I have two very specific questions for anyone who has experience freelancing. I've been asked once or twice and it's come up again and I don't have the answers because I have very little experience freelancing myself.
I was wondering if anyone has an accountant they could recommend for a graphic design freelancer?
I was also wondering if anyone could suggest where to start with Personal Indemnity insurance? Does anyone here use PI? If so would you recommend your provider?
Really appreciate the help. It's not that it is difficult to google the information. But advice from the community goes a long way.
Generally a freelancer won't need an accountant on a day to day basis, I would recommend a book keeper instead.
Freelancing, as far as an accountant or booker keeper is concerned is really simple, ie. You send an invoice for your hours worked and a few weeks later it gets paid. There's no stock, sales, staff wages, export duties etc.
For a freelancer I would do this;
1. Every quarter drop off your invoices, expenses and bank statements etc to the bookeeper
2. The book keeper will compile this information and let you know how much to need to pay for your BAS (assuming you charge GST)
3. At the end of the financial year the book keep will create a report which you give to your accountant and your accountant will let you know how much tax you need to pay