• Once you publish book, start bookkeeping
As an author, when you think of bookkeeping, the first thought that probably comes to your mind is how you organize all of your books on the limited number of shelves you have in your house. As a published author, you’ll want to think about bookkeeping a little differently, though.
• Indie authors need to record business transactions
Indie authors always should keep track of their business transactions via journals and ledgers.
• Writers can choose between bookkeeping systems
When writers run a small business centered on their books, they need to spend some time handling the accounting. When doing so, they can choose between one of the two bookkeeping systems – single-entry or double-entry.
• Indie authors use cash accounting method
When running your self-publishing business as an indie author, you’ll want to choose an accounting method that sets the rules you’ll use to determine how your income and expenses are kept track of and when they are reported to the IRS.
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