6. Wise & Precise Financial Management

We must manage our time, the money owed to us, and the money we spend well so we can make wise decisions to help us more efficiently reach our goals. The resources below are specifically curated to help you accomplish this objective.

We can quickly go from success to failure with a few bad financial decisions. Independent freelancers need to get legit, track what matters, get paid on time, and proactively manage taxes. Do you have the financial visibility to make wise decisions?

Get the Book >> Path Of The Freelancer: Behind these covers, Jason unveils a blueprint and shares personal stories to help guide and equip other freelancers in their difficult but rewarding journey.
Download Achievement PDF: Wise & Precise Financial Management: Download the official graphic for the sixth achievement in the Path Of The Freelancer book. Quickly explore the four checkpoints of this achievement.

Checkpoint 1 - Legit Business & Bank Accounts

Resources

Should I Incorporate My Business as an S Corporation or LLC? When looking at what type of entity your business should be, we strive to balance the legal protection issues vs. the tax savings. Over the years, we have developed the mindset that there is no perfect election but there are ones that are better than others.
Chase Bank: Chase Bank provides credit cards, mortgages, commercial banking, auto loans, investing & retirement planning, checking and business banking.
Stripe: Stripe is the best software platform for running an internet business. We handle billions of dollars every year for forward-thinking businesses around the world.
Dave Ramsey: Dave Ramsey, America's trusted voice on money, is a National best-selling author and radio host. Learn to budget, beat debt, & build a legacy.

Checkpoint 2 - We're Easily Watching What We Track

Resources

Harpoon: Meet Harpoon, a financial planning, time-tracking, billing, and budgeting for freelancers. Harpoon empowers you to follow a simple, best-practices approach to managing your business finances.
TimeCamp: Projects, organized. Use automatic time tracking software for your projects and get your budget under control.
Freshbooks: Small Business Accounting Software That Makes Billing Painless.
Xero: The online accounting software alternative to QuickBooks
LessAccounting: Easy Accounting & Invoicing. Accounting Software for freelancers Who Dislike Bookkeeping. Jason's Note: I switched from a major accounting system to LessAccounting and I can't be happier with the jump. Their tool is simple, easy to use and easy to manage. I've also had a history of great customer service and an ear to receive my many ideas. If you don't have a system you like or have one that's too complicated, check LessAccounting today.

Checkpoint 3 - We're Paid Early or On Time

Checkpoint 4 - Payroll & Taxes are Turnkey

Resources

Innovative Admin Services: Today more and more businesses need help managing increasingly complex employee related matters such as payroll, employee benefits, unemployment claims, workers’ compensation claims and the list goes on. Innovative Administrative Services enables businesses to cost-effectively outsource the management of employee benefits, payroll, workers’ compensation along with human resource issues.

6. Wise & Precise Financial Management