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Starting your own business is always difficult, and if you don’t have a head for figures the ins and outs of freelance finances can be yet another cause of stress. More time worrying about your cashflow, and less time doing what you love.
When video editor Siân Fever decided to start working for herself after several years in-house, money was a worry. With no safety net and London’s famously high cost of living, there was very little room for error.
Finding work wasn’t a problem, but locating a good accountant proved a little trickier. After a few months using a traditional accountant and struggling with spreadsheets and indecipherable tax jargon, a friend recommended Crunch and Siân switched straight away.
Now in her third year as a Crunch client, Siân’s business finances are looking better than ever. Account Manager Vicky keeps an eye on her accounts and makes sure her Companies House and HMRC returns are signed off and filed on time, as well as answering the odd question about business expenses or VAT.
With fewer money worries and real time visibility of her available cash and tax liabilities, Siân is expanding her portfolio fast. Clients include ITV, Channel 4, Microsoft and a slew of high-profile musicians.
As with so many of our clients, the freelance lifestyle is a big part of why Siân decided to go it alone, and she enjoys working the hectic hours that often come with a life in the media. Travel, late night shifts and short deadlines are all part of freelancing, but with the business admin finally under control Siân can spend more time doing the work she enjoys – and less time staring at mind-numbing spreadsheets.
Unsure of the difference between cash-flow and capital? Business jargon can often be complicated, especially if you're just getting started. We've compiled a glossary of some often-used business and accounting terms and provided easy to understand definitions, with links to further info where appropriate.
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