdf (Accessed 2nd October 2022).
Ward, A.M (2020). Finance: Theory and Practice, Chartered Accountants Ireland
