How do you manage your finances as a freelancer?
I have to tell you about a game changer moment in my life!
I'll start with I'm useless at managing my finances.. filling out a tax return fills me with chills, and when I look on the 'apparently simple HRMC site of what I can claim.. well it might as well be in Russian! I'm sure for somebody with a calmer mind or for those highly organised people it might be easier, possibly exciting (if spreadsheets are your thing) for me the panic sets in and I just see words which frankly don't mean a thing...
After a few years of trying to work out what the hell was an expense, what I can claim for and wondering if I'm saving enough tax whilst trying to keep track of invoices somebody told me about a banking app.... and then BOOM.. game changer.. hello Coconut!
Coconut banking entered my life.... ... honestly my stress of banking has decreased dramatically!!!
How it works
You fill in your details and they even send you a bank card.. you sign into the app and voila!
Every time you are paid you can state (using drop downs) what are taxable expenses.... e.g. You pay a subscription of £20 for a bit of software every month.... boom.. you select 'subscriptions' £20....... You have travelled to a few meetings which has cost you £50... boom you select 'travel' and you guessed in type in £50 and there we go!
Then this is where the magic happens...all of this is automatically taken into a spreadsheet for you!!! woop!! and you can easily.. and I mean easily click a button for your estimated tax bill... Simples!!!!
Also in the app you can also produce and send invoices and you'll receive notifications when these have been paid.
Seriously I would LOVE to be good at accounts.. I would then have gone on to rule the world, make lots of money and relish in a bath of numbers.. but I'm not... my area of specialities lies elsewhere.. so anything that makes my life easier, and sets my mind at rest that the tax man is not going to come knocking because I've made a major fff up... is great in my books!
OTHER THINGS YOU CAN DO WITH COCONUT BANKING:
Create standing orders / recurring payments
Create Direct Debits
Share account access with an accountant
Make cash withdrawals (fees may apply)
Get an account for a Limited Company
Add VAT to invoices
If you use this link because I'm already signed up you'll also get £10 automatically debited to your account!! bonus!!..Check it out...click here