As a freelancer, bookkeeping can sometimes become very difficult. Unfortunately, a lot of people aren’t really sure about what sort of things they should be keeping records of and what is unnecessary, which tends to lead to one of two situations:
- A lot of time is wasted on keeping records that simply aren’t necessary. This time could be better spent on other aspects of the business.
- The records that are kept simply aren’t good enough, which can lead to problems when it comes to submitting a tax return. Most freelancers only make this mistake once or twice.
As you can see, understanding what your record keeping and tax requirements are as a freelancer is very important.