As a freelancer, your money is made on a per-task or per-job basis. When you’re working on multiple projects at a time it can become confusing when trying to bill clients and structuring payments. What you need is a simple, robust, all-in-one solution that will support your business’ monthly billing requirements. So, let's take a look at how you can select the right billing software for your small business or side hustle.
What is a day like in the life of a freelancer?
The life of a freelancer can be different depending on each business model. Some set their alarms early and work 12-hours straight, balancing multiple billable clients at a time. Others view freelancing as a side hustle, focusing on one project at a time, managing only one billable client at a given moment. No matter how big or small your workload is, one thing is typically constant: you get to choose both the projects as well as the companies you collaborate with. You also get to choose what billing software and solutions you invest in - probably a bit less fun than your day to day, right? With a team of one, fun or not, it’s very important to find the right option that will make your life easier.
No matter how many projects you’re taking on, you have to get paid for your work. Once you’ve put in the time to finish a project, you then go back and calculate your hours as well as how much you can expect to get paid. Consider purchasing a platform that allows you to track your expenses and time so you’re able to spend less time calculating and more time getting tasks done. This way, you’ll be able to minimize any stress and hassle.
What common challenges do freelancers face?
From the outside it can seem like being a freelancer is a pretty sweet way to make some money. Some people don’t understand the hard work that goes into being a successful freelancer and how much effort goes into managing multiple projects at a time. Here are some of the most common challenges freelancers face:
Managing time effectively: Time management is something that many individuals find challenging, whether they’re a freelancer or not. It can be tough to know which tasks take priority over others and how much time you should be spending on each given project. Investing in a platform that makes it possible to track the amount of time spent doing work for clients can ultimately help with effective time management.
Keeping projects organized: With multiple tasks at hand, some freelancers find it difficult to keep all their tasks organized. They know there are platforms available that will organize project tasks, but it’s hard to make the jump before testing something out first. Plus, time is of the essence. Platforms that allow you to create service tickets and delegate and manage tasks will make it easier to keep client service requests and tasks organized.
Managing clients: Oftentimes it can be challenging to manage multiple clients at a time. If you didn’t have to worry about which clients sent in their payments and which didn't, you’d be able to save a lot of time and energy. Products that allow you to give clients access to view their open invoices will place convenience in the hands of both you and your clients. You should also consider choosing a billing software that allows you to send automatic reminders and charge late fees so you won’t be left in the dark as far as payments are concerned.
Controlling finances: Many freelancers struggle with the inconsistency of finances and some still struggle with finances no matter how much they’re making.
How great would it be to find a solution that allows you to know what your finances will be, and when the payments will go through? When looking for the right invoicing software for freelancers, consider choosing products with capabilities that align with your intentions. Here are 5 top items to consider when choosing a billing software:
Invoicing capabilities: Solutions with customizable invoicing capabilities give you the opportunity to tailor your invoices so that they better represent your personal brand and style. Imagine being able to produce invoices that are both easy to create and scalable. With the right invoicing software, you’d also be able to use invoices to your advantage to bill clients instantly, keeping them on schedule.
Payments: Think about how convenient it would be for your billing software to accept different payment types such as credit cards, Paypal, and even ACH and STRIPE all within the click of a button. Plus, as a freelancer, it would definitely be beneficial to choose a software that allows you to send automatic payment reminders. This way, you’ll be able to get paid faster and reduce any delinquent payment habits.
Reporting: Finances, sales, expenses, and taxes are equally big parts of your business. It would be wise to think about purchasing a software that provides reports consisting of real-time stats on all of these important items. This way, you’ll be able to use the reports as a resource and look back on previous analytics. Plus, some solutions may even allow you to share these reports with your clients in real time as well.
Time Tracking: Time is of the essence these days, especially as a freelancer or small business owner. Some billing software makes it possible for you to view a clear breakdown of where you’re spending your time each day, with timers embedded into the software functionality. Features like this will make it possible for you to track the time you spend working so that you can save time and money!
Affordability: This one is arguably the most important. You’re going to need a billing software that fits your budget. Some software solutions have pricing plans specifically for freelancers and small business owners. It’s important to know how much you’re willing to spend and what you’re looking to get out of the software so you choose a software that stays within your budget.
Why is an easy billing software right for a freelancer?
Be sure you know what capabilities you want an invoicing software to include. It’s not worth wasting your time on products that contain features you’ll never use. Being mindful of what you plan on using the software for will only set you up for success.
Having the right invoicing software for freelancers is crucial to be able to streamline your payment process, automate billing, and make your life easier. What you need is a simple but robust near all-in-one solution to help you grow your business. With the right invoicing software for freelancers you’ll be able to easily track and support the financial information that matters most to your immediate and future needs such as paying bills, getting invoices sent out, and reporting earnings at year-end.
Does a platform that performs on all levels seem too good to be true? We’re here to assure you that Billwaze is an easy billing software that effectively meets the needs of freelancers. Plus, with an easy set up, no hidden fees, and the ability to cancel at any time, our billing software will change the way you do business, scaling your success.
When you subscribe to Billwaze, you’ll get your first month free with a 100% money back guarantee. Get started today!