We'll continuously keep you posted with your bookkeeping status as an audiobook narrator. Got urgent inquiries that need immediate attention? We'll respond within one business day or even sooner.
Our platform enables you to automate data inputs from most leading platforms to prevent frequent errors. We collaborate with major industry players like Audible, Google Play Audiobooks, Apple Books, and Storytel—ensuring your financial records are always precise.
Wave farewell to the hassle of unorganized receipts and tiresome manual financial tracking. At Bench Accounting we automate inputs directly from your linked accounts. Gain access to your financial insights from a centralized dashboard, expertly tailored for audiobook narrators. This allows you to focus on your narration work while comprehending the financial well-being of your business, enabling you to make strategic decisions with ease.
DR. BUKKY KOLAWOLE
As an audiobook narrator, you have various industry-specific expenses you can deduct from your taxes. These include:
- Home office expenses: If you use part of your home exclusively for your narration work, you can deduct a portion of your housing costs, such as rent or mortgage, utilities, and home insurance.
- Professional dues: Any fees or memberships required for professional associations such as the Audio Publishers Association can be deducted.
- Equipment costs: You can deduct the cost of equipment such as microphones, headphones, soundproofing, and audio editing software required for your work.
- Training: Courses, webinars, or workshops specifically related to improving your narration skills can be deducted.
- Marketing: This covers any expenses related to promoting your narration work, including website design and maintenance, social media promotion, and advertising.
Please consult with a professional accountant to ensure your specific situation is accounted for and you are making the most of your deductions.
Accounting for royalty payments from audiobook sales involves keeping a detailed record of all sales transactions and the corresponding royalty rates agreed upon in the contract. Generally, a percentage of the sales proceeds is set aside as a royalty fee. This amount is payable to the author or owner of the copyrighted material. Royalty payments can be made on a monthly, quarterly, or annual basis as per the agreement. The bookkeeping process involves tracking every sale, calculating the royalty amount, and recording entries in the general ledger as royalties payable and royalties expense. It also involves making adjustments for returns, discounts, and allowances. Having a professional bookkeeper ensures accurate and timely tracking, calculation, and payment of royalty fees.
Freelancers in the audiobook industry should follow certain bookkeeping practices to ensure seamless financial management. These include:
<ul><li>Consistently tracking and recording all income and expenses related to your projects. This can involve invoice payments, studio fees, equipment costs, or royalties.</li><li>Keeping a record of receipts for business-related expenses to claim on your tax return.</li><li>Separating personal and business finances by opening a dedicated account for all business transactions.</li><li>Setting aside a portion of your income for tax obligations. This can be a significant cost for freelancers.</li><li>Consider using bookkeeping software that matches your business needs. This can make it easier to organize and manage financial data.</li><li>Work with a professional bookkeeper who understands the unique needs and complexities of the audiobook industry.</li></ul>
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.