As a self-employed professional or freelancer, computing wages, deductions and benefits includes a 15.3% self-employment tax alongside quarterly payments. Professional payroll services become essential when handling these obligations while running a well-functioning business.
Volpe is a St. Louis-based accounting firm who provide a wide range of accounting services for freelancers and self-employed individuals. Whether you need help managing all of your company’s accounting needs or just need help with a specific task like tax filing, we would love to help. We have helped businesses around the United States get their finances in order and specialize in both small business accounting and accounting for eCommerce companies.
We provide everything from comprehensive bookkeeping solutions to help you maintain accurate financial records to payroll and tax filing. We can also help you find the best accounting software and business software, like Quickbooks Online, or other accounting software, so you can integrate your bank account to provide seamless, accurate reporting that saves you both money and time. Our account services for freelancers provide a user-friendly solutions that ensure stress-free management of your business finances.
An overview of how we can help freelancers
Ultimately, we can be as involved or uninvolved in your company’s operations as you’d like. We can provide services weekly, monthly, or quarterly (depending on the service) and our services can include one of the services outlined on this page or all of them. We tailor our services specifically to your needs.
- Getting registered with the IRS and your local government
- Quarterly estimated tax payments
- Identifying tax regulations that affect your earnings
- Setting up accounting software
- Creating an automated system for your transactions and reconciliation
- Creating categories for your expenses and income
Why Freelancers Need Professional Accounting Help
No matter how big or small your freelance operation may be, maintaining stability in finances remains crucial. Studies indicate that 91% of failed startups point to inadequate financing as their primary downfall.
Common financial challenges freelancers face
Income fluctuations create significant obstacles for independent professionals. Research shows that 82% of U.S. businesses struggle with maintaining positive cash reserves. The time investment for tax filing triples compared to regular employees, with a fifth of freelancers spending over 10 hours yearly on tax preparation.
Handling both personal and company expenses simultaneously presents unique challenges. About 35% of independent contractors report difficulties with money handling. Among those earning below $50,000, only one in ten follows recommended money practices.
The burden of tax responsibilities weighs heavily, as independent workers must cover both portions of Social Security and Medicare payments. This leads to a 50% higher likelihood of seeking expert tax help compared to traditional workers.
Impact of poor accounting on business growth
Without proper bookkeeping systems in place, your independent business faces several risks:
- Late tax submissions leading to IRS penalties
- Missing valuable write-offs
- Incorrect service pricing
- Delayed payment collection
Poor record organization often results in cash shortages and unclear profit tracking. This can limit opportunities for expansion and long-term planning.
The effects go beyond day-to-day operations. Businesses lacking organized records struggle with:
- Creating growth targets
- Running operations effectively
- Keeping steady cash flow
- Understanding performance metrics
Disorganized money handling increases risks of internal theft and extra costs through unnecessary fees and missed deadlines. Companies without streamlined back-office processes often face challenges in setting competitive rates.
Expert money management services help address these issues through organized expense tracking and tax planning. High-income independent professionals (earning $100,000+) consistently utilize proven financial strategies, including separate business banking and maximizing deductions.
By working with qualified professionals, independent contractors can concentrate on delivering quality work to clients. This ensures both legal compliance and provides insights for sustained growth.
Core Accounting Services Every Freelancer Needs
Professional accounting services allow you to concentrate on delivering high-quality services to clients. Our St. Louis accountants provide methodical and accurate solutions tailored specifically for your business needs.
Quickbooks online services for freelancers
We are Quickbooks Online Certified ProAdvisors and can help you with any aspect of your Quickbooks account.
Quickbooks can make managing your company’s financial records effortless and we can help with setting up your account or provide ongoing management to make sure all of your records are up-to-date.
Some of the Quickbooks Online services we provide include:
Quickbooks account setup
Our accounting firm specializes in helping freelancers set up and optimize their Quickbooks Online accounts, ensuring a smooth financial management experience. Whether you’re starting from scratch or looking to tailor your existing setup, our expert team is here to guide you through the process.
We’ll work closely with you to understand your unique business needs, configure your chart of accounts, set up custom invoicing templates, and establish efficient expense tracking systems.
