Recently, a new client contacted me for my financial advice. The client has just launched a new online business with plans to expand it to multiple locations and offer digital products.
As he took the time to explain his vision, I was so impressed with his motivations. But then I quickly asked a straightforward question:
“How do you plan to monitor your income and expenses?”
He hesitated for a while and was short of words, but managed to reply:
“Honestly, I only write down all my sales and expenses in a diary”. Right there, I knew that the man had skipped a vital part of the accounting process.
This means he lacks insight into the relevance of source documents in accounting. If the client takes no action, it can lead to the loss of business since they may not know where their business data is stored.
Why Source Documents Matter to a Freelancer
In accounting, source documents are the original pieces of evidence for every financial transaction.
Some transactions cannot be classified as financial transactions, such as receiving an order without payment. That could not amount to a source document.
However, examples of source documents include receipts, records of orders received by freelancers, invoices, evidence of earnings from media, and records that prove money moved in or out of your business.
Such freelancers cannot account for their expenses; they cannot defend their financial records if questioned, and they will struggle to make informed financial decisions at any time.
Based on my conviction that my client has failed to keep any of these source documents, I took the time to educate them that keeping these documents is not the responsibility of accountants. But they are the lifelines of any business that desires to grow and make progress.
I told him that failing to build the habit of keeping this record could lead to confusion, loss of profits, and, in the event of a legal battle, he may not have sufficient evidence to present in court.
To further educate him, I asked my staff to provide both a physical and digital copy of the Top 10 Source Documents that every freelancer must know.
Invoice: Show sales made to accounts receivable, who you may call customers. On the contrary, it can also track accounts payable, which account for the amount owed to suppliers.
Receipts: This shows that cash payment has been received or made.
Purchase orders: Confirm goods or services requested from suppliers. Additionally, it includes the order’s content and the estimated delivery date.
Credit Notes: Issued for returned goods or adjustments in sales by the customers. These notes will reduce the amount owed by the customers.
Debit Notes: This document supports the purchase return journal. Buyers usually send a request for a credit for damaged or incorrect items.
Bank Statement: This source document shows deposits, withdrawals, and any bank charges.
Payroll Records: This source document lists employees, their salaries, allowances, deductions, and bonuses.
Expense Vouchers: These help capture small but significant daily expenses, such as petty cash.
Bills: These are coming from suppliers, which confirm the amounts the business owes.
To learn more about the 35 top source documents in accounting, you will need to visit the 35 provided sources.
If a freelancer or any entrepreneur decides to integrate any of the off-the-shelf accounting packages, such as Sage or QuickBooks Online, it means that some of these sources’ documents will have been integrated into the App.
The Turning Point in my Client’s Business
As we were about to review each of the source documents, I offered him a coffee to calm his nerves.
As I began to explain each of these documents to him, I noticed a realisation on his face, suggesting that he had likely failed in this aspect of recordkeeping.
In short, he openly admitted that:
“I never thought these source documents really mattered in my business. I just wanted to concentrate on buying and selling.”
In my professional consulting career, I have found that it is a common mistake made by many freelancers and entrepreneurs.
They are rushing into buying and selling without first establishing financial discipline in the business process.
However, the truth remains that for any business to grow, it must focus on managing its finances just as it generates revenue.
By the end of our discussion, he was satisfied with my explanations and was ready to introduce a proper accounting system that tracks all source documents.
This financial advice prompted the client to introduce an Excel Financial Model for tracking accounting records, with plans to upgrade to an advanced accounting package as the business expands.
As of today, his finances are well organised, giving him confidence in every financial decision he makes.
Takeaway for Freelancers
If you have been working with source documents, you will need to introduce them now.
However, if you are starting your business, you have a better chance of success if you do not ignore your source documents.
If you ignore it, that could be a costly mistake. Your takeaway for adopting source documents:
Help the freelancer track and monitor income and expenses daily.
Protect the freelancer from potential fraud and expensive errors.
Make freelancer tax-compliant.
Provide the data freelancers need to make informed decisions about their growth.
In a writing environment, a freelancer’s passion is fuel, but documentation of the accounting record is the engine. Without it, a freelancer won’t go far.
👉 Question for You:(As Freelancer or Entrepreneur)
If someone asked you right now to show proof of your last 10 business transactions, could you confidently provide the source documents?
How to search or look for an expert on Fiverr is by vising the Fiverr website. If you are looking to build a robust financial model in Excel and any other services, get an expert. Fiverr is an online marketplace that connects freelancers with clients seeking specialised services.
The next is to visit the Fiverr homepage where you can use the search bar to enter keywords. Such keywords like business plan for start-up, financial model, Cashflow projection, data analyst, financial statement, merge files. The adoption of this search strategy will enable buyer find or locate competent freelancers who specialize in these areas.
3. It good to review the profile of the Freelancer
Browse through the profiles of potential experts may not be enough to make decision on working the freelancers. It essential to go beyond that by paying more attention to their experience, skills, and previous reviews. Look for those feelancers who have a solid background in data analytics, business finance, accounting and demonstrate proficiency in Excel. In addition, any freelancer with professional qualifications and a higher degree like PhD, that could signal added value.
