The freedom to choose your clients, determine your hours, and truly own your work can be an exhilarating experience. But with freelancing comes the often complex, sometimes daunting task of managing your finances. Suddenly, you’re not only your own boss, but also your own accountant, tasked with keeping track of who owes you what, when,…
Embarking on a freelance career in the Philippines offers numerous benefits, such as flexibility, autonomy, and the ability to pursue your passion. However, the shift from traditional employment to freelancing often comes with the added responsibility of managing your financial resources. Surprisingly, many freelancers lack the knowledge and skills to effectively manage their finances, which…
The demand for flexible and remote work opportunities is rising in today’s fast-paced and digital world. Two popular career choices for individuals seeking independence and the freedom to manage their schedules are freelancing and becoming a virtual assistant. At first glance, freelancing and virtual assisting may seem remarkably alike, both providing the opportunity to work…
In today’s globalized economy, Filipino freelancers like you are given opportunities to carve out a niche in the competitive freelance market. But to stand out, you need to leverage effective communication tools that enhance your ability to collaborate and unlock new avenues for expanding your freelance business. When you harness the power of online communication…
Managing finances can be challenging for anyone, but it can be particularly difficult for those without a steady paycheck, such as freelancers. Freelancers are responsible for paying for their own benefits and taxes as self-employed individuals. In fact, FreshBooks’ Money Matters: The Freelancer Finance Report revealed that people who work for themselves experience various challenges,…
Freelancing in the Philippines has become popular for many individuals who want to take control of their careers and work independently. However, as a new freelancer, navigating the various aspects of starting and running a successful freelancing business can be overwhelming. That said, it’s crucial to clearly understand the basics of freelancing, such as determining…
If you’re a Filipino freelancer, you’ve likely experienced the ups and downs of an unpredictable income. This feast-or-famine cycle can make managing your finances a daunting task. However, one of the most crucial steps is to create a budget process that works for you. In this article, we’ll explore the significance of setting a healthy…
As a freelancer, it’s crucial to understand the liquidity ratio and how it can impact your financial health. The liquidity ratio measures your ability to repay short-term debts using your current assets. It helps determine whether you have enough cash flow to cover your expenses and maintain a healthy financial position. You should know that…
Managing costs is essential to running a successful business as a freelancer. Strategic cost management can help you optimize resources, reduce unnecessary expenses, and improve profitability. However, cost management can be a complex process that requires careful planning and execution. This blog will provide you with a comprehensive guide to strategic cost management for your…
As a freelancer in the Philippines, you may wonder if you must file an income tax return (ITR). The short answer is yes, you do. Filing your ITR is not only mandated by law; it is also essential for managing the finances of your legal freelance business and ensuring that you do not face penalties…