Category Archives: Finance

What’s e-new?

By Andy Coulson

Free and easy accounting

Accounts are a fundamental part of your business, but like many people, I loathe doing them. For a long time, I’ve used Excel and an accountant to deal with mine, but have been exploring accounting packages for some time. I experimented with FreeAgent, which offers a discount to CIEP members, and found it clear and easy to use, but eventually gave up on it because I found it really fiddly to pay myself. My accountant sorts my payroll, but FreeAgent seems to insist I run payroll, or else have to go through a real rubbing my tummy while patting my head process to record it. I suspect that if you are a sole trader or happy to run the integrated payroll this would be easy (ie you are not trying to bend things to your will!).

This led to me discovering QuickFile, a largely free, UK-based accounting package. QuickFile doesn’t include payroll, so I can simply add the salary and categorise it as a PAYE salary payment, which I find simpler. I can leave payroll to the accountant. I say largely free because you won’t pay anything if you have fewer than 1,000 ledger transactions per accounting year. There are also some optional chargeable items, like open banking links that enable you to auto-update your accounts from your bank. This costs a very reasonable £15 per year.

The initial setup of QuickFile is very straightforward. You add details of yourself (and your company if you need to), set up your bank accounts and the opening balance for when you want to start using QuickFile, and you can get started. You can then manually import bank transactions and set up open banking feeds if you wish.

Like most other accounting packages, QuickFile is built around a dashboard. This gives you a quick, clear overview of what is coming into and out of your business and quick access to your bank accounts.

Invoicing and purchasing

Invoicing within the system is straightforward. You can customise your invoices around a number of templates, allowing you to add your own branding to invoices. The system allows you to create your invoices or estimates and have a nice clear ‘Draft’ stamp on them until they are ready to send. The system also includes client management, so you can build a database of the people and organisations you invoice, making repeat invoicing simple. There is an option to import clients from a spreadsheet, and the program has guidance on how to do this, but you will need to have a bit of skill with .csv files in spreadsheets to use it. Once your invoice is ready, you can send it from within the system using a customisable email. Your invoice list then gives you access to all your invoices with clear amber (sent), green (paid) and red (late) status flags. An outstanding invoices report allows you to keep track of these, and you can also set up automatic reminders for when an invoice goes over its due date.

Purchases are similarly easy to manage. You can enter these as one-offs or as recurring – for example, my hosting costs are paid monthly, so I set up a recurring payment each month for these. You can also enter them retrospectively (I’m sure I heard my accountant tut there) via the bank account screen, so that you enter the details when the purchase is paid for. While this is perhaps not good practice, it is simpler when you have a small number of outgoings. Like many other packages, it allows you to scan receipts straight into the system or import them, and the freely available app enables you to scan these on the go. As with invoices, you can build a list of suppliers.

Reports and support

Reconciling everything with your bank account is a chore that I don’t think anyone likes, but QuickFile keeps the pain to a minimum. Clicking through to your bank account gives you a list of transactions with money in, money out, a running balance, status, space to add notes, and a search tool to find similar transactions. The status shows in red until a transaction is tagged. Clicking on this gives you a short menu with the main types of transaction. Clicking through on, say, ‘Payment to a supplier’ or ‘Payment to a customer’ will attempt to find a matching purchase order or invoice, allowing you to reconcile quickly and flag these as paid.

QuickFile also has a comprehensive set of reports, allowing you to produce everything you need for year end, tax and VAT (should you need it).

The system has comprehensive community-based support that provides quick, helpful answers to most problems. This works something like the CIEP forums, with users and support staff from the company involved. There is also a good online knowledge base that covers a lot of common items and has some ‘get you started’ guides. These are really well-written and have been helpful to get me into using the system.

QuickFile provides a professional, easy-to-use accounting system for small businesses. The fact that it is largely free is astounding. Looking into the pricing structure for more than 1,000 transactions annually, the £45 + VAT per year cost looks remarkably good value. If the system isn’t right for you, you can export your data to import into another system, so I would recommend you look at QuickFile as an alternative to other online accounting systems.

Andy Coulson is a reformed engineer and primary teacher, and a Professional Member of CIEP. He is a copyeditor and proofreader specialising In STEM subjects and odd formats like LaTeX.

 

 


‘What’s e-new?’ was a regular column in the SfEP’s magazine for members, Editing Matters. The column has moved onto the blog until its new home on the CIEP website is ready.

Members can browse the Editing Matters back catalogue through the Members’ Area.


Photo credits: Accounting calculator by StellrWeb; paying online by rupixen.com, both on Unsplash.

Posted by Abi Saffrey, CIEP blog coordinator.

The views expressed here do not necessarily reflect those of the CIEP.

Freelancing job websites: are they worth it?

