At Bench, we'll keep you posted with constant bookkeeping updates fitting your fast-paced esports lifestyle. Got urgent financial questions that need immediate answers? Rely on us for a response within one business day or less.
Bench Accounting caters specifically to the needs of Esports Athletes, delivering automated data input from key providers to sidestep typical errors. We align with major partners such as Stripe, Gusto, Shopify, and Square—ensuring your financial matters are consistently precise.
Say farewell to the stress of managing receipts and the tedious task of manual transaction recording—we streamline it all by automating inputs directly from your connected accounts. As Esports Athletes, access all your financial insights from a single, comprehensive dashboard which allows you to effortlessly gauge your financial position and make informed strategic decisions.
DR. BUKKY KOLAWOLE
Esports athletes can manage their income from various sources like prizes, sponsorships, and streaming by employing the services of professional bookkeepers. A capable bookkeeper provides a clear and detailed record of all income and expenses, making it easier to track cash flow and understand financial health. Further, they ensure all taxes and dues are paid on time, and provide valuable insights for financially sound decision-making. With an expert bookkeeper, esports athletes can focus on improving their skills and performance while having peace of mind about their financial affairs.
Esports athletes, much like traditional athletes, have certain specific expenses they can deduct for tax benefits. Some of these include:
- Travel expenses: If travel is necessary for tournaments, practices, or promotions, these costs may be deductible.
- Training expenses: The costs of coaching, fitness training, diet plans, etc. may be deductable.
- Equipment costs: The cost of purchasing and maintaining gaming equipment, including computers, peripherals, and game licenses.
- Home office costs: If a specific area of your home is used exclusively for training or participating in esports, you may be able to deduct associated costs, such as a portion of your rent, mortgage interest, and utility bills.
- Professional fees: Legal and professional services such as accountants, agents, or lawyers that are necessary for your esports career can potentially be deducted.
Please note that tax laws are complex and subject to change, so it's recommended to consult a tax professional or CPA familiar with the specific tax circumstances for esports athletes.
International income for esports athletes who compete around the world can be quite complex. It is often subject to multiple taxation laws depending on the countries where the tournaments are held. In many cases, this income is considered as earned income in the country where the event took place and hence, subject to that country's tax regulations. Esports athletes may be required to pay withholding tax or income tax to that country before they even receive the winnings. Upon return to their home country, it might again be liable for taxation. However, many tax systems have mechanisms to avoid double taxation. It’s crucial to work with an experienced bookkeeper who has expertise in international tax law and can help manage and plan for these concerns.
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.