At Bench Accounting, we provide consistent bookkeeping updates specially tailored to your fine art store's needs. Got urgent inquiries that can't be delayed? Rest assured, we'll respond within one business day or even less.
Our platform helps fine art stores automate data input from the majority of leading providers, reducing the likelihood of errors. We collaborate with merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financial records are consistently precise.
Say farewell to mountains of receipts and the hassle of manual record-keeping—we streamline entries direct from your connected accounts. Access insights via a unified dashboard to easily grasp the financial state of your fine art store and make informed strategic choices.
DR. BUKKY KOLAWOLE
A professional bookkeeper with expertise in the fine art industry can help manage and streamline your tax matters in several ways. Art businesses have unique tax-related issues, such as taxes on sales and reselling, import/export taxes, and perhaps even taxes related to artistic grants or fellowships. A professional bookkeeper understands these unique challenges and will accurately handle:
- Preparation and filing of sales and use tax returns
- Tracking of inventory for artworks bought and sold
- Import and export tax management for international transactions
- Tax deductions related to art industry expenses, such as art supplies, travel, marketing, and more
- Management of grant or fellowship income and associated taxes
A professional bookkeeper for the fine art industry can alleviate the stress of dealing with complicated industry-specific tax matters, giving you more time to focus on your art.
Yes, an experienced bookkeeper is capable of offering guidance on accurately tracking inventory and sales in your fine art store. They can help you establish effective processes for recording your inventory as well as periodic reporting to ensure your records are always up to date. Furthermore, they can advise you on the best practices to keep track of sales and revenue, giving you a clear view of your store's financial health.
A bookkeeper can be a valuable asset in the ever-changing fine art market. They can help manage and optimize cash flow by tracking income and expenses, ensuring that purchases, sales, and other transactions are recorded accurately and in a timely manner. Moreover, they can provide critical financial reports that allow fine art businesses to understand their financial health and make informed decisions. Through forecasting and budgeting tools, a bookkeeper can also help anticipate and prepare for financial fluctuations in the art market, providing a more proactive approach to cash flow management. Lastly, by upkeeping the reconciliation of bank statements, a bookkeeper can identify any discrepancies or potential issues early, allowing for prompt resolution and maintaining accuracy in your financial data.
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.