Whether you’re a self-employed content writer, a graphic designer, web developer or you run a successful eCommerce store, when you choose to be your own boss you have the flexibility to run your small business from any corner of the globe.
However, despite the freedom and flexibility that comes with remote working and travel, some responsibilities stay the same no matter where you might be. Keeping on top of your accounting, financial data, and your tax obligations whilst you travel can seem straightforward – until you have to put together an accurate tax return, second-guess your cash flow situation and keep up with all your unpaid invoices.
Lugging around boxes of files and trying to manage an overflowing business inbox is not only impractical whilst you run your business from overseas but could leave your business susceptible to all kinds of financial inaccuracies and even security breaches. This means finding a suitable solution to your accounting needs is essential.
So, How Can I Keep Track of My Accounting?
One of the most efficient and successful ways to keep on top of your accounting responsibilities as you travel is to invest in accounting software online. This simple addition to your digital business tools can ensure your accounts are kept up to date no matter where you are. Being able to send and track invoices whilst on the move means you’ll continue to earn money and get paid whether you’re flying across continents or working from a beach café. You’ll also be able to keep your business tax-compliant and store all your financial data and documents like receipts automatically to ensure you’re always on track with your financial position.As well as investing in accounting software, there are other ways you can ensure your business accounts are kept in check. Let’s explore them below:
Keep Connected with Your Accountant
Having an accountant look at your finances is something many entrepreneurs choose to do as it gives peace of mind whilst you are out of the country. Additionally, with online accounting software, you can share access with your accountant, giving them the opportunity to spot any errors and collaborate with you.
Ensure Your Invoicing Process is Efficient
Without an efficient and well-structured invoicing and payment process, it may be difficult for you to manage your business whilst you travel. Getting paid on time is one of the biggest issues facing self-employed individuals and small business owners alike, thus developing a well-defined invoicing process will help you get paid faster and ensure your accounts are up to date. Again, accounting software can help you here; with the ability to send and track invoices you’ll have a better understanding of your cash flow regardless of your location.
Maintaining a good understanding of your business accounts and your bookkeeping responsibilities means you’re less likely to receive penalties. If you’re planning on heading overseas while you run your small business, consider these points.