Integrating your bank account with your Quickbooks Online
Our professionals can also assist in integrating Quickbooks Online with your other financial tools, automating data entry, and creating custom reports that provide valuable insights into your freelance business. With our support, you’ll have a Quickbooks Online system that not only simplifies your bookkeeping but also empowers you to make informed financial decisions for your freelance career.
Bookkeeping and financial tracking
Our bookkeeping specialists handle your income and expense documentation with meticulous attention to detail. We establish dedicated accounts to operate virtually autonomously, ensuring your records remain user-friendly and accurate.
Some of the bookkeeping services we frequently provide to freelancers and self-employed individuals include:
Expense tracking
Our accounting firm specializes in streamlining your expense tracking process, saving you time and ensuring financial accuracy. We employ cutting-edge software and proven methodologies to categorize and monitor your business expenses in real-time. By meticulously recording and organizing receipts, invoices, and transactions, we provide you with clear, comprehensive reports that offer insights into your spending patterns.
This level of detail not only simplifies tax preparation but also helps identify areas for cost reduction and improved budgeting. With our expertise, you can focus on growing your business while we handle the intricate details of expense management, ensuring compliance and supporting informed financial decision-making.
Transaction categorization and reconciliation
Our bookkeeping services streamline your financial management process. By leveraging advanced software and our team’s expertise, we meticulously sort and classify each transaction, ensuring they are allocated to the correct accounts and categories. This not only saves you time but also significantly reduces the risk of errors in your financial records.
Tax planning and filing for freelancers and self-employed professionals
The complexities of 15.3% in self-employment tax require expert guidance, comprising 12.4% Social Security and 2.9% Medicare obligations.
Our CPAs help manage quarterly submissions and yearly returns. Specific considerations apply when earnings surpass $168,600. For married couples filing jointly, earnings above $250,000 incur an additional 0.9% Medicare tax.
Payroll for self-employed individuals
Our full-service payroll services for freelancers and self-employed and transaction monitoring capabilities, helping establish efficient and accurate financial operations. Whether you need basic ledger management or tax preparation and compliance support, our St. Louis accountants deliver peace of mind through meticulous oversight of your business’s financial health.
Modern systems streamline payment processing through:
- Electronic fund transfers
- Automated calculations
- Regulatory updates
- Mobile management tools
Financial reporting and consulting
Our financial reporting services provide a comprehensive look at your finances with reports tailored to meet your business needs. We excel in preparing accurate and timely financial statements, including balance sheets, income statements, and cash flow reports, ensuring compliance with relevant accounting standards and regulations. Our expert team can analyze your financial data to provide valuable insights, helping you make informed business decisions.
Some of the financial reports we provide include:
- Income statements
- Asset summaries
- Revenue tracking
- Payment monitoring
- Account documentation
- Expense overview
Business advisory and consulting
We also offer guidance on improving internal controls, optimizing financial processes, and implementing best practices in financial management. Whether you need assistance with regular reporting, audit preparation, or strategic financial planning, our firm is committed to enhancing your financial transparency and supporting your company’s growth objectives.
Beyond standard services, we offer strategic consultation including:
- Revenue evaluation
- Growth planning
- Budget management
- Structure assessment
- Future preparation
Our advisory team identifies cost reduction opportunities while ensuring regulatory compliance. Services adapt to match your evolving requirements.
Working with qualified St. Louis accountants creates a solid foundation through streamlined processes and expert oversight.
Our service pricing and packages
Accounting providers structure their offerings based on your needs. Basic services begin at $250 monthly for essential tasks. As you grow, providers can include:
- Statement preparation each month
- Tax planning support
- Employee payment processing
- Advisory guidance
- Planning for advancement
For more information, you can view our online accounting services pricing page.
Hiring Volpe as your accounting partner
Freelance business success depends on proper money handling and constant oversight. Running a well-functioning operation requires avoiding penalties, late submissions, and improper calculations that affect independent workers.
Getting expert help allows you to deliver quality work while CPAs manage essential obligations. Our St. Louis accountants ensure proper submissions and guide you through changing rules. Their knowledge helps identify ways to reduce costs and strengthen your position.
Selecting qualified professionals impacts your ability to operate effectively. Review potential firms based on their understanding of independent work, available options, and modern tools. Reach out today to discover how our CPAs can assist your goals.
Investing in proper oversight builds lasting success. With dedicated guidance, you can move forward confidently while building a stable operation.
