One of the most important responsibilities as a freelancer is tracking your business expenses. Deducting expenses from your income can result in a huge savings, and in Running a Design Business: Freelancing, Petrula Vrontikis offers expense tips that are relevant for any kind of freelance business—not just design.
Personal versus business expenses
The smartest way to track expenses is to keep personal expenses and business expenses separate. Have separate checking accounts and separate credit cards so you can easily track, categorize, and recap your business expenses.