Professional Documents
Culture Documents
Media Sector
Name:____Abby Downing___
Project Title
Unit(s)
Dave Bakes
Assessment
In order to be assessed for this assignment you must complete the following work and
submit it by the required time. Below are the stages with the corresponding assessment
criteria as outlined in the unit specifications.
Task (s)
Grading Criteria
Pass
Merit
Distinction
P2 describe
contractual
obligations and
financial issues
relevant to
freelance work in
the creative media
sector
M2 explain
D2 critically consider
contractual
obligations and
financial issues
relevant to
freelance work in
the creative
media sector with
reference to
detailed illustrative
examples
contractual
obligations and
financial issues
relevant to freelance
work in the creative
media sector with
supporting
arguments
and fully elucidated
examples
Use this workbook to help. Having a specific freelance job in mind will help
you when it comes to constructing your answers. Using freelance websites
will also help. Ideally, you should make contact with someone working in
the freelance industry to help you gain a deeper understanding.
Contracts:
Describe on-going regular contracts:
On going regular contracts are contracts where you receive on going work
from the same client. This can be good because it means that you are
guaranteed work, but it can also get to much and all of your time could be
given to this one particular client.
With this type of work youll need to be responsive, reliable, and most often,
work within regular business hours (if you arent already). The clients youll be
producing work for are paying thousands, or maybe even hundreds of
thousands of dollars to the design firm, and a large amount of that is to
compensate you!
Deadlines will be aggressive, and your communication skills will need to be
sharp. Dont be surprised if you find yourself having phone or Skype calls
multiple times a day, every day during business hours with your firms team
and/or the client.
Describe on-going sporadic contracts
On going Sporadic contracts are contracts that arent consistent nor
permanent. They are contracts that consist of working with s small business or
firm occasionally but you arent guaranteed work from them, it could be for a
short period of time on projects. Working with small businesses is an easier
way of getting work when working freelance. Because you can create a
personal relationship with the company or business but the work is not always
consistent. There is potential to make this work consistent but varies on the
different work you are doing.
Describe one-off projects
These are projects that come and go and dont guarantee any consistent work
or pay. This means when you complete the work then you are done with that
client and project. This work is usually very quick and can be done within a
day, if providing a good service with this client it could potentially turn into an
on going contract with this client if you impress them, because you can offer
more for them. For example if you are creating a leaflet for this client you
could offer print services, try going the next step to get their attention.
Negotiating a contract:
What different elements should you discuss when negotiating a
contract?
Deadline its important to get this as precise as possible so that you
arent charging your client extra money for time you have spent on the
project when you didnt need it. To show good reliability.
Price/hourly rate - how much will you get paid? When will you get the
money? How in what format?
Time scale preview - final work
Ethics you will need to discuss what ethics you have so you are both
comfortable with the work on the project you are doing.
Contractual obligations
Specifics instruction/outline
Advance you will need to check if you will get an advance of money
before the project, this is usually on long projects to keep your money
going.
Audience/style Style of your work will depend on its audience, it is
important to find out what target audience your client has in mind.
Publications - where is it going to be published? Country? Magazine?
Resources you will need to find out what resources you will need and
if they can be provided by the client or of need of hire.
Company what company you are working for or could be
The scope of the project
Requirements/expenses to see whether the client is paying for
requirements such accommodation, travel and equipment hire.
It is extremely important to follow a contract; otherwise you will be in breach of
contract if you fail to do so. The different types of breaches are minor breach,
Material breach, Fundamental breach and Anticipatory breach.
Manchester Building Society is suing business advisers Grant Thornton for
49million.
The building society yesterday said it was pursuing its former auditor for
breach of contract, negligence and breach of statutory duty relating to audit
services and advice.
Grant Thornton resigned from the work in 2013.
Read more: http://www.thisismoney.co.uk/money/news/article-2997649/ManchesterBuilding-Society-suing-advisers-breach-contract-49m-claim.html#ixzz3UpY1Dy4C
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Financial:
How could you be paid as a freelancer? Are there any issues you should
be aware of?
Pay Pal this is a fast and easy method to transfer money online. This
method however has a nominal fee and has very strict policies you
need to be aware of.
Escrow - this is known to be the most secure method to use when
working freelance, the money goes into an account and is accessible
when the job is complete. It is a good method to use when working with
a client you do not know well.
Electronic funds transfer (EFT) this method is very simple and just
requires giving some bank details of to another party so they can
transfer money into your proffered account. This way is simple but not
secure, it shouldnt be used if your client is unknown.
These are all money transferring options that can be processed online.
There are other ways of paying freelancers that do not involve the internet
including:
Checks this is probably the slowest method of payment however it
doesnt require any bank details and is secure.
Cash in hand - easy method but nothing is proved to show they
have payed you. Quick
Why is invoicing important? What should you include on your invoice?
Invoicing is important because contains all your hours and ensures that you
get paid for everything youre doing. It is a good way of keeping a track record
of everything youve done and everything you have being paid. It tracks your
earnings, spendings and business. Another reason of why they are important
is breaking down the costing, this helps when the client wants to know exactly
what theyre paying for and how much each thing is going to cost, the invoice
states this, this is good for avoiding arguments at the end of a project.
Creating a good laid out invoice also shows good professional work, this is
very ideal for a freelancer because it builds up their reputation and looks good
to their client, this is good for future work because you would be
recommended. There are many things that you need to include in your invoice
which are:
Brand Name/Logo: this is good because it will create brand recognition.
Details: state the following details to make it easier for your client to
contact you and for future use: your name, email address, URL, phone
number and mailing address.
Clients Details: include their name and business and also some of their
personal details including phone number and email address.
An invoice number: when working with software that specialises in
invoicing it will automatically be numbered for you, when doing it
yourself from scratch you will have to manually add the numbers. This
is good for future use if your client wants to question something on the
invoice or when dealing with tax.
Detailed charges: if you have more then one product or service that
needs charging for, separate them and detail them for client to
understand.
Payment details: to make it easy for everyone state how you would like
to be paid and the details of the payment for example Pay Pal or Bank
Transfer.
Terms and Conditions: these are usually talked about before the project
is set out but it is important to include them at the end within the invoice
also.
Due date: Important detail for getting paid, include this with the
payment details.
Why would you use and accountant?
There are many positive reasons for having an accountant, it is very important
to keep your accounts monitored to know how much you are earning,
spending and the profit you are making. This can be hard to keep track of
when you have a lot of work to do so hiring an accountant can sometimes be
beneficial for your business, even though you have to pay them it usually
works out better for your business because they will know your exact profit
and if you are being taxed correctly. Having an accountant can help you save
time, save you money and help devote stress. Because you are always
working it means not having to worry about tax deadlines (which could cost
you more money) and worrying about how much profit you are making. There
are also a few disadvantages of having an accountant, which include filling out
large amounts of paperwork per month, which takes around 20 minutes.
Accountants themselves need to be filed every year, which happens at the
companys house. You will also have to file accounts, company tax and
corporation tax calculations with HM Revenue and Customs every year.
Accountants will be costly if you are only contracting for a short time.
Be specific here. Find out what you could get, which companies offer cover
and how much it will cost. Finding specific examples will add detail to your
work. Considering the advantages and disadvantages of each will give you a
better answer.
What type of marketing will you do to get your name out there?
What results are you looking for with your marketing? (Number of
clients or projects per month)
My Financial Plan