See more: Independent Contractor Tax Guide: How to File and Pay Taxes in the US

Expense records: Tracking your business’s costs

Keeping detailed expense records is key to understanding your business finances and maximizing tax deductions. They’re also essential when clients agree to reimburse business costs, but this only applies to expenses you’ve agreed upon in the contract.

Your expense records should track costs like:

Business-related purchases
Travel and accommodation expenses
Software subscriptions or tools
Office or coworking space costs

Accurate expense records help you monitor profitability, support your tax filings, and provide evidence if you're ever audited. They also give you better visibility into your spending habits, helping you make informed decisions about pricing.

To help you stay organized, Deel provides you with an Expense Tracker. You can upload your receipts directly on the platform, and Deel will categorize them, link expenses to specific clients, and generate reports that simplify billing and support your tax deductions.

See more: How Freelancers Can Use Deel’s Free Tools for Contracts, Invoicing, and Expenses

Non-Disclosure Agreements (NDAs): Managing confidentiality

As an independent contractor, you may sign a non-disclosure agreement (NDA) to protect sensitive business information. While NDAs are initiated by the hiring company, it’s essential to keep track of these agreements to ensure you understand your obligations.

Just like tax documents and expense records, you should manage and store NDAs securely. Make sure to review the contract terms carefully, especially regarding:

What information is considered confidential
The duration of the agreement
Any limitations on your future work

If you're unsure about the terms, talk to Deel’s legal experts. They can help clarify any points and ensure you’re fully protected and compliant with the NDA's terms.

Best practices for maintaining documentation as an independent contractor

Here are some tips to keep your documentation organized, secure, and easily accessible. The first step is to use cloud storage or document management systems.

Keep a digital trail of your documents

A cloud-based storage or a document management tool provides easy access to your files from any location with an internet connection. Deel’s secure, cloud-based document management solution helps you maintain a digital archive of all essential documents.

It consolidates contracts, invoices, and other important documents into one secure space, allowing you to retrieve them on demand using Deel’s search capabilities.

Like other cloud-based tools, such as Google Drive, Deel safeguards your documents with encryption and access controls, minimizing the risk of physical loss or damage. It also has version control to help you track changes in your documents.

Regularly update information

As your services, rates, or project scope change, ensure your contracts and invoices reflect those updates. With Deel, you can easily revise your documents and rely on legal experts to ensure everything stays compliant and protects your rights and business interests.

Schedule reviews, perhaps quarterly or after significant project milestones. They help keep all documentation aligned with the current state of agreements and services.

Understand international laws and standards

Working with global clients demands compliance with international legal standards, such as those related to contracts, intellectual property, and data protection. But by using Deel, you don’t have to do the heavy work of researching these laws.

Deel generates contracts based on country-specific laws and requirements and vetted by legal experts. This allows you to work confidently across borders without the risk of legal pitfalls.

Currency exchange and payment terms

Dealing with multiple currencies requires clear payment terms to prevent confusion or discrepancies. Deel helps you set those terms upfront in your agreements, allowing you to specify payment methods, exchange rates, and responsibility for fees, ensuring transparency.

You can also receive payments through Deel, including cryptocurrencies, and choose from various withdrawal methods such as bank transfers, PayPal, Payoneer, Revolut, Wise, and digital wallets.

You can even spend the money directly from your Deel balance using the Deel Card and access your paycheck early through Deel Advance.

By consolidating contracts and payment processes on one platform, Deel streamlines international payments, making the entire process simpler and more efficient for you.

Simplify documentation management with Deel

Managing multiple clients, projects, and financial records can quickly become complex as an independent contractor. Deel simplifies your workflow by centralizing your contracts, tax documents, compliance records, expenses, invoices, and payments — all in one platform.

With Deel, you can:

Automate your client invoicing process
Manage all your transactions and expenses in one place
Securely store your documentation on our platform
Manage multiple clients
Receive payments and choose among different withdrawal methods, and more.

Plus, Deel users enjoy exclusive benefits, like Deel Card and Deel Advance. You also get discounts and vouchers for in-store and online services, including premium health insurance in many countries.

Sign up for our platform today to take your contractor experience to a whole new level.