Our team regularly delivers updates about your bookkeeping status, keeping you in the know. If you are an art dealer and have urgent queries that won't wait? With Bench, you can expect a reply in one business day or less.
Our platform empowers you to streamline data inputs from key providers, eliminating common errors. We collaborate with high-level partners like Gusto, Stripe, Shopify, and Square—ensuring your art dealership's finances are always precise and reliable.
Wave farewell to mountains of bills and time-draining manual record-keeping—we simplify the process by automating inputs directly from your linked accounts. Gain insights from a single, user-friendly dashboard, allowing you to clearly comprehend the financial state of your art dealership and make informed business decisions.
DR. BUKKY KOLAWOLE
As an art dealer, specialized bookkeeping is crucial in managing and tracking artwork acquisitions and sales for tax purposes. It ensures accuracy, comprehensiveness, and compliance with the tax laws. Specific services include tracking revenues from art sales, recording the costs of art acquisitions, monitoring the capital gains tax on sold pieces, and checking any art-related business expenses. Having a thorough record can help you optimize your tax deductions and avoid any potential issues with the IRS.
The art dealing industry has unique accounting practices to be aware of:
- Inventory Management: Art inventories are often high-value assets with fluctuating prices. Accurate inventory management is crucial, particularly around consignment and acquisition.
- VAT and Sales Taxes: Depending on the country of operation, the sales of artwork could be subject to varying levels of VAT or sales taxes. It's important to appropriately track and apply these.
- International Operations: If dealing artwork internationally, you need to account for cross-border transactions, currency fluctuations, and international tax rules.
- Insurance Costs: With high-value inventory, insurance costs can be substantial and need to be appropriately accounted for.
- Artwork Depreciation: Unlike many assets, artwork can appreciate over time. Yet, some works might depreciate due to damage or market trends. Assigning the correct value to your artwork at any given time is crucial.
A professional bookkeeper familiar with the art dealing industry will be able to expertly manage these specific accounting requirements, ensuring your books are accurate, compliant, and secure.
A professional bookkeeping service can provide immense help with both inventory management and valuations for your art pieces. The bookkeepers use industry-leading software tools to meticulously track all your inventory, thereby ensuring accurate record-keeping and timely updates. They monitor each piece's purchase price, sales price, and current market valuation, which is crucial for insurance and tax purposes.
Moreover, for valuations, professional bookkeepers often work in tandem with certified appraisers or experts in the art industry. They incorporate these valuations into your financial statements, providing a realistic view of your art portfolio’s total worth. This ensures proper valuation of your assets, which can have major implications on tax planning, loan applications, or if you plan to sell or buy more art pieces.
In short, a professional bookkeeping service provides comprehensive inventory and valuation support, letting you focus on growing your art collection without worrying about the financial intricacies.
Nope! All bookkeeping is completed in-house.
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.
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.