Stressed about keeping your finance in check while you're chasing stories? At Bench Accounting, we'll regularly update you with your bookkeeping status. And if there are any immediate financial queries or concerns keeping you from an important scoop? Rest assured, we'll respond in one business day or less.
At Bench Accounting, our platform is designed to streamline your financial data from major providers—eliminating typical errors. We’re in collaboration with renowned merchants like Gusto, Stripe, Shopify, and Square—ensuring your financial records as a journalist are always on point.
Wave farewell to mountains of paperwork and tedious manual logging—we streamline inputs directly from linked accounts. Gain insights from a singular, central dashboard and grasp a clear understanding of your financial status. This empowers you as a journalist to make strategic decisions easily. With Bench Accounting, you can focus on your stories rather than worrying about bookkeeping.
DR. BUKKY KOLAWOLE
As a freelance journalist, there are several types of expenses you can claim for your tax deductions. These include:
- Home office expenses: If you use a part of your home exclusively for your freelance journalism work, you may be able to claim a portion of your rent, mortgage, utilities, and other related costs.
- Travel expenses: Any costs related to traveling for interviews, story research or other work-related activities can also be deducted. This includes transportation, meals, lodging and other related expenses.
- Professional fees: Fees for professional organizations, unions or guilds, and any fees for conferences or seminars may be deductible.
- Office equipment and supplies: The cost of computers, software, cameras, office supplies, and other equipment necessary for your work is typically deductible.
- Business insurance: If you have insurance specifically for your freelance business, these costs can also be deducted.
Remember, all expense deductions should be both ordinary and necessary for your freelance journalism work. For more specific advice, you should consult with a professional bookkeeper or accountant.
Managing variable income and tracking expenses as a journalist requires diligent bookkeeping and effective organizational strategies. Here are a few steps to help you manage your income and expenses effectively:
<ul><li>Keep Records of All Income: With a variable income, it's essential to track all your income sources. Make it a habit to record every paycheck or payment you receive.</li><li>Dynamically Adjust your Budget: Since your income may vary each month, your budget should also. Ideally, budget using the income from the previous month to allow for adaptations.</li><li>Track All Expenses: Keep receipts and track all purchases, subscriptions, and equipment costs. This will help control your spending and provide necessary documentation for tax purposes.</li><li>Use a Bookkeeping Service: A professional bookkeeping service like Bench Accounting can simplify the process, providing insightful financial reports, handling your tax filing, and helping you stay organized throughout the year.</li></ul>
Managing a variable income and tracking expenses can be complex. By applying these strategies and leveraging a professional bookkeeping service, you can ensure your finances are properly managed, allowing you to focus more on your journalism work.
Freelance journalists often have varied sources of income from multiple agencies, publishing firms, or networks, making their financial management and bookkeeping quite challenging. Here are some important bookkeeping practices you should follow:
<ul><li>Track All Your Income: Record all your income, whether it's from assignments, speaking engagements, or royalties. This helps you have a clear picture of your financial standing.</li><li>Categorize Your Expenses: Your expenses like travel costs, equipment, or subscriptions may be business-related. Categorizing them helps with deductions during tax filing.</li><li>Save for Taxes: As a freelance journalist, your taxes aren't automatically deducted. Set aside a portion of your income for tax purposes.</li><li>Keep Records: Maintain all your invoices, receipts, and financial statements. They are crucial for tax filing and audits.</li><li>Hire a Professional: Considering hiring a professional bookkeeper or accountant who can help streamline your financial management.</li></ul>
By adhering to these practices, you should be able to better manage your freelance journalism income and reduce the stress of tax time.
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.