Accounts Practice

I thought that if my long term goal is to work for myself I should get an idea of what this involves. My dad is self employed and my mum sorts out his accounts so I spent the afternoon today helping her with putting all the information into spreadsheets to get an idea of what I will need to do if I do become self employed. It was quite easy to get the hang of but it just takes a long time, I think my practice as an illustrator would be less complicated to document in this way than my dad's job as a mechanic as there will be a lower amount of jobs per week. I'm glad I now understand how this works and I know I need to keep receipts and keep my personal spends separate from my business spends. I also need to document EVERYTHING I spend and get paid in relation to the business so that I have a happy accountant and also have a realistic idea of my profits. 

I put together this table based on what I had been working with today, I changed some of the headings to make it more relevant to the accounts of a creative practitioner.