Bookkeeping for Freelancers | What You Need to Know + Basic Tutorial [CC English Subtitle]

Britx Sui

22 Mar 202223:41

TLDRIn this video, Abie Florendo shares her journey as a freelancer and bookkeeper, offering valuable insights and tips for aspiring bookkeepers. She discusses her transition from an Accounting Supervisor to online jobs, eventually specializing in bookkeeping. Abie emphasizes the importance of learning basic accounting principles, utilizing software like Quickbooks Online and Xero, and effective time management for handling multiple clients. She also provides guidance on pricing strategies and the benefits of offering service packages. Abie's story is an inspiration to those looking to enter the accounting niche and highlights the potential of freelancing as a career path.

Takeaways

📈 Transition to Freelancing: Abie Florendo, an Accounting Supervisor turned bookkeeper, shares her journey of transitioning to freelancing due to the pandemic's impact on her industry.
💼 Finding Bookkeeping Clients: Abie initially found bookkeeping clients through BossedUp PH and later expanded her client base through OnlineJobs.PH and FreeUp.
💡 Importance of Adaptability: Abie emphasizes the importance of being adaptable and willing to learn new systems, such as Quickbooks Online, to succeed in the bookkeeping field.
🛠️ Bookkeeping Tasks: Abie's day-to-day bookkeeping tasks include entering bills, reconciliations, and managing accounts receivables.
🏦 Time Management: Abie manages her time effectively by using time blocking and varying her work schedules to accommodate her seven bookkeeping clients and personal life.
💸 Pricing and Payment: Abie discusses her pricing strategies, including charging hourly rates on FreeUp and offering package rates for specific projects on Upwork.
📝 Contracts and Agreements: She mentions that on FreeUp, clients provide contracts which must be approved by the platform, ensuring a structured working relationship.
🌐 Recommended Tools: Abie recommends using cloud-based accounting software like Quickbooks Online, Wave App, and Buildium for real estate clients, as well as VPN for added security.
📈 Career Growth: Abie's experience shows that starting with basic bookkeeping tasks can lead to opportunities in more specialized areas such as payroll and tax compliance.
🎓 Learning Opportunities: She advocates for self-learning and sharing knowledge, offering free webinars for aspiring bookkeepers and emphasizing the availability of free resources online.

Q & A

What is the main topic of the video?
-The main topic of the video is bookkeeping for freelancers, including an interview with a bookkeeper named Abie Florendo and a basic tutorial on bookkeeping tasks.
What was Abie's background before becoming a bookkeeper?
-Abie was an Accounting Supervisor in an amusement company before the pandemic led to job loss, prompting her to transition into online work.
How did Abie acquire her first bookkeeping client?
-Abie got her first bookkeeping client through the agency BossedUp PH, after seeing a job opportunity posted in a group she joined.
What are the primary tasks Abie performs for her bookkeeping clients?
-Abie's main tasks for her clients include entering bills, reconciliations, and checking accounts receivables.
How many bookkeeping clients does Abie currently have?
-Abie currently has seven bookkeeping clients.
What platforms did Abie use to find additional bookkeeping clients?
-Abie used OnlineJobs.PH and FreeUp to find additional bookkeeping clients.
What is Abie's hourly rate on FreeUp?
-Abie's hourly rate on FreeUp ranges from $15 to $25 per hour.
What are the two main accounting software systems Abie recommends for beginners to learn?
-Abie recommends learning Quickbooks Online and Xero app for beginners.
How does Abie manage her time with multiple clients and her personal life?
-Abie uses time blocking to allocate her time effectively and manages different schedules for each client.
What advice does Abie give to aspiring and newbie bookkeepers?
-Abie advises them to study basic accounting principles, have the necessary equipment, and learn how to use the in-demand bookkeeping systems.
How does Abie handle payment terms for her bookkeeping services?
-For clean-up projects, Abie asks for a 50% down payment and 50% upon completion.
What is the starting rate Abie suggests for beginners in bookkeeping?
-Abie suggests a starting rate of $3 to $4 per hour for beginners.