4. Look out for previous work done by the freelancers
Just recent Fiverr enable section where freelancers can sample their previous work. Several freelancers have taken opportunity of this to showcase samples of their work in their profiles. Take the time as a buyer to review these examples to ensure their style and quality align with your expectation. This will ensure you are dealing with the right freelancers that will deliver the desire outcome.
5. Communicate what you need to the freelancers.
Once you find a competent freelancer that meet your requirements, get in touch with them to discuss your project. Clearly articulate your goals, logo, timeline, and any specific features you want the freelancer to include in your projects.
6. Finalize the pricing and deliverables
Before completing your order, ensure you discuss the pricing structure and deliverables with the freelancers. Make sure you have insight to what expect to receive from the completion of the order. This including timelines for drafts, revisions and extra work that may be needed
7. Place Your Order
If you are satisfied with the discussion and the freelancer’s skills to deliver the project, go ahead and place order. Make payment through Fiverr payment system to ensure a secure transaction. However, you must ignore any ideal to make payment through PayPal or any other means. That could to lead to suspension from Fiverr because it could be termed violation of standard rules.
8. Co-operate and Offer Feedback
From the start of the order, it is essential both the buyer and freelancer maintain open communication. Provide feedback and additional information that are relevant to deliver better project. And also ask questions to ensure the model is shaping up according to your needs. In addition, if it is essential because of the kind of project, both might agree to schedule a zoom meeting. This meeting is through Fiverr platform to ensure that buyer has opportunity to contribute to the final outcome. This will build a stronger relationship and close all communication gaps.
9. Take time to review the Final Product
Once the freelancer completes the project, review thoroughly to ensure it meet expectations. Ensure it meets your requirements and expectations before closing the order.
10. Leave Feedback
Once you are satisfied that the final outcome meets your expectations. Take a moment to leave a review for the freelancer. Even though the order has closed after 3 day of delivery, the buyer has 14 days to leave a review. Your feedback helps others buyers to make an informed decisions and supports the expert in building their reputation in Fiverr
Conclusion
If you follow these steps listed above on how to search or look for an expert on Fiverr, you will be able to find and collaborate with a qualified freelancer like me on Fiverr. This collaboration will help to create an effective project that supports your business goals.
Visit Fiverr, If you need the following services, such as:
Business plan
Market research for business expansion or Product launch
How to Make Money as a Freelancer on Fiverr is one issues faced by many. Fiverr is a prevalent online marketplace that links freelancers with clients, offering a wide range of professional services
If you are ready to start making money as a freelancer on this Fiverr platform, here are some comprehensive steps to help you get started:
1. You need to Identify the Skills you are good at:
First, assess your strengths and areas where you have good skills. Fiverr offers categories like data analysis, graphic design, writing, coding, programming, digital marketing, video editing, music production, and more. So, you will need to select a niche where you excel and offer such value to clients to earn money.
2. Create an Engaging Profile:
Note that your Fiverr profile is your first impression to clients. It is your responsibility to ensure you include a professional profile picture, a persuasive description of your professional services, and particulars concerning your experience. In the profile, you will highlight what makes you exceptional and why clients should choose you over others.
3. Ensure you Gigs is Attractive Gigs:
You need to note that a “gig” is the service you offer to your clients. You must produce a well-structured gig that plainly outlines what you offer. Make use of titles that grab attention, comprehensive descriptions, and high-quality images or videos to showcase your work on Fiverr. State clearly what your clients will expect from your services and any additional benefits you provide.
4. Ensure your Pricings are Competitive:
You must research to know what other freelancers in your niche are charging and set competitive prices for your services. Begin with a lower price to attract initial clients and establish a relationship and reputation with those already using your services. As you gain positive reviews from your clients, you can regularly increase your rates.
5. Optimise for SEO:
It is essential to use relevant keywords in your gig titles and ensure the keywords are shown in the descriptions to enhance visibility in Fiverr’s search results. With this strategy, any potential clients will be able to locate your services more easily on the marketplace.
6. Ensure you Promote Your Gigs:
It is good that you are promoting your gig instead of relying solely on Fiverr’s internal traffic. Depending on Fiverr’s internal traffic, it may not favour new freelancers. However, sharing your gigs on social media platforms, blogs, or niche-related forums can help increase your visibility. This strategy can create a network that will help you reach more potential clients.
7. Offer Outstanding Work:
The moment you begin receiving orders from clients, your focus should be to deliver high-quality projects within the agreed-upon timeframe. Exceptional service can cause to repeat orders and positive reviews from clients, which are crucial for building a better relationship and reputation with clients.
8. let your services prompt Feedback:
After completing a project and being satisfied with your services, your clients will leave reviews. Positive reviews as a form of feedback to your services can boost your credibility and greatly influence new clients’ decisions to use your services.
9. Periodically update your Gig:
You must regularly examine your performance and change your strategies based on client feedback as well as market trends. In addition, it is good to stay updated on changes within your niche to remain relevant and competitive.
Conclusion
By following these nine steps, you can fruitfully navigate Fiverr and build a profitable freelance career over time.
visit my gig https://www.fiverr.com/pe/ojbgWg
Visit my Gig at fiverr.com/ If you need the following services, such as:
Business plan
Market research for business expansion or Product launch
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
