Tutor Organization Series: Managing your Finances

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TutorOrganizationIdeasSeries2 (2)If you’re anything like me, you want to spend all your time preparing lessons, teaching your students, and rejoicing in their learning breakthroughs!  However, managing your finances is something no tutor can neglect, if they want to grow their tutoring business.

Just ask the fellow bloggers in the Tutor Organization Series, Victoria of The Tutoress and Adrianne of The Tutor House, about the importance of budgeting. Adrianne’s even created a tutor budget freebie to share with her followers!

 

 

Here are 5 more tools that can help you create invoices, send out payment reminders, and track your expenses. To put it simply, these are tools that’ll make running your tutoring business manageable and profitable!

Microsoft Word and Excel  (Free) 

You’ll be amazed at how many invoice templates  are offered in Word and Excel! Simply download a template and input your own data. You can even play with the colours and fonts, and upload your own business logo.  And keep track of your tutoring expenses and income by creating spreadsheets on Excel. Remember your tutoring expenses include everything from supplies (paper, pens, dry erasers, games, etc.) to transportation fees and beverages you consume while tutoring. These expenses can all be written off as business expenses!

Google Drive (Free)

Like Microsoft Word, Google Drive has a number of templates to choose from. There are templates for invoices and budgets, as well as lesson plans, newsletters, syllabuses and essay grading rubrics. Once you’ve registered for a Gmail account, you automatically gain access to Google Drive and its templates and sharing capabilities. It’s easy to revise your documents, track changes, and share invoices with your students. And you’ll be able to access and update invoices and budget reports wherever you take your tutoring business since they’re all stored in Google Drive!

Outright (Free/Outright Plus $9.95 per month)

Outright is an online bookkeeping app for small business owners and freelancers, like us tutors! There is no software to download and with its iPhone app you can enter and check your income and expenses when you’re on the go. Outright not only allows you to import data from your existing accounts, but it also updates your accounts nightly and automatically categorizes your transactions! Here’s a closer look at how it works.

Expensify (Free)

Expensify is a great app for keeping track of your tutoring expenses, and it gives you another reason to take out your smartphone and snap some pictures! Just photograph your receipts, upload them, and let Expensify match them up to imported credit card transactions. It works on iPhone, iPad, Android, WebOS/Palm, and BlackBerry phones.

Tutors Nirvana (Free trial,$5 – $40 per month) 

Tutors Nirvana is an online software and marketplace that helps tutors build, manage, and grow their private tutoring businesses. It’s all online, so you can login wherever you are! In the Billing section of the software, you’ll have access to the Billing Snap Shot, which displays your income and expenses to-date and an Income & Expenses page, which shows overdue and upcoming invoices, as well as paid invoices and expenses incurred. In addition, you’ll be able to easily create invoices (or let Tutors Nirvana  generate them for you), and enter and categorize your expenses. And did I mention that your students will automatically be sent payment reminders, and also have the option of paying you online through your PayPal Account?! Check out more of Tutors Nirvana’s amazing features here.

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These well-designed tools will save you time and help you manage your tutoring finances with ease, so you can spend more time doing what you love — tutoring!

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About Amy Penner

I've worked in the education sector for over 7 years in Asia, and am currently an ESL tutor and communications consultant in Victoria, British Columbia. When I'm not blogging or preparing for my next lesson, you'll find me running by the ocean.