By Sofia Matias

At the beginning of our self-employed journey, we editors and proofreaders are, more often than not, overburdened with questions, but none perhaps more important than this one: where can we find work?

If we trust Google with answering that for us, the outcome is near-unanimous: most hyperlinks on the first page of results lead, in some form or another, to freelancing job platforms. They promise that ‘millions of people use [us] to turn their ideas into reality’ (Freelancer), that ‘we’ll make earning easy’ (Fiverr) or that they will give you ‘access to a stream of projects from our international client community’ (PeoplePerHour). But, with so many competing platforms – and millions of freelancers vying for the same jobs – is joining them a good idea?

As is the case with most aspects of self-employed life, what works for one person might not work for another, so ‘your mileage may vary’ is an appropriate sentiment to bear in mind. I know of several people who have successfully found work on these platforms, but my personal experience with them has not been the same. Here is what I learned from my time on these freelancing websites.

Fees, fees, and more fees

These websites are, of course, a business in themselves, so they must make money. Joining them is always free so there are no upfront costs to creating your profile on them, which makes for a good starting point for editors and proofreaders who are not ready to invest in, for example, building their own website or paying for advertisements. Even on the platforms where you can list your services as a product that interested people can buy outright, instead of bidding on listed jobs (such as Fiverr), doing so is free.

However, this is as far as the free lunches go. If you want to make your listings stand out, you can pay a fee to have them be featured on searches and reach more people, increasing your chances of booking work. This is not uncommon, but the point where some people might turn away is the one where, if you do get that all-elusive job, the platform will then take a cut of up to 20% from your payment. This, in conjunction with taxes and other fees (such as having to pay for the opportunity to bid on jobs, with no guarantee you will get them), can make earning a living on these job platforms an uphill battle (and definitely not as ‘easy’ as some of them claim).

High competition for little pay

With such high fees, you would assume that getting a job would be somewhat possible, right? Since it’s in their best interest to make money from you?

Again, your experience may differ, but if there is one thing that most editors and proofreaders agree on, it is that these platforms are filled with millions of people that can do (or claim to do) the same as you do, and who are more than willing to undercut your prices. In fact, you might even struggle to achieve fees that reach the UK minimum wage, let alone the CIEP suggested minimum rates. This is the main reason why I never booked a job on them: I had interest from buyers and personalised invitations to apply for jobs, but I did not want to work for less than my established fee, so I rejected them.

Remember, these platforms are worldwide, and what accounts for a low fee by UK standards can be perfectly acceptable in other countries (and the same applies to the standards of work produced). So, if you want to succeed, you might have to compromise what you are hoping to get for your work, or put in a lot more effort.

Opportunity to learn and acquire experience

Even though I personally never got work from any of the websites I was signed up for, I learned invaluable lessons that I successfully applied when it came to launching my own business. I realised just how important marketing is to succeed when self-employed and learned what to do and not to do when pitching my services.

For people who have an interest in editing or proofreading, but are not sure if it is the right career choice for them, these websites provide the opportunity to try it out without a sizeable upfront investment. For aspiring professionals who want to embark on full-time self-employment but do not want to do so without earning relevant experience, these platforms can be a good opportunity to get some testimonials under your belt, especially if you have another source of income and can be flexible with your prices.

The competition will still be there if you decide to create a business outside of these platforms – and can be just as fierce – so having a place to at least practise how you put yourself across to possible clients is a huge plus.

In short …

Not every editor’s journey is the same, so answering the question ‘are freelance platforms worth it?’ is not as simple as a ‘yes’ or ‘no’.

If you are considering looking for work or establishing yourself in any of these freelancing websites, at the very least do your research on which ones are more suitable for you and the work you offer, be fully aware of how they operate, and read reviews (from sellers, not buyers).

What they are not is a magical road to success, so be prepared to be flexible and put in the time and effort these platforms demand. They might just work for you and, if they do not, you can still learn valuable skills you can apply in your career as an editor or proofreader.

Sofia Matias is a professional writer, editor and proofreader based in the South East of Scotland. She specialises in working with independent authors of Young Adult and general fiction, arts and humanities students (including ESL) and businesses, charities and publications in need of clear and concise copy or editorial content.

 

 


The CIEP’s Pricing a Project guide describes the quotation process, from taking a brief to agreeing terms and conditions. This practical guide comprises tips, checklists and worked examples to assist not only freelancers but also clients who seek the services of editorial professionals.


Photo credits: Woman at desk by Andrea Piacquadio (Pexels); pennies by Josh Appel (Unsplash); person at desk with notes by Startup Stock Photos (Pexels).

Proofread by Kelly Urgan, Entry-Level Member.

Posted by Abi Saffrey, CIEP blog coordinator.

The views expressed here do not necessarily reflect those of the CIEP.

Uncovering the value of your work

By John Niland

In a recent conversation, a copyeditor posed the following question: How can I justify a higher rate, when I’m ‘just’ being asked to review a couple of thousand words of text?

