Cashflow Spreadsheet for Freelancers
Managing cashflow is necessary for any business, but it's especially important for freelancers. Doing most…
Working as a freelancer has its perks – and drawbacks.
Hourly billing is either a perk or a drawback, based on who you ask. I’ve always maintained that it’s a huge perk and that the pros outweigh the cons. For example, consider these benefits in comparison to a fixed salary:
Sure, these sound like compelling reasons to be a freelancer. But, I would be less than honest with you if I glossed over the drawbacks. For many freelancers, this many include:
When I started freelancing about five years ago, I realized that I needed to become better organized – especially for hour tracking. My entire business (and family) depended upon me creating and following an accurate plan. After years of tweaking, the following hour tracking spreadsheet was born. I use this spreadsheet every single day, and I could not feel organized without it. Here’s a brief overview of how to use this spreadsheet:
Step 1: List your clients and hourly rate in columns A & B.
Step 2: At the beginning of each week, update your “plan” columns for each day of the week. Enter the number of minutes you plan to work on that day for each client. (Remember, this is just a plan and is not set it stone. You can adjust the plan daily, as I do.) Take note that cell A27 “Week’s Earnings” updates based on your plan and hourly rates.
Step 3: As each day progresses, update your “actual” columns to track progress versus your plan.
That’s it. I hope you find it useful. If so, comment below and let me know what you think.