Bookkeeping is the process of recording and organizing financial transactions of a business or individual. For freelancers, bookkeeping involves tracking and organizing their income, expenses, and taxes. This includes recording invoices, receipts, and bank statements, as well as categorizing expenses and keeping track of any payments made to contractors or employees. Freelancers also need to keep track of their tax obligations, such as income tax and self-employment tax, and ensure they are setting aside the appropriate funds to cover these expenses. Effective bookkeeping is essential for freelancers to manage their finances, stay organized, and ensure they are meeting their tax obligations.