I hear a similar question nearly every week, from accountants, lawyers, web designers, video producers, trainers … all professionals who are constantly being asked to ‘just’ do something. Indeed, I sometimes wonder if certain clients use the word ‘just’ to devalue a job, even before a professional ever gets to quote for it.

Nevertheless, I had to issue a gentle challenge to my copyeditor friend. It is apparent to me that she is already doing more to devalue her work than her client is. Can you see how?

You may wish to take a moment to reflect back before reading on. What’s the problem with the way that she is looking at value?

Context

Value is all about context, as the following story illustrates. A father once said to his son, ‘You graduated with honours. As a reward, here is a car I acquired many years ago. It is now several years old. But before I give it to you, take it to the used-car dealership and tell them I want to sell it and see how much they offer you.’ The son went to the used-car place, returned to his father and said, ‘They offered me £1,000 because it looks rather old.’ The father said, ‘Take it to the pawn shop.’ The son went to the pawn shop, returned to his father and said, ‘The pawn shop only offered £100 because it is such an old car.’ The father asked his son to go to a car club and show them the car. The son took the car to the club, returned and told the father, ‘Some people in the club offered £50,000 for it since it’s a Nissan Skyline R34, an iconic car and sought after by many.’

In the usual telling of the story, the father then lectures his son: ‘The right place values you the right way. If you are not valued, do not be angry, it means you are in the wrong place. Those who know your value are those who appreciate you. Never stay in a place where no one sees your value.’

Extrinsic value

So far, so good. However, there is a more fundamental point to this story: that value is extrinsic (ie based on context), rather than intrinsic (ie based on content). It’s not the condition of the metal that defines the value of the car, any more than the quantity of text defines the value of the copyediting job. It’s not the age of the car, any more than it’s the age of the copyeditor. Nor is it even the mileage of the car, any more than it’s the experience of the copyeditor.

The copyeditor is looking in the wrong place to find her professional value. As professionals, we will never find our full value in the content of our work: it’s the context that makes our work valuable. Needless to say, this distinction often produces howls of protest from purist practitioners. ‘What! No! It’s the quality of my writing / design / coaching etc that’s the key to my value!’ Well … not really. Most clients see quality as fitness to purpose and the value of that purpose lies squarely in the client’s world (context) … not in your content. No matter how good your content is.

Let’s walk through another illustration. Two web designers draft identical webpages: same text, same images, same design, same call-to-actions. One of those pages sits on a busy site, on a ‘crossroads’ often visited because of links from partners and associates. The other page is part of a standalone website, rarely visited, with no links. Which page has the most value? Which page would you spend most money to enhance?

Not content

Value depends on context, not content. When I work with my professional clients to fully master this distinction, it’s often quite liberating. They become much more fluent in the issues of their chosen client world; hence more compelling in first meetings. Their time-management improves – often quite dramatically – as they align their hours with the value added by their work. Over the course of a few months, they often learn to double and triple their fees, because they are no longer competing with generalists and instead can point to the true benefits of their unique value-centred approach. Younger professionals learn that they don’t need to first amass years of experience, but can differentiate themselves early on in their career, simply by becoming masters of context, not content.

There are many practical skills to learn here. Let’s look at some opening questions that our copyeditor friend might ask, to focus on the context (rather than the content) of her work. Here are some examples:

  • How will the client judge the success of this project?
  • Who will be making that assessment? When and how?
  • What impact could this project have on sales/engagement/signups, etc?
  • What’s their experience/history so far? What happened last time they tried to engage someone like me?
  • What other initiatives are going on that we should take into account?

You can quickly craft some of your own questions, to fit your style and market. As a rule of thumb, ask yourself if your questions are about them and their world, or about you and the work you are being asked to do. If it’s the former, you are well on your way to uncovering context, wherein lies the real value of your work.

Of course, there are challenges along the way. There are clients who block professionals from context. There are agents and middlemen who could not care less. There are last-minute clients who constantly suffer from hurry-sickness and just don’t have time for a value conversation. This is when your own self-worth is vital. Whatever happens, you know you don’t belong in a place where people don’t want to see real value. So find better clients and move on.

© John Niland, August 2020

John Niland runs regular webinars for professionals to improve the value of their work. See www.selfworthacademy.com/webinars/ for the current schedule. John’s book ‘The Self-Worth Safari’ is available on Amazon.

 


The CIEP’s Pricing a Project guide looks at preparing quotations for editorial work.


Photo credits: Plant in coins – Micheile Henderson; Nissan Skyline – Ondrej Trnak, both on Unsplash

Proofread by Emma Easy, Intermediate Member.
Posted by Abi Saffrey, CIEP blog coordinator.

The views expressed here do not necessarily reflect those of the CIEP.