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Accounting, Personal

Personal accounting is the counterpart of business accounting and represents the set of behaviors needed to manage the financial processes of an individual or household so that income is sufficient to cover expenses and leave a remainder for investment. While the two worlds of business and personal accounting will inevitably intersect, with business owners responsible for both, it is generally preferable to keep the two separate whenever possible to avoid conflicts of interest and potentially illegal commingling of funds.

Process

The acquisition of financial resources for personal use is, ironically, perhaps the most straightforward task associated with personal accounting. All of the other steps in the process require careful attention to detail and monitoring to make sure that the estimates one makes about the future are ...

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