Accounting for Solopreneurs

If you are running a business on your own, accounting might feel overwhelming. This page covers the essentials to help you get started with confidence.

Disclaimer: Tax regulations vary by jurisdiction and change frequently. The information here is for general guidance only. Always consult a qualified tax professional for advice specific to your situation. If you notice outdated information, please open an issue or submit a pull request.

The Basics

As a solopreneur, you need to:

1. Track income - Record every payment you receive for your work
2. Track expenses - Record business purchases, subscriptions, and costs
3. Keep receipts - Store proof of expenses for tax deductions
4. Separate business and personal - Use a dedicated bank account for your business
5. Set aside money for taxes - A common rule of thumb is 25-30% of profit, but this varies

Getting Started with dubbl

1. Create your organization and set up basic settings
2. Add a bank account under Accounting > Banking
3. Set up a simple chart of accounts - The default chart works for most solopreneurs
4. Record income by creating invoices (or journal entries for direct payments)
5. Record expenses using the Expenses module or by entering bills
6. Reconcile your bank account monthly

See the Solopreneur Setup Guide for a step-by-step walkthrough.

Key Reports for Solopreneurs

• Profit & Loss - Shows your revenue minus expenses for a period. This is usually what you need for tax filing.
• Cash Flow - Tracks money coming in and going out
• Tax Summary - Summarizes taxable income and deductible expenses
• Expense Analytics - Breaks down where your money is going

Common Tax Considerations

• Business structure - Sole proprietor, LLC, or other entity type affects how you file
• Quarterly estimated taxes - Many jurisdictions require estimated tax payments throughout the year
• Home office deduction - If you work from home, a portion of your housing costs may be deductible
• Vehicle expenses - Business mileage or actual vehicle costs may be deductible
• Retirement contributions - Self-employed retirement plans can reduce taxable income

See Tax Filing Prep for guidance on using dubbl reports for tax season.

Need Help?

• Check the Getting Started guide for setup instructions
• Browse Modules documentation for feature-specific help
• Open an issue on GitHub for questions