Billable hour tracking & taxable wages

Either you are a freelancer or a small business owner that manages your business affairs, you need to file taxes. First, you need to estimate your taxable wages before submitting them to the IRS or tax department of your country. Then, you can be sure that your hard work is represented accurately to the tax …

Irene Kalesi in Accounting

The strategic importance of billable expense income

As a freelancer or small business owner, you always have to monitor your income. It fluctuates due to a variety of factors. You need to pay extra attention to the invoices you issue. You must also have control over your expenses (project-related on not) and the payments you receive. It’s not always an easy thing …

Irene Kalesi in Accounting

5 pieces of advice to improve your self-accounting skills

Many people, beginning their journey into the business world, dread the word accounting. For those who haven’t had the chance to plunge into the numbers and figures of business operations, all those invoices, payments, payrolls, and financial terms may seem a little daunting. However, basic accounting skills are nothing close to quantum physics. If you …

Elorus Team in Accounting

Financial statement analysis: The guide for SMB owners

There are undeniable perks to being a small business owner, as we have previously discussed several times. Running your own business gives you flexibility. Yet, better control of your finances can help you navigate the road towards success. However, in order to calculate your next moves carefully, you need to monitor how your business is …

Elorus Team in Accounting

Are Secured Small Business Loans for You?

Growing your business often means dealing with the business challenge of finding a way to tap into additional capital, which you may not necessarily have in your bank account. Since money trees aren’t real, the next best option to planting one is to seek out some type of business loan. A secured business loan is one type …

Elorus Team in Accounting

Revenue Run Rate: What It Is And Why Your Company Should Care

When looking into a company’s financial statement, revenue is a key driver for success. Some of the questions that often cross a businessman’s mind are “Is this going to last?” or “Can I expand in the future without risking my business?”. The key phrase is revenue run rate and we’ll explain a few lines down. The …

Elorus Team in Accounting

Business expenses 101: Everything you need to know about business expenses.

Being a freelancer means having a lot of fun on interesting projects. It also means that there are dull things that you need to do every now and then, one of them being your tax reports. A critical part of your tax report is the business expenses section; it determines whether you’ll get a tax return or …

Elorus Team in Accounting

Business budget planning tips for SMEs and freelancers

Budgeting – a process feared by the unprepared and a useful tool on the hands of every successful small business owner. Every new professional beginning requires business budget planning before testing the waters.  Before opening your own small business it is crucial to have a good estimation of your finances. This way, you will be better at …

Elorus Team in Accounting

Financial planning and budgeting tips for freelancers

As we have previously mentioned, being a freelancer entails several benefits but taking huge leaps of faith, as well. One of the risks commonly encountered is financial insecurity; either this means lacking a budgeting plan or collecting payments from customers. It is not easy to figure out early on how to budget your money and even save for retirement as a …

Elorus Team in Accounting