Bookkeeping and Accounting for Life Coaches

Looking for a bookkeeper and accountant for your life coaching practice? We do your books, so you get more time to empower and transform lives. Try us for free.

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How Bench works with life coaches

Level up your finances with Bench. We take care of your bookkeeping, income tax prep, and filing so you can focus on helping others thrive. Bench is your financial ally, working diligently with life coaches.

We get you set up

Our dedicated team takes the effort to thoroughly comprehend your life coaching business, address your queries, assist you in connecting your accounts, and demonstrate how Bench can work seamlessly with your operations.

We do your bookkeeping

Every month, your dedicated bookkeeper categorizes your life coaching business transactions and assembles financial statements. If they require any further information from you, they’ll reach out promptly.

We deliver tax-ready financials

Our team of experts is versed in the tax regulations specific to the life coaching industry and will tailor their strategy to your unique business requirements.

Here’s why life coaches like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We'll consistently provide bookkeeping updates as you guide others through life's challenges. If you have immediate queries that simply can't wait? Rest assured, our team will answer you within just one business day, or even less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

At Bench Accounting, we design solutions that enable life coaches to automate data inputs from most prominent providers, eliminating common errors. We partner with market leaders such as Gusto, Stripe, Shopify, and Square to ensure your financial records are always accurate and up-to-date.

See where you’re spending. Make smart decisions

Say farewell to mountains of record-keeping and tedious hours spent on manual monitoring— we automate data directly from your linked accounts. Gain perspectives from one centralized dashboard making it easy for you, as a life coach, to comprehend the health of your business and make well-informed decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for life coaches

At Bench Accounting, we understand that life coaches face a unique set of tax obligations and bookkeeping challenges. Tracking of income from varying sources such as client sessions, group seminars, online courses and book sales can be overwhelming, add to that monitoring expenses related to professional development, office space, and advertising, keeping your financial records in order can be a daunting task. As life coaches, your expertise is in motivating and guiding others - not in navigating this financial maze.

That's where Bench comes in, offering an intuitive, profession-specific approach to bookkeeping for life coaches. We marry innovative software with the expertise of real-life bookkeepers, ensuring not only that your books are impeccably kept, but that they reflect the unique parameters of your profession. Our team understands the tax codes and laws pertaining to your field, ensuring you take advantage of all possible deductions and credits specific to your field such as business use of home and professional licensing expenses. We take the stress out of bookkeeping and tax so you can focus on what you do best – coaching and inspiring others. With Bench at your side, you can lead your profession with confidence knowing that your financial records are in good hands.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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As a life coach, what specific expenses can I claim for my tax deductions?

As a life coach, there are numerous expenses you can claim for your tax deductions. These include:

  • Training and Professional Development: Courses, seminars, books, or any materials that help improve your skills as a life coach.
  • Office Supplies: Purchases that facilitate your day-to-day operations, such as paper, pens, computers or software.
  • Home Office Expenses: If you use a part of your home for work purposes, you may be eligible to deduct a certain percentage of your home expenses including rent, utilities, or home insurance.
  • Travel: If you need to travel for work, costs such as flights, hotels, meals, and transportation can be deductible.
  • Marketing and Advertising: Expenses associated with promoting your services, such as website hosting, online ads, business cards.
  • Insurance and Licenses: Licenses required to practice as a life coach, professional liability insurance premiums.

As each individual's tax situation is unique, it's recommended to consult with a bookkeeper or tax professional for specific advice.

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What is the best way to handle accounting for the various income streams I may receive as a life coach?

The simplest and most reliable way to handle accounting for various income streams as a life coach is to use online bookkeeping services, such as Bench Accounting. These bookkeeping services help you categorize and manage all income streams, ensure tax compliance, handle expense tracking, and provide financial statements for a comprehensive overview of your business finances. It is also a smart move to separate personal and business finances and maintain a detailed record of all transactions related to your business. Creating different categories for each income stream can also help you to effectively track and manage your money.

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How should I track finances for one-on-one coaching services versus group seminars or online packages?

Regardless of whether you are offering one-on-one coaching services, group seminars or online packages, the fundamental principles of bookkeeping remain the same. You need to meticulously record your income and expenses, categorize each transaction and reconcile your accounts regularly. However, the financial considerations may differ based on the nature of the services.

One-on-One Coaching: For one-on-one coaching services, you would typically track income per session or per package of sessions, along with any additional materials or resources provided. Expenses to track might include wages for any support staff, facility costs, equipment, and training materials.

Group Seminars: For group seminars, your income would come from the fee charged per participant. Expenses might include venue costs, marketing costs to attract participants, hospitality expenses, and the cost of materials provided to participants.

Online Packages: The main income for online packages would be the fee charged for access to the material or course. Expenses may include running costs for your digital platform, marketing expenses, cost of producing the course content and payment gateway charges.

No matter what services you provide, having a specialised bookkeeping service like Bench can take the hassle out of tracking these finances, leaving you more time to focus on what you do best - helping your clients succeed.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

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.

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How much time each month will I have to spend managing my Bench account?

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.

Bookkeeping Services for Life Coaches

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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