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Business credit can provide protection, value, and financial security for your company. Here’s what you need to know.
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Gross income is the total amount you earn and net income is your actual business profit after expenses and allowable deductions are taken out. However, because gross income is used to calculate net income, these terms are easy to confuse. When you run your own business, understanding the difference between gross income and net income…
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When you run your own business, time tracking and billing are essential parts of your job. Whether you charge clients by the hour or by the project, knowing how and where you spend your time will keep your business both productive and profitable. How you manage your billable and non-billable hours as an independent determines…
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There are a few different ways you can get paid working as an independent contractor. Typically, you will get paid either by the project or by the hour—this is determined by your bill rate and the written contract you establish with your client. 1. Hourly Payment Most independent contractors prefer to set an hourly-based bill…
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What Is Net income? Net income is the profit your business earns after expenses and allowable deductions. Why Is Net Income Important? As an independent professional, it is important to have a good handle on your finances. Knowing where your business stands financially can help you make important decisions such as setting bill rate, determining…
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What is an SOW (Scope of Work)? A Scope of Work (SOW) is a document that defines how a project will be executed through specific tasks, activities, deliverables, and timelines. A SOW also provides important legal protections for both you and your client. While many people associate SOWs with large-company projects, they are equally important…
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Deciding what you should charge for your consulting services is an important step for all independent professionals. Learn how to calculate a cost-based bill rate with this video tutorial.
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Build business credit for your small business by following these three essential steps.
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One of the most important tasks you’ll take on as an independent contractor is tracking and billing your time. Whatever billing method you choose, you’ll want to present a reputable, professional contractor invoice to your clients. Follow these five tips to present a clean, professional invoice to your clients. 1. Set a Billing Policy Creating…
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Gross Margin vs. Net Margin: Important Accounting Terms for Self-Employed Professionals Gross margin and net margin are two common profit margin ratios you should track on your company’s income statement. These numbers indicate how good your business is at converting revenue into profit, and are important in assessing the financial health of your business. What…
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