Bookkeeping for Independent Contractors

Freedom of Independent Contractors

The possibilities for independent contractors are endless. With the right mindset and tools, you can build an amazing and fulfilling career. You are free to choose your own hours, clients, projects, and pay rate. However enticing this flexible lifestyle may sound, it can all come crashing down without the management skills to make it all work.

Bookkeeping and accounting are essential components on your way to success. Tracking finances, payments, and expenses help to control business development and put you on the path to growth.

A team of Bookkeeping Experts Is Here to Help You

Our bookkeeping products for independent contractors provide the perfect solution to your business needs. The BooksTime team consists of experts from various industries and bookkeeping areas. Here you can find CPAs with twenty years of experience, financial advisors, bookkeepers, forensic accountants, and more. Don’t overpay by maintaining in-house staff.

Our Experience in Bookkeeping for Independent Contractors

We assist independent contractors in consulting, education, healthcare, freelance writing and editing, web development, graphic design, social media marketing, travel, and other fields.

Thanks to professional bookkeeping assistance, you can be sure that your finances are well-managed and boost the potential of your business. Here are some of the areas where BooksTime can help you:

Business entity setup: Setting up a business entity, such as a corporation or limited liability company, can help protect you from personal liability and provide additional benefits. An accountant will describe all the pros and cons, help you choose the right entity, and set it up properly.
Financial Planning: A financial consultant foresees possible options for improving financial strategy and develops a plan to both maximize your income and minimize your expenses. They will recalculate credit payments to close them as soon as possible without worsening the financial health of your business.
Bookkeeping: Keeping accurate records of your income, accounts receivable, and expenses is essential for any business. A professional accountant will set up an efficient bookkeeping system and oversee each number. We will take care of invoicing, expenses, payroll, and accounts receivable. Your dedicated accountant will also generate your financial reports, such as balance sheets, income statements, and cash flow statements, which will give you an accurate vision of your financial status and allow you to make the best decisions going forward.
Business consulting: If you’re like most people, you’re not familiar with the bookkeeping pitfalls of running a business. Fortunately, an experienced accountant will provide you with forward-thinking advice on how to grow your company and manage it more effectively.

Position yourself as a business, set ambitious goals, and follow the strategy. We’ll cover your back and make your finances work for you.

Your Dedicated Independent Contractors' Bookkeeper

Be sure your finances are accurate, in check, and up to date with customized bookkeeping solutions from BooksTime. All of our accounting services for independent contractors aim to simplify doing business and streamline processes like record keeping and expense tracking. BooksTime ensures your finances are in good hands.

Don’t lose time – instead, delegate all daunting bookkeeping tasks to professionals:

Tracking income and expenses to manage your budget.
Staying on top of invoices. Monitor payments and follow the deadlines.
Balancing and dividing accounts receivable and payable transactions.
Using accounting software with dozens of graphs, charts, and analytics.

Running a business requires knowledge of laws, accounting principles, and an understanding of how to categorize expenses and track income. Bookkeeping for independent contractors is not about shifting responsibility; it’s a smart decision to manage your business and stay focused.

Addressing invoicing challenges and tracking expenses

Accurate bookkeeping is essential to running a successful company. Independent contractors need to carefully manage their finances because mistakes can lead to issues with accounts receivable, incorrect tax payments, inaccurate expense calculations, and difficulty getting investments.

Working as an independent contractor, you need to track all of your invoices and make sure they are properly recorded and sent out on time. This can be a challenge, especially if you are juggling multiple clients or have complicated billing arrangements.
You also need to control the payment terms for each client, as well as any discounts or promotions you may have offered. This is a lot of information to keep track of, but we can help you lighten the load. We will organize the invoicing process and ensure that all of your invoices are sent on time. Our accounting expert will assist you with keeping track of payments and checking the accuracy of records, accounts receivable and payable.

To stay on top of your finances, we will collaborate to track every expense from office rental to internet and phone bill. Accurate accounting records provide a clear view of a company’s financial standing, which helps in making informed business decisions. Our aim is not only to help manage papers or understand independent contractors’ financials and bookkeeping but also to identify potential issues and offer strategies to address them.

Get Yourself Ready for Growth with our Bookkeeping Services

You have many ways to grow your business, from adding new services to taking on new clients. With the right strategies and a bit of hard work, you can take your revenue to the next level. This is only possible through financial planning. In addition to preparing reports and estimating expenses, our bookkeeping expert will work with you to build a strategy for development. Suppose you want to add new services and need to buy costly equipment. Our bookkeeping expert will evaluate loan sustainability and how it will affect the financial health of the business. Additionally, you will receive a detailed plan on mandatory payments and expenses you can afford.

How Bookkeeping for Independent Contractors Works

Discover 7 ways BooksTime simplifies the lives of independent contractors:

Save time. Focus on your work, and stop wasting time estimating expenses and checking invoices. With bookkeeping for independent contractors, you have time to grow your business and boost services.

Get 100% accuracy. All accounting transactions are properly recorded, and all financial documents are up-to-date with no errors, lost expenses, or overdue reports.

Use data for planning. Bookkeeping for independent contractors provides financial data for calculating metrics that matter for your business. You can easily monitor vital indicators, make decisions, build strategy, and forecast development.

Save money. A dedicated bookkeeping service costs up to 50% less than hiring an in-house accountant, which saves you money in the long run.

Meet deadlines. No sick pay, vacation, or unforeseen circumstances. Work is always completed on time and at the highest quality.

Use advanced software. Accounting services for independent contractors are delivered with professional cloud-based software. This software will spare you the headache of complicated Excel spreadsheets and lost data, as well as protect you from the risk of human error.

Find a trusted bookkeeping partner. We cherish every client and work as hard as possible to provide top-level services.

Why Clients Love BooksTime

“Best Bookkeeper Ever. I'm not sure where to even begin with how great working with BooksTime has been. But it certainly ranks in one of the best business decisions we've made to date. We worked primarily with their accounting / bookkeeping guru, Sonya, who is extremely detail oriented, organized, and thorough with all of her work. When we worked together to do an initial cleanup of several years of our books, she not only provided the actionable intelligence to put our books in order but she found every single item that didn't add up perfectly and worked directly with me to properly account for them. On a personal level, I love working with Sonya. Her swift responses, top-notch work, and sense of humor on occasion when she figures out you are trying to "invent" new GAAP principles to suit your needs, makes Bookkeeping a breeze. I couldn't recommend her more highly!”

Tyler Noyes

Kalahari Biltong

“The accountant assigned to us has been FANTASTIC. She is so responsive, which makes a big difference to us when things are moving fast (and while we are still navigating the tribulations of COVID). She puts in 110% on every request we send her.”

Raffi Grinberg

Dialog

“I so appreciate BooksTime for their high touch, competence and ultra-responsiveness.”

Catherine Cappelli

Cappelli Law

“I love working with BooksTime! Jesse is so professional, helpful and on top of things. He knows exactly what we need and makes everything as simple as possible. It's a pleasure working with you all!”

Caroline Mehl

Open Mind

Bookkeeping and Accounting for Independent Contractors