Self-employed entrepreneurs: what are your accounting obligations?

However, you mustn't forget the few remaining obligations...

Bills

Every incoming payment needs to be justified with an invoice, no matter if your client is an individual or a professional. This document, which summarizes the service provided/sold, needs to follow certain rules (title, number, price, etc.).

If your documents need to follow a certain format, you're still free to choose whichever tool you like to create them. 

So you're free to choose paid or free software, online, Word or Excel, or even on paper! If you're worried about forgetting essential information on your document, the easiest way is to use an online solution. ILoveTax.fr offers a free service or subscriptions up to €10 per month to make your accounting easier.

Either way, you need to keep a digital copy of every invoice (both sent and received) for six years.

Bank account

All micro-entrepreneurs must have a bank account dedicated to their business. Whether it's a simple current account (with or without payment methods) or a business account, there's no specific requirement.

The goal is simple: keep your personal and business finances separate.

Recipe book

Here, we're not asking you to write down all your grandma's recipes, but to keep track of all your income!

The easiest way to handle this type of document is to create a table with these columns:

• Date of receipt
• Nature of the receipt (bank transfer, cash, check…)
• Corresponding invoice number
• Client's name
• Service description / invoice object
• Amount collected

The record of income must be kept in addition to invoices

If you're using an online invoicing solution, it can be directly generated by the software. 

Purchase ledger

Keeping a purchase ledger only applies to people providing accommodation or selling goods, items, supplies, and food to take away or eat on site.

The purchase ledger works the same way as the income ledger, except it lists all the payments you make!

Each payment must be noted in this file and accompanied by proof

The easiest way is to create a table with the following columns:

• Date of receipt
• Nature of payment (check, cash, bank transfer…)
• Transaction number (check number, transfer reference)
• Invoice number
• Supplier's name
• Nature of purchase
• Invoice amount

Turnover declarations

Last but definitely not least: declare your turnover! Every month (or quarter) you have to declare the amount of your turnover and pay social security contributions.

The accounting obligations of a micro-entrepreneur are not numerous or too time-consuming, but they require vigilance.

That's why we recommend that you update these documents regularly and find an invoicing tool that suits your needs.