Managing your finances well is one of the most powerful ways to set yourself up for success as a contractor. From understanding your expenses to planning for tax time, here’s how to stay in control and build strong financial habits from day one.
When you’re contracting, you’re not just doing the work—you’re also the marketer, the timekeeper, the relationship manager, and the finance team. With so many hats to wear, it’s easy to overlook one of the most important ones: managing your money well from the start.
Here are a few practical tips to help you build strong financial habits and keep your business running smoothly.
Know what you can claim
Before you dive in, make sure you understand what expenses you can and can’t claim. This helps you keep the right receipts and track the right costs. It can be a bit tricky—everyone’s setup is different, and allowable expenses can vary depending on your industry and occupation.
Having a chat with us early on can save you time and confusion. We’ll help you identify claimable expenses and plan for any larger work-related purchases you might need to make.
Set up a system that works
Getting your systems sorted early is a game-changer. Recording expenses and keeping your invoices organised means less admin and more time doing what you do best. It’s not just about saving time—staying on top of your cash flow is key to long-term success.
Look for tools that suit your workflow. Bonus points if your software lets you track time spent on projects—it’ll make invoicing faster and more accurate.
Put money aside
When you’re self-employed, it’s crucial to keep your tax obligations front of mind. Set aside money in a separate account or consider voluntary instalments to stay ahead.
Keeping your business and personal finances separate helps you avoid treating all income as spending money. And don’t forget to budget for holidays and quieter periods too.
Need help getting started?
We can help you set up systems that take the stress out of managing your finances. Get in touch to chat about what will work best for you.
About Pathfinder Solutions
Pathfinder Solutions advisory team members have either owned or managed businesses, or are investors themselves, so we know first-hand the challenges you face in your world.
Sure we’re Accountants, but the best solutions in business come from focusing on more than just the numbers. Our real-world business experience delivers just that.