Outlines

00:00

📝 Introduction and Background of Abie Florendo

The video begins with an introduction to Abie Florendo, a bookkeeper and part of the BossedUp PH team. The discussion covers her journey from being an Accounting Supervisor in the amusement industry to transitioning into online work due to the pandemic. Abie shares her initial struggles in finding online jobs, her first experiences with online chat support, and eventually landing a bookkeeping job through BossedUp PH. The video is divided into two parts: an interview about her experiences and tips for aspiring bookkeepers, and a tutorial showcasing her daily tasks.

05:03

🤝 Abie's Bookkeeping Journey and Time Management

In this segment, Abie delves into her bookkeeping career, discussing how she manages her time effectively while handling multiple clients and balancing her role as a mother. She shares her diverse work schedule, which varies from daily to bi-weekly client attendance, and emphasizes the importance of time blocking. Abie also talks about her success in acquiring clients from OnlineJobs.PH and FreeUp, highlighting the competitive bidding process and her strategy in setting her hourly rates. The discussion touches on her experience with different bookkeeping tools and the necessity of using a VPN for security purposes when accessing sensitive client information.

10:04

💡 Tips and Advice for Newbie Bookkeepers

Abie provides valuable advice for those new to bookkeeping, emphasizing the importance of learning basic accounting principles and familiarizing oneself with in-demand bookkeeping systems like Quickbooks Online and Xero. She shares her personal experiences of learning through online resources and support groups, and encourages self-study and continuous learning. Abie also discusses the potential starting rates for beginners and the transition to package rates as one gains expertise. Her insights into client acquisition, including the benefits of referrals and the importance of client relationships, are also highlighted.

15:09

🛠️ Bookkeeping Tools and Tutorial

This part of the video focuses on the tools Abie uses in her bookkeeping work, such as Quickbooks Online, Wave App, and Buildium. She explains the functionalities of these tools and their relevance to different types of clients. Abie also discusses the importance of using a VPN for security when accessing client accounts. A tutorial is provided, demonstrating the basics of using the Quickbooks system, including navigating the dashboard, managing bank accounts, and generating financial statements. Abie shares her tips on establishing a foundation in accounting principles to effectively use these systems and dispels the misconception that bookkeeping is merely a data entry task.

20:09

🎓 Free Webinars and Community Support

Abie talks about her advocacy of helping new bookkeepers by conducting free webinars and sharing her knowledge and experiences. She discusses her motivation to support others, given her own challenges when starting in the field. The video also promotes the Facebook page where Abie posts updates about her webinars and offers direct communication for those seeking advice. Additionally, the video concludes with a call to action for viewers to join the 'I'm Ready to Boss Up by BritxSui' Facebook group and follow the associated Instagram accounts for more content and community engagement.

Mindmap

Keywords

💡Bookkeeping

Bookkeeping refers to the process of recording financial transactions, tracking income and expenses, and maintaining organized financial records for businesses or individuals. In the video, Abie Florendo shares her journey as a bookkeeper, including the tasks she performs for her clients such as entering bills, reconciliations, and managing accounts receivables. It is a crucial aspect of financial management that ensures the accuracy of financial data and supports decision-making processes.

💡Freelancer

A freelancer is an individual who is self-employed and is not committed to a particular employer long-term. They often work on a project or contract basis for multiple clients. In the context of the video, Abie Florendo is a freelancer who specializes in bookkeeping. She discusses how she transitioned into freelancing during the pandemic and how she manages her time and workload across multiple clients.

💡Quickbooks Online

Quickbooks Online is a cloud-based accounting software designed to help small and medium-sized businesses manage their financials. It enables users to track sales, expenses, and income, as well as generate financial reports. In the video, Abie mentions using Quickbooks Online as one of the primary tools for her bookkeeping tasks, highlighting its importance in her work process.

