Bookkeeping and Accounting for Art Appraisers

Looking for a bookkeeper and accountant for your art appraisal business? Leave the number crunching to us, so you have more time to focus on valuating art pieces. Sign up today and get a free month of bookkeeping, valued at $299.

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How Bench works with art appraisers

Unlock hassle-free bookkeeping, income tax prep, and filing performed by professionals—powered by one robust platform. Bench seamlessly integrates with the daily operations of art appraisers.

We get you set up

Our dedicated team makes the effort to comprehensively understand your art appraisal business, respond to your inquiries, assist you in connecting your accounts, and demonstrate how Bench can work for you.

We do your bookkeeping

Every month, your dedicated bookkeeper efficiently arranges your art appraisal transactions and crafts financial statements. Should they require any additional information from you, they'll reach out promptly.

We deliver tax-ready financials

Our team of experts understands the specifics of tax regulations applicable to art appraisers and will tailor their approach to fit your profession's unique requirements.

Here’s why art appraisers like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

At Bench, we understand the unique bookkeeping needs of art appraisers. We promise to provide regular updates regarding your financials. Have urgent inquiries that just can't be put on hold? Rest assured, our team will get back to you within one business day or even sooner.

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Guaranteed accuracy in every detail

Our platform empowers you to streamline data inputs from top appraisal software, minimizing common errors. We collaborate with key industry players such as ValueMyStuff, Artprice, and Artnet—ensuring your financial records are consistently precise.

See where you’re spending. Make smart decisions

Say farewell to mountains of documentation and hours spent on manual logging—we automate entries directly from connected accounts. Gain insights from a single, central dashboard enabling you to effortlessly grasp the financial status of your art appraisal business, guiding you in making strategic decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

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CEO, TRAINUAL
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We know bookkeeping for art appraisers

At Bench Accounting, we understand that art appraisers face a unique set of tax and bookkeeping challenges. Appraising artwork requires a precise understanding of the art market and associated values, and this precision should be reflected in your business's financial management as well. We know that navigating complex appraisal laws, industry tax non-compliance penalties, and fluctuating market values can be overwhelming. That's where Bench steps in, providing our expert knowledge on tax laws specific to the art appraising industry, such as tax deductions for depreciation and maturity of the artworks and the complicated capital gains tax for sold pieces.

Our bespoke online bookkeeping service simplifies your accounting process by pairing intuitive software with real, human bookkeepers. We perform monthly bookkeeping, prepare financial statements, and can help manage cash flow. Plus, our expert team is always on hand to provide consultation, helping you understand business expenditures, revenue, and profit margins to make sure your business is on a growth trajectory. Let Bench take care of your bookkeeping and tax so you can focus on your passion for art appraisal. We handle your books with the same level of precision and care as you handle artwork.

Simple, straightforward pricing for everything your business needs.

Join over 35,000 US-based business owners who have streamlined their finances and have grown their businesses with Bench.

Choose Plan

Bookkeeping

Reliable bookkeeping to cover your basic financial reporting needs.

$299/mo

billed annually. 100% tax deductible.

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Bookkeeping & Tax

Full-service bookkeeping with income tax filing and advisory to manage your financials seamlessly.
$599/mo

billed annually. 100% tax deductible.

Everything in the Bookkeeping plan, plus:
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Bookkeeping

Reliable bookkeeping to cover your basic financial reporting needs.

$349/mo

billed monthly. 100% tax deductible.

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Bookkeeping & Tax

Full-service bookkeeping with income tax advisory and filing to manage your financials seamlessly.
$699/mo

billed monthly. 100% tax deductible.

Everything in the Bookkeeping plan, plus:
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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How can a bookkeeper help me manage the finances involved in art appraisals?

A bookkeeper can play a significant role in managing the finances involved in art appraisals. They can help in maintaining all the essential financial records, including invoices for appraisals done, payment receipts and other transaction details. They also ensure that all financial transactions for the art appraisal business are accurately recorded and organised for tax purposes and financial analysis. With their expertise, bookkeepers can also assist in financial planning and budgeting, helping art appraisers make informed decisions about the future of their business. This financial clarity allows art appraisers to focus on their core job and grow their business.

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What specific accounting considerations are there for an art appraiser's profession?

Art appraisers require unique accounting considerations due to the unpredictable and fluctuating nature of the art market. They must manage and track specific financial aspects such as valuation of artworks, commission management, auction-related financial transactions, and currency exchanges for international transactions.

Additionally, art appraisers often deal with special tax implications related to the sale, purchase or donation of artworks. Other considerations include maintaining confidentiality of client information, accounting for inventory, and documenting for insurance purposes. As such, engaging a bookkeeper with industry-specific experience can provide specialised attention to these unique aspects.

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In terms of bookkeeping, how do I properly record and track valuation and sales of artworks?

In terms of bookkeeping for artworks, the process is quite niche and involves specialised skills. Firstly, upon acquiring artwork, the cost is usually recorded as an asset. This cost would include the purchase price of the artwork as well as any additional costs necessary to get the artwork display-ready such as framing, restoration, etc.

The artwork remains an asset on your balance sheet until it is sold. The original cost is held constant on your books until a sale happens, regardless of changes in the artwork's market value over time. This approach is referred to as the "cost method" of accounting.

When an artwork is sold, it is removed from the asset category on the balance sheet, the revenue from the sale is recorded as income, and the difference between the sale price and cost price is posted as gain (if the artwork is sold for more than its cost) or loss (if sold for less than its cost) on your income statement.

Valuing artwork for sales purposes is a subjective process and typically relies on appraisals from experts who assess numerous factors, such as the artist's reputation, the artwork's condition, market trends, etc.

It is also important to note that tracking artwork sales requires maintaining comprehensive records, including documentation of the initial cost and subsequent expenses, expert appraisals, sale prices, and buyer information.

Given the complexities of tracking and recording artwork sales and valuations, many professionals choose to work with a bookkeeper who is familiar with the intricacies of the art industry.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

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How much time each month will I have to spend managing my Bench account?

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.

Bookkeeping Services for Art appraisers

Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping.

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