{"type":"document","data":{"contentType":"onecms:productPage","flexPageMetadata":{"afmBanner":false,"description":"As a self-employed entrepreneur, you’re responsible for your own financial administration. With our practical tips and tricks, we’ll help you get started.","robotInstruction":{"noFollow":false,"noIndex":false}},"flexZone":{"flexComponents":[{"componentType":"sectionTitle","title":"2 ways to manage your freelance administration"},{"componentType":"paragraph","richBody":{"value":"

As a freelancer, you can handle your administration by:

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The Dutch Tax and Customs Administration requires freelancers to maintain proper records, but it’s also important for your own benefit. Why?

  1. Without proper bookkeeping, you quickly lose track of your finances.
  2. With good records, it’s easier to file your VAT return on time and avoid fines.
  3. With proper administration, you can calculate your profit at the end of the year using a profit and loss statement for your income tax return.
  4. You only qualify for the self-employed tax deduction if you meet the hours criterion. With good records, you can prove that you spent at least 1,225 hours on your business.
  5. By keeping invoices and receipts, you can clearly show and substantiate deductible expenses, such as travel costs (car or public transport), buying a laptop, or business lunches.
  6. The Tax Administration wants to be able to check returns quickly. If you cannot provide a clear overview of your purchases, sales, and (digital) invoices, they may make their own calculation of your turnover, profit, and taxes owed. Good bookkeeping helps prevent you from paying too much tax.

Did you know that you must keep your records for 7 years?

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Even as a freelancer, you are legally required to set up and maintain proper records. You do not have to have this done by an accountant or bookkeeper, but it is often recommended. Of course, you can also keep a simple administration yourself.

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Keeping your own records for your VAT return isn’t that difficult if you understand the basics of Excel. Setting up a general ledger, however, is more complex. In this, you divide incoming and outgoing amounts by cost category (such as travel expenses, marketing costs, and rent). This is specialized administrative work, so it’s not for everyone.

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Get started as follows:

  1. Use the first worksheet for your accounts payable administration. Here, you record all your purchase invoices, with separate columns for the gross amounts, net amounts, and VAT. In a fourth column, you track which invoices are still outstanding.
  2. Do the same for your accounts receivable administration. In the second worksheet, you record all your business expenses: sales invoices, receipts, bank statements, etc., as well as other costs and obligations, such as a business loan. Here too, you distinguish between gross, net, VAT, and outstanding amounts.
  3. Add up the amounts in the columns. In a separate worksheet, you can then easily calculate the VAT due. You’ll also be able to see at a glance what income you can still expect and how much you still need to pay.
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More than just keeping your administration in Excel, an accounting package for self-employed professionals offers:

The advantage of an accounting package is that amounts can be automatically processed into a general ledger. This means you don’t need any specialist knowledge.

Tip: Link your accounting package to your business account. This way, every transaction is processed automatically. You get immediate insight into incoming payments and outstanding invoices. It saves you a lot of time, and just as importantly: it helps prevent errors.

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Don’t have the time or motivation to dive into bookkeeping? Then you can outsource your ZZP administration. Luckily, that’s what accountants are for. You can outsource your freelancer administration to them. An accountant has financial and tax expertise, with major advantages:

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An accountant (or bookkeeper) is your sparring partner and advisor. He or she is critical and asks questions about your future plans—such as your ambitions and the age at which you want to retire.

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As a self-employed entrepreneur, you are required to keep proper records. This administration gives you an overview of your income and expenses. It forms the basis for your tax returns. A ZZP administration includes:

"},"title":"What kind of administration do you need to keep as a self-employed entrepreneur?"},{"richBody":{"value":"

There are two ways to manage your freelance (zzp) administration:

Do it yourself
Managing your own administration for your VAT return isn’t that difficult if you know the basics of Excel. Setting up a general ledger is more complicated. You can also choose to link accounting software to your business account. Then every incoming and outgoing transaction is processed automatically. This gives you immediate insight into incoming payments and outstanding invoices. It saves you a lot of time and, just as importantly, helps prevent errors.

(Partly) outsource it to a bookkeeper
Don’t have the time or motivation to dive into bookkeeping? Then you can outsource your administration to a bookkeeper. A bookkeeper has financial and tax expertise. The main advantages are:

"},"textLinks":[{"text":"More tips for simple bookkeeping","url":"/en/business/digital-banking/simple-bookkeeping"}],"title":"How should you manage your administration?"},{"richBody":{"value":"

If you choose to outsource your freelance (zzp) administration to a bookkeeper, you’ll need to provide certain documents. Make sure you have the following ready:

"},"title":"What do you need to provide as a self-employed entrepreneur?"},{"richBody":{"value":"

A bookkeeper for a self-employed entrepreneur typically costs around €30 to €70 per hour. When choosing, don’t look at price alone, also consider expertise. A sign on the door doesn’t say anything about quality. Ask for recommendations within your network. Ideally, choose a bookkeeper who is affiliated with a professional association and has professional liability insurance, so you can recover financial damages if incorrect advice is given.

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