Accounting is a very important part of a business. As an entrepreneur, you either do it yourself or get someone else to do it for you. I have included this article for freelancers to have a very broad outline of the accounting profession. With this you can at least appreciate the discipline as well as its role in your business. As your business grows, the distinctions between the different types of accounting will become increasingly important.
When you are first starting, the only form of accounting you’ll ever meet would probably be record-keeping and bookkeeping. This is the part where you record the sales you’ve received and the expenses you have made using receipts, invoices, cheques and other transactions source documents.
Firstly, what is accounting?
For most people, accounting does not concern them because they think of it as a laborious activity performed by people who are ‘good with numbers’. Accounting is often confused with the narrow concepts of record-keeping and bookkeeping.
Accounting of course is much broader than that. “Accounting is the system that measures business activities, processes that...
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