Revenue is a key indicator of a company’s success or the effectiveness of its activities. The financial aspect plays a crucial role in this regard. However, not all freelancers and entrepreneurs, even experienced ones, can avoid situations involving financial leakage. Therefore, we will discuss the most common financial mistakes and how to avoid them.
This article was developed thanks to the collaboration between the content marketing platform PRNEWS.IO and the financial admin Fairo, who have announced their partnership and prepared bonuses for their users through the PRNEWS.IO Rewards Program. Let’s introduce you to these companies that strive to develop the web marketing market and improve together to provide quality services.
What are these companies?
- PRNEWS.IO is the world’s first online store for sponsored content, where you can create a variety of content ranging from press releases to sponsored publications. The content marketing platform’s team assists in distributing the created materials on numerous media outlets worldwide.
- Fairo is a user-friendly financial management tool designed for freelancers. It is an invoicing tool that operates as a web version in the EU countries in EN, FR, GE, ES and RO languages and as an invoicing and tax app in RO and UA.
What services do these companies offer?
- PRNEWS.IO has a marketplace specializing in placing a wide range of materials in media outlets around the world, offering filters and analytics to suit audiences and brands’ needs;
- Fairo offers services for professional invoicing, which can be prepared in just one minute; automatically tracked payments; and simple banking integration with a clear, stress-free overview of your business cash flow.
What are the pros?
- PRNEWS.IO is a user-friendly platform that even those who aren’t too tech-savvy can easily navigate. It also offers several benefits, including fixed, affordable pricing.
- Fairo boasts a high level of security, fast automation of all processes, and a simple interface that allows users to effortlessly create invoices with just a few clicks. It has a client base of 23,000 freelancers.
What is expected from the partnership between PRNEWS.IO and Fairo?
In light of the announced collaboration between PRNEWS.IO and Fairo, the companies have prepared advantageous offers for their clients through the PRNEWS.IO Rewards Program. PRNEWS.IO is offering all Fairo clients a two-month free access to the PRO version of its catalog, a benefit valued at $200. To enhance the partnership further, Fairo offers all PRNEWS.IO’s users a two-month free access to its invoicing tool.
“We are pleased to offer Fairo Global Invoicing as part of the PRNEWS.IO Rewards Program. We believe the audience will appreciate the value our product can bring – invoicing in 60 seconds in multiple languages and currencies from anywhere in the world,” said Andrii Hidulian, Fairo’s Managing Director.
“Our joint mission with Fairo is to move forward and help freelancers and various businesses improve their work, grow, and reach new heights. This represents the highest level of trust in us, for which we are grateful to both our partners and clients,” said Alexander Storozhuk, a member of the Forbes Business Council and founder of the PRNEWS.IO platform.
As a complement, we will provide some financial tips for freelancers and businesses on avoiding mistakes in this field.
- It’s essential to operate with financial planning. Having a detailed plan ensures that there’s enough money to cover all expenses, that funds are being used wisely, and that this won’t lead to unforeseen emergencies or irrational business decisions.
- All financial data should be consolidated in one place to have a complete overview of your finances, rather than scattered across different programs (like Excel spreadsheets, notebooks, CRM systems).
- Ensure your invoices are issued correctly so they don’t get sent back to you.
- Make sure to add your correct bank account to it for payment, or connect accounts through your invoice system.
- Make sure you know when it’s unpaid or overdue to send reminders to your clients, for example.
- It’s important to have separate funds set aside for emergencies, covering at least one-quarter of the operation. Such a budget can help cover expenses in unpredictable situations without needing to take out a loan.
- It’s advisable not to mix different types of financial accounting, especially managerial and bookkeeping accounts. Mixing them can lead to chaos in calculations and discrepancies between expected revenues and expenses.
- A business can easily falter if it doesn’t keep track of its income and expenses. We understand that making sense of these calculations without proper education can be challenging, so qualified professionals or specialised applications with automated programs are available to help.
More information regarding the Rewards Program, including its terms and conditions, can be found in the dedicated PRNEWS.IO’s Rewards Program section.
About Fairo
Fairo simplifies financial administration for freelancers, so they can spend less time on admin tasks and more time focusing on what they really love doing. With Fairo, freelancers can issue invoices super easily, with a few clicks, in multiple languages or currencies, from any device they want. They know exactly which invoice is paid, unpaid or overdue, without having to keep checking their banking app, and how much to pay for taxes.
About PRNEWS.IO
PRNEWS.IO simplifies the seamless sharing of news and stories between companies and journalists, bloggers, and media outlets worldwide. Through its on-demand content marketing platform, businesses can directly purchase slots for their native format articles on over 100,000 reputable news websites across 198 countries, with no hiring process or long-term commitments.