Freelance Accounting Template
When I started my freelance business, I couldn’t find a simplified accounting solution. So, I put my 15 years of experience managing a six-figure budget to work and created my own. I use the Freelance Financial Template for my own business, and now you can too.
When I started my freelance business, I couldn’t find a simplified accounting solution. So, I put my 15 years of experience managing a six-figure budget to work and created my own. I use the Freelance Accounting Template for my own business, and now you can too.
The Freelance Accounting Template includes three components needed for every business financial system:
- The Journal: Think of the journal, in simplified terms, as the business’ transaction log. The journal captures every revenue, expense, or refund. The journal requires a date, a payee, and the inflow or outflow of money from the business.
- Profit and Loss Statement: At the heart of every business is the profit and loss statement, or P&L. The P&L tracks money in versus money out. Ultimately, a P&L is the tool to follow a business’s profitability.
- Balance Sheet: The final necessary report for every business is the balance sheet. Think of this document as the bottom line for the business. It captures all assets and compares them to liabilities to determine the overall balance of the business.
Regardless of how you run your business, proper financial accounting is an essential component. The journal, the profit and loss statement, and the balance sheet provide businesses of any size the tracking and reporting necessary to succeed. These documents fulfill reporting requirements and provide business owners with the information needed to make financial decisions and grow their businesses.
Note: I am not an accountant, and these templates do not contain financial or tax advice. Questions about your business’s financial or tax needs should be directed to a certified CPA.
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