💡OnlineJobs.PH

OnlineJobs.PH is a platform that connects freelancers with potential employers for various online job opportunities. It serves as a marketplace where freelancers can find work and clients can hire talent for their projects. In the video, Abie shares that she found her first bookkeeping job through this platform, which played a significant role in kickstarting her freelance career.

💡FreeUp

FreeUp is a platform that connects freelancers with clients who need their expertise. It is known for having a rigorous selection process, including an exam and interview, to ensure that only top freelancers are part of the platform. Abie mentions in the video that she found some of her bookkeeping clients through FreeUp, which has a higher bidding range compared to other platforms.

💡Accounting Supervisor

An Accounting Supervisor is a professional who oversees the accounting operations within a company, ensuring that financial records are maintained accurately and in compliance with relevant laws and regulations. They often manage a team of accountants and bookkeepers and are responsible for the overall financial health of the organization. In the video, Abie mentions her previous role as an Accounting Supervisor in an amusement company before transitioning to freelance bookkeeping.

💡Time Blocking

Time blocking is a time management technique where a freelancer or worker allocates specific time slots for different tasks or clients throughout the day. This helps to improve productivity and ensures that each responsibility is given the necessary attention. Abie in the video talks about using time blocking to effectively manage her work with multiple bookkeeping clients while also balancing her personal life as a mom.

💡E-commerce

E-commerce refers to the buying and selling of goods or services using the internet, and the transfer of money and data to execute these transactions. It often involves online retailing, which is the sale of products or services directly to consumers via the web. In the video, Abie mentions that she has built her own e-commerce team with her family members, indicating her involvement in this field alongside her bookkeeping work.

💡VPN (Virtual Private Network)

A VPN, or Virtual Private Network, is a service that creates a secure and encrypted connection over the internet, allowing users to access the web safely and privately. VPNs are often used to protect sensitive data and maintain privacy, especially when accessing accounts or carrying out transactions. In the video, Abie uses a VPN to access her clients' bank accounts and vendor sites like Home Depot, ensuring added security and privacy for her work as a bookkeeper.

💡Webinar

A webinar is a live online seminar or presentation that allows participants to learn about a specific topic or skill over the internet. Webinars often feature a speaker who presents information and may include interactive elements, such as Q&A sessions or polls. In the video, Abie conducts free webinars to share her knowledge and experience with aspiring and newbie bookkeepers, aiming to help them start and succeed in the field.

Highlights

Abie Florendo, a bookkeeper and member of BossedUp PH team, shares her journey from traditional accounting to freelancing.

Abie's transition to online work was prompted by the pandemic's impact on the amusement industry.

She initially took an online chat support job but found it uncomfortable and misaligned with her skills.

Abie's first bookkeeping job came through BossedUp PH, showcasing the value of networking and online job platforms.

Her initial challenge with Quickbooks Online was overcome through quick learning and adaptation.

Abie manages multiple bookkeeping clients by using time blocking, demonstrating effective time management.

She has built a team for e-commerce businesses, highlighting her entrepreneurial spirit.

Abie's diverse client schedule allows for optimized time allocation, emphasizing the flexibility of freelancing.

Her experience with challenging clients expanded her knowledge and skills in bookkeeping and accounting.

Abie offers advice on starting rates for beginners in bookkeeping, suggesting a gradual increase as expertise grows.

She uses various accounting software like Quickbooks Online, Wave App, and Buildium, showcasing the importance of software proficiency.

Abie's use of VPN for client security reflects a commitment to privacy and client trust.

Her success on FreeUp platform, with its high bidding rates, underscores the value of positioning oneself as an expert.

Abie's advocacy for teaching newbie bookkeepers through free webinars showcases her dedication to community and mentorship.

The interview concludes with a tutorial on basic bookkeeping tasks, providing practical insights into the profession.

Abie emphasizes that bookkeeping is not just data entry, but involves understanding accounting principles and financial rulings.

The video encourages viewers to engage with Abie's Facebook page for more bookkeeping tips and resources.

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