You might learn something interesting or learn that you paraguay telephone number data need to make big changes. Maybe you’re being very lax with your billing and don’t insist that customers pay you on time (i.e. within 15-30 days of billing). Maybe it's time to raise your rates. How many times have you hosted a client dinner, paid for a Facebook ad, or taken a taxi without thinking to mark that expense as a tax deduction? Probably too many times to count if you’re not in tune with your cash flow.

Another benefit of tracking your massive business expenses is that you’re much less likely to miss a deduction. Once you start writing down every business expense, tax season rolls around and you’ll find yourself deducting more than you expected. That means more money for you and less money you owe the IRS. (High five for responsible spending!) Avoid debt Keeping track of your cash flow can help prevent the worst from happening to your business.
You guessed it. Debt. If we’ve learned anything in the past year, it’s the importance of stockpiling emergency savings. This also applies to your freelance business. Saving cash is an important habit to develop, especially as a freelancer. If the last 18 months have taught us anything, it’s that you never know when a pandemic might hit, your entire state might lose power, or some other disaster might strike! And the only way to have some sense of stability or control is to be prepared with even a small safety net to get your business through tough times.