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The short answer is - Yes.
The long answer is the - method you use will depend in large part to the volume of transactions that occur in you small part-time business. If the number of transactions are small then if you get a separate checking account for your small part-time business and dedicate one credit card to business use only you may be able to get by with the bank statement and credit card statements until the end of the year.
On the other hand you may want a more robust solution and if this is the case there are quite a number of free accounting applications that may fit your needs. If you hope that one day your part-time business will grow into a full-time business it may be worth using a more main stream accounting software application like QuickBooks Pro 2011.
Whatever choice you make spend some time learning about accounting for your small business so when it comes to tax time there will be no surprises.
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