Yoast, the WordPress guru behind lots of plugins for WordPress has a plugin that I have used for a long time called “Google Analytics for WordPress”. Although it is very easy to add the code for Google Analytics in the footer or header of your WordPress install the work that this plugin does is far more advanced.
Just a few minutes ago a new version of the Google Analytics plugin came out and it is much better than it was before. What the plugin does rather than just adding code is that it works together with Google Analytics website to segment your traffic so that it is easier to see where and when people are clikcing out to other sites from your links and it can even break down which logged in users (admin included) are viewing pages so that you know the difference between you and a visitor coming ot a page or not even track you at all in the Analytics stats.
Check out the Google Analytics plugin now and after install go to the advanced options so you can decide which of these advanced stats that you want to track with Google Analytics.