A private entrepreneur who keeps accounts on his own, at least, needs:
- understand at least the “basics” of accounting (and that’s already a lot);
- be aware of tax legislation, new regulations and acts;
- keep an income record;
- manage fund flows monthly (calculate net income, transfer it to private individual’s banking card);
- check mutual settlements with the budget every quarter (including private individual’s taxes such as land and property tax, etc.);
- carry out tax reporting.
Eventually, this results in a wasted time and unnecessary stress