![]() Solutions like Wave and QuickBooks also offer options for integrating payment processing with bookkeeping, resulting in fewer transactions to manually record. Systems like Wave, Freshbooks, and QuickBooks Online are popular computerized bookkeeping and accounting solutions for all types of small businesses that independent contractors and gig workers find easy to use, and they also have the option to connect with an accountant to check and correct entries. Because bookkeeping for independent contractors has a relatively low transaction volume and the transactions are fairly simple, many are comfortable handling bookkeeping themselves with a spreadsheet or manual accounting system. Transactions are recorded to the corresponding accounts, such as service revenue and insurance expense. Bank and digital payment processor fees.Dues for professional societies and trade groups.Royalty payments for your own intellectual property (e.g.A transaction is an economic event that has some type of financial outcome, like billing a client, receiving payment, or paying expenses.Ĭommon examples for gig workers, freelancers, and independent contractors would include: Bookkeeping refers to the recordkeeping system established for the recording of business transactions.
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