At Bench, we're committed to providing consistent bookkeeping updates tailored for sound engineers. If you have urgent concerns that can't be delayed, rest assured we'll get back to you in less than one business day.
Our platform enables you to streamline data inputs from primary providers to sidestep typical errors. We collaborate with partners such as Gusto, Stripe, Shopify, and Square—ensuring your financial records as a sound engineer are always precise.
Wave farewell to mountains of audio receipts and the hassle of manual financial tracking—we automate inputs directly from your linked accounts. Gain insights from one unified dashboard, empowering you to easily comprehend the financial standing of your sound engineering business and confidently make strategic decisions.
DR. BUKKY KOLAWOLE
As a sound engineer, there are specific tax deductions that you can claim, which vary depending on current tax laws and regulations. Generally, you may be able to deduct expenses related to:
- Equipment: The cost of materials and equipment such as microphones, speakers, sound boards, and software can potentially be deducted.
- Home studio: If you have a home studio, portions of your rent or mortgage, utilities, and home repair costs may qualify as deductions.
- Professional development: Fees related to training courses, workshops, and professional meetings can potentially be deducted.
- Travel Expenses: If you have to travel as part of your work, you may be able to deduct transportation, meals, and lodging expenses.
- Self-employment Taxes: Sound engineers who work as freelancers or contractors can deduct a portion of the self-employment tax.
Please note, tax laws frequently change, so it's crucial to consult a professional who can provide accurate, up-to-date advice.
As a freelance sound engineer, a bookkeeper can help you manage your finances in several significant ways. A competent bookkeeper will track your incomes, expenses, and manage your invoices and receipts. They can also help you avoid late fees by ensuring that bills and invoices are paid on time.
Additionally, bookkeepers can facilitate accurate and timely tax filing by maintaining thorough and organized records of financial transactions throughout the year. They can assist you in determining the categories of expenses that are tax-exempt, reducing your overall tax obligations.
Crucially, a bookkeeper can provide comprehensive reports about your financial status, allowing you to make informed decisions. By understanding your earnings and expenditures, you can strategize adequately, pave the way for business growth, and better comply with legal standards.
Bookkeeping in the field of sound engineering involves intricate details and some aspects requiring special attention include:
- Equipment Costs: Sound engineers often invest in costly equipment and their maintenance. Accurate records of these purchases, depreciation, and repair costs are very important.
- Project-Based Income: Sound engineers often work on a project-basis which comes with variable income. Keeping track of who owes what and ensuring payment is received can be a complex process.
- Contractor Expenses: If contractors are hired, it's vital to accurately document payments and deductions as per tax laws.
- Travel Expenses: Sound engineering often involves travelling. It is crucial to maintain correct records of all these expenses as they often qualify for deductions.
- Subscription and Royalties: Many sound engineers use paid software subscriptions, and may also receive royalties from work. These need to be accurately captured to ensure tax compliance.
Due to these unique considerations, a bookkeeper experienced in the sound engineering industry can be beneficial.
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.