SiteGet your bookkeeping in order in 2008
Over at the Freelance Writing Jobs blog, Deborah Ng wrote about the importance of keeping good records. Apropos for me this month as I continue to recover from the frenzied weeks leading up to April 15, spent analyzing parking receipts and checking deposits. Every year I promise myself I’ll balance my checking statement the day I get it, that I’ll log deposits into Quicken, yada yada yada — and then scramble when April rolls around because I don’t keep my word.
This insanity finally got the best of me this year. I now do what Ng advises; on Fridays I set aside time to balance my checking statements, log expenses, and bill clients. I’ll let you know next April how my new and improved bookkeeping system have improved my mental state. [db]
7 Responses to “Get your bookkeeping in order in 2008”
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Monica Bhide
Said this on April 30th, 2008 at 5:36am:Great point. I think this is so important and makes a big difference in the tax bill. I have always been so good about keeping receipts. Last year I did not (for various reasons including being pregnant etc) and boy did we have to pay.
I think getting organized in finances is really critical. In fact, i have just implemented a new invoicing system as well to help me get the invoices out in time (along with contracts and w9’s etc). It saves a lot of heartache later.
Good luck!
Elaine Grant
Said this on April 30th, 2008 at 11:37am:Monica —
What’s your new system? I’d love to get more organized.
Elaine
Monica Bhide
Said this on April 30th, 2008 at 1:30pm:Elaine - It is simple - Using a simple spreadsheat, I am now keeping complete track of -
1. When I get a contract and when I mail it.
2. A date of when the CONTRACT (and not the editor)says I should get paid.
3. I generate a invoice on that day
4. FIle it and then keep a track of when I get paid.
5. I have another column where I am recording receipts (regardless of whether the magazine is paying me or not for expenses)
It has made a difference - I know who is consistently late in payment, how much to expect each month, what my expenses are for each project and more.
Does that help?
DianaBurrell
Said this on April 30th, 2008 at 1:34pm:Good system, Monica. I try to generate an invoice the day I finish a project — is that what you meant by “on that day”?
Monica Bhide
Said this on April 30th, 2008 at 1:51pm:Yes, so sorry not to be clear - generate an invoice on the day the project is done and mark the day on the calendar when the contract says I should be paid and then follow up if a check does not arrive within a couple of weeks of the specified contractual paydate. (Happens a lot as I am finding out.)
Angela
Said this on April 30th, 2008 at 1:52pm:Do y’all use QuickBooks or something like that to generate invoices? I just use a MS Word template and fill in the info that changes each time. I know there’s probably a more efficient way –what do you all use?
Thanks!
DianaBurrell
Said this on April 30th, 2008 at 5:35pm:Angela, I used to use QuickBooks, but it was much-too-much software for the level of accounting I do. I do my line accounting in Quicken, and generate invoices as you do, with a MS Word template.