A lot of people choose to be sole proprietors because it’s an exciting way to explore their potential. And sole proprietors who use cloud accounting experience even more freedom with their work.
Many people who are looking for more independence find that it’s pretty freeing to be their own boss. You get to answer to yourself. And because answer to yourself, you can work wherever you want and whenever you want. Plus, you keep most the profits of your work, rather than making just a flat salary. When you own your own business, you have the potential to pocket what your company was making off of you along with your original paycheck.
There are sole proprietors everywhere. If you’re looking to liberate yourself from the 9-5 routine and call the shots, now is the time to realize that dream. And lucky for you, a healthy economy combined with advances in cloud software makes this the best time to start your own business. Because if self-employment doesn’t work out, there will be plenty of employee positions available for you to come back to.
However, there is some risk to going out on your own. Money is a big deal when you don’t have enough, and it is important to know where you stand so that you don’t take unnecessary risks. In the last few years, several great accounting software options have hit the market. They offer sole proprietors tools like easy invoicing, time tracking, and project management. For example, ZipBooks allows you to create an invoice that automatically includes unbilled time. Your invoice can group in all the hours and projects you’ve connected to a client, so it takes only seconds to review and send that invoice. You can stay organized and be more transparent with your clients, which leads to fewer concerns about what they are being billed for.
As a sole proprietor, you probably juggle a lot. While it’s great to have a lot more freedom in the decision-making processes, there are also some downsides to owning your own business. For example, if there’s ever a day you can’t work, like a holiday or sick day, you don’t get paid. And you may take on many different roles. You may be marketing, PR, customer support, sales, CEO, and development all at the same time.With so many responsibilities, you can’t afford to make a lot of mistakes. You need a software solution that is accurate and that manages risk to you and your company.
No matter how many to dos are on your list, your real success depends on the time you have to do the work you actually enjoy. So instead of taking on every task by yourself, try using a cloud software to organize and automate your accounting responsibilities. For instance, try signing up for a cloud software to automate your recurring invoicing. Schedule weekly or monthly invoices for specific clients, invoice them for recurring projects and hours, and set a date for when you would like those recurring invoices to stop. When you have less to stay on top of, you can find the time you need to make your big ideas happen.
The following are some features of cloud accounting software that will get you organized. However, they can also encourage clients to pay faster when they see exactly what they’re being billed for.
Invoicing template and software – A professional invoice template combined with a simple invoicing software is what can make you truly efficient. You can fill out invoices in seconds and send them from any device that can access the internet.
Time tracking – Track the time you spend working on projects from your cloud software. You can track time as you go, or enter it manually later. It helps to have a tool that can remind you of what you’ve done so you can bill for it later.
Project tracking – Stop scribbling notes on scratch paper and laboriously creating invoices in Excel. Use a project tracking tool to keep track of what you’re doing and who you’re doing it for, then include this information in a simple online invoice template.
Interactive charts and graphs – Review your finances in real time when you log in every day. The more familiar you are with what’s coming in and out of your accounts, the more knowledgeable you’ll be about how to steady your cash flow.
Share data – One day you may need to share your info with an accountant remotely. Whether your business grows and you need some advice, or you eventually decide to sell your company, you’ll want to have a way to provide company data simply and clearly.
Multiple payment options – There are cloud software companies that will allow you to offer clients multiple payment options. By offering clients what’s convenient for them, you give yourself one more way to get paid faster.
With so many cloud accounting developments out there, there are some companies who have figured out how to offer the same great features for free. ZipBooks is a cloud based accounting software that is free to use and sign up for. You won’t be charged a single monthly or hidden fee.
ZipBooks is the most straightforward accounting software because it was built for you, not your accountant. Enjoy simple templates, a user-friendly interface, and a very straightforward way of bookkeeping.
ZipBooks is one of the only software companies that doesn’t charge you for storage. Store as many invoices, estimates, and receipts as you need. And keep adding as many client profiles as your business requires.
Cloud accounting takes the frustration out of work by giving you simple tools to accomplish complicated tasks. Sign up for ZipBooks, the free QuickBooks for nonprofits, today with just your email, and you’ll have unlimited access to our free software. Our goals are to get you organized and get you paid faster, and our features demonstrate that. One-click invoicing saves you time, offering multiple payment options gets you paid faster, and access to unlimited storage lets you move the office to the cloud. We’ll keep things in order for you so you can actually enjoy the freedom you expect from self-employment.
Brad Hanks is in charge of Growth at ZipBooks.