Bookkeeping Tips for the Self-Employed

Written By Jessica Jones

Self Employment Comes with Many Responsibilities

Being self-employed comes with many responsibilities, one of which is keeping track of your finances. Accurate bookkeeping is essential to understanding the financial health of your business and making informed decisions. Here are some bookkeeping tips to help self-employed individuals stay organized and on top of their finances.

#1 Monthly Budget

Keep a monthly budget to track your expenses and income: One of the most important things you can do for your business is to create a monthly budget. This will help you keep track of your expenses and income, and will also help you stay on top of your cash flow. By creating a budget, you can see where your money is going and make adjustments as needed.

Organize Receipts & Bills

Create a system for organizing your receipts and bills: Another important aspect of bookkeeping is keeping your receipts and bills organized. This includes things like invoices, receipts, bank statements, and any other documentation related to your business. Having your documentation organized and easily accessible will make it easier for you to track your expenses and income, and will also make it easier to file your taxes.

Set Money Aside for Taxes

Set aside money each month to save for taxes: As a self-employed individual, it's important to set aside money each month to save for taxes. This will help you avoid any surprises when it comes time to file your taxes and will also help you budget for the future.

Filing System for Important Documents

It's important to establish a filing system for important documents such as contracts, invoices, receipts, and tax documents. This will help you keep your documents organized and easily accessible when you need them.

Utilize a Professional Bookkeeper

Self-employed individuals often have a lot on their plate and bookkeeping can fall by the wayside. If you are finding it difficult to keep up with your bookkeeping, consider getting help from a professional bookkeeper. They can help you set up a system for tracking your expenses and income, and can also help you with things like invoicing and payroll.

Sum it up!

In conclusion, bookkeeping is an essential part of running a successful business as a self- employed individual. By keeping accurate records, creating a budget, having a system to organize receipts and bills, saving for taxes, having a filing system for important documents, and seeking help from a professional bookkeeper, you can stay on top of your finances and make informed decisions about your business.

Jessica Jones

Hi, my name is Jessica Jones and I am a ProAdvisor Bookkeeper in Denham Springs, LA. Although I live in Louisiana, with cloud technology, I work with clients all over the country. I handle the bookkeeping for business owners so they can concentrate their focus on growing their business instead of being bogged down in the books.

In my early career I realized that I enjoyed tracking, organizing, reporting, and analyzing numbers. Now I am lucky enough to work with business owners and find it fulfilling to be apart of their growth and success. I streamline bookkeeping and help businesses make more profit and help ensure they do not overpay in taxes.

I was born in Arkansas, however I have moved around both the country and the world my entire life due to constant family moves when I was younger and later being a military spouse. Once my husband retired from the military after a little over 20 years of service we, along with our 3 children, settled down in Denham Springs, LA which is where my husband is originally from.

https://AliasBookkeeping.com
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