I have been doing freelance about 10 years and every year when the income- tax came is always a headache for me. i have try a lot of method on monitoring my account
• Manually with Excel Sheets and and filing for 4 years
• Migrate my accounting since 2016 with fresbooks online accounting system and i have to pay $25 per month to maintain my account (2 years)
after doing some accounting as a freelancer we want to make sure our overhead is as low as possible because of our service industry.
Finally waveapps is introduce to me and i’m stunt because is for FREE…………………
without hesitation i created an account and try it out in-term of the concept of accounting they provide and i was impress with all the detailing account (which i have no idea yet). Come-on as a freelancer we only care about profits, accounting work no so much.
so I’m giving you a few trips to make your accounting on track especially income-tax submission time
1. Setting up your Account
Follow the Wizards Guide
You will always need an invoice to bill your client where waveapp able to customised your Invoice / Tax-Invoice / Bill / Receipt
Once you invoice is deliver to you client with waveapps unlimited email service you have to make sure payment is collected within the period of you invoice (You will need to survive to chase payment from client – Life of a Freelancer)
with wave app payment access with paypal/credit card is available to set-up
You need to keep all the receipt or invoice from you supplier such as web hosting and domain and take a photo of the receipt to make an entry into the waveapps accounting system.
5. Waveapps mobile app
Install waveapps on you mobile phone where you be able maintain on tracking your company expenses and income especially outstanding balance
- Keeping track of your accounting cash flow
- Bank account sync with waveapps
I personally tried a few Malaysian bank which is Hong Leong and Maybank and surprisingly it works
- you may need some basic accounting to do detail accounting especially on the “CATEGORIES OF TRANSACTION”
*as a web design freelance i have no idea by only using common sense (update soon)
Advise upon migration:
You may want to start a new fiscal month for the new accounting before you rush to migrate to a new system
Best way once you have confirm that you want use waveapp is better than the others just do a closing on your old accounting with the closing balance and add the opening balance to waveapps
p.s. for those still in outstanding you may want to chase for the payment or you may want to delete the invoice form the old system and re-create in waveapps