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Freelancing can be a lucrative endeavor for talented professionals in just about any industry. This career path allows you to build skills and take on new and exciting work for a variety of companies.
So, what’s the catch? Without strong organizational skills and a business strategy, it’s dangerously easy to lose track of projects, accounting report, inventory tracking and damage your reputation and stop getting jobs altogether. The good news is, there are numerous accounting software Singapore solutions out there to help you avoid these issues. As a trusted Singapore accounting software specialist Singapore, we can improve the operation of your work flow in accounting and inventory management of your company. Efficient and effective implementation of accounting software would require some knowledge of accounting software is the basic needs for freelance business owners. If you’re ready to take your freelance business to the next level, here are essential tools for managing your clients and workload.
1. Cost-Effectiveness and Efficiency
Owning an accounting and inventory software is much more effective than other forms for freelance business. You do not need to engage professional accountants to analyze your company workflow and create your accounts model but with the use of an accounting software such as Sage_Ubs accounting software or MYOB Singapore could easily compute your daily transactions and auto generate management reporting for your budgeting and charting.
2. Project Management
When you’re juggling multiple clients with various projects and deadlines, you’re going to need a system to help keep you organized. A handwritten or digital master calendar is a good start, but a good project management accounting software will help keep you on track and monitor your progress so your clients know what to expect. Some solutions offer basic to-do lists and task grouping functionality, while others let you set reminders, customize organization methods and even track time spent on each project. An accounting software with good project management report can help you keep your project on track and good budgeting for your monthly cash flow movement.
3. Link Inventory Software With Accounting Software
All of your clients probably have their own deadlines and procedures for submitting invoices or statement of accounts to them via email or fax documents to them. Link inventory software with accounting software
would ensure on-time emailing reports from accounting software of their current statement of account and also using inventory software to generate invoices tot the on-time too. With the generation of invoicing using inventory software, it would also generate stock costing and valuation for your company stock movement with a simple click on inventory stock card in inventory software. Thus, it’s important to link inventory software with accounting software.
4. Payroll Management
In today’s world, running a business without a proper payroll software Singapore
to compute staffs salary and overtime is a hazard to much freelance business owners. Freelance business owners at the beginning would employ part timers to cut cost as it’s cheaper to have part timers rather than full timers. However, it’s time consuming to compute each staff different hourly rate and different overtime hours different rates. That’s why having an additional payroll is important, especially when you’re dealing with multiple project6s and each part timers rate for each project is different.
It’s not only having a freelance business with minimum start up cost, but it is also important to maintain proper accounting reporting for good management budgeting and costing. A good accounting software adds wings to your business.