At Bench Accounting, we consistently provide you with timely bookkeeping updates specific to the fishing industry. If you have urgent questions that need answering, trust that we’ll respond within one business day, if not sooner.
Our platform is designed to automate data inputs from major providers, helping you avoid common errors often encountered in the fishing industry. We collaborate with merchants like Gusto, Stripe, Shopify, and Square—ensuring your fishing business's financial records are always precise.
Wave goodbye to mountains of documentation and labor-intensive manual records—we streamline data directly from your linked accounts. Gain insights from one unified dashboard so you can effortlessly understand the financial health of your fishing business and make strategic decisions.
DR. BUKKY KOLAWOLE
As a fisherman, you are entitled to claim a significant number of fishing expenses on your taxes. This include items such as:
- Fishing Gear: This includes boats, nets, rods, bait, tackle, fuel for your boat, and any other equipment you use for fishing.
- Travel Expenses: If you need to travel to reach your fishing locations, you can claim travel costs. Note that this includes costs for both your vehicle and boat.
- Insurance: Costs for insuring your boat and fishing equipment can be claimed.
- Licenses and Permits: Fishing licenses and permits needed for your fishing activities can be claimed on your taxes.
- Maintenance and Repairs: Necessary maintenance and repairs on your fishing equipment and boat are deductible.
- Office Expenses: If you have a designated home office for your fishing business, you can claim a portion of your household expenses including utilities, internet, rent or mortgage interest, etc.
Remember that all these expenses must be ordinary and necessary for your fishing business, and you must keep accurate records of your expenditures. Consult with a tax professional to ensure you are correctly claiming all your eligible expenses.
Absolutely, yes. It's essential to manage separate financial records for each boat or fishing operation you own. This helps to accurately monitor the income and expenses of each specific operation. By doing so, you can analyse the financial health and profitability of each boat or fishing operation individually. This individual record keeping is crucial for making informed business decisions and strategic plans for growth. It also simplifies tax reporting and ensures legal compliance.
Some specific bookkeeping practices to efficiently track your income from different fishing seasons include:
- Meticulous Record Keeping: This involves documenting every transaction related to your fishing business. Keep track of your sales, expenses, and any other transactions that may impact your financial status. Ensuring all financial records are precise and up-to-date makes it easier to track your income.
- Seasonal Tracking: Your fishing business experiences different levels of activity throughout the year. Thus, your bookkeeping should reflect that. Be sure to separate your income and expenses by season to understand how each one affects your business financially.
- Cash Flow Management: Being aware of when and where your cash is coming from and going to is essential, this can be especially important given the seasonal nature of fishing.
- Use of a Good Accounting Software: A good accounting program can automate many aspects of bookkeeping, making it easier to keep track of your income across different fishing seasons.
- Hiring a Professional Bookkeeper: If you lack the time or expertise to handle your bookkeeping, consider outsourcing this task to a professional. They can help you set up a proper bookkeeping system and ensure your financial records are accurate.
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.