If blogging is your source of income, you need to run your blog like a business. That includes keeping full accounts, which is not difficult to do if you follow the advice on how to manage your accounts efficiently, shared below…
How to Manage Your Accounts Efficiently When Working as a Blogger
Making sure you get paid in time
You need to send out your invoices regularly. Don’t let it become one of those jobs you let slip. Instead, as soon as you complete a piece of work, create your invoice with freshbooks.com. Invoicing the moment that you have finished a job will also ensure that you do not forget to charge for your work. It is surprisingly easy for something like that to slip your mind, especially if the task you have done is a small one that you have fitted in around what you normally do.
Even if you only invoice a client once a week or once a month. Following the discipline of creating an invoice immediately when you have finished a piece of work will ensure that you do not inadvertently forget to bill someone for something.
Have a system in place to chase late payers
It is also important to set up a system that warns you when a client fails to pay you on time. Don’t be tempted to let things slide so that you can maintain friendly relations with someone. If you do, there is a good chance that you will rarely get paid on time by them in the future. Instead, put in place a robust late payment chasing system and stick to it.
Keep track of your expenses
Pay particular attention to your business expenses. Get into the habit of logging everything as you purchase it. If you buy something in a shop or receive it through the post or from a courier, photograph the receipt and file it properly. Make a note of what it was for and enter it onto your accounting system. Make sure that any employees that you have also do the same. Also, make it clear that if they do not file their own expenses on time, at the end of the week or month, that they will not be paid.
Understand what the authorities require of you
Almost regardless of where you do business, you will be required to file a tax return and almost certainly collect some sort of sales tax. Make sure that you fully understand what your responsibilities are under the law. Then equip yourself to fulfil that obligation.
If for any reason you do not feel you can do this, it is best to hire an accountant to do it for you. They will make sure that you meet all of your legal obligations and that important tasks like invoicing, expenses and payroll are all taken care of.