We'll consistently connect with you, providing bookkeeping updates tailored to the welding industry. Got urgent queries that need immediate responses? Rest assured, our team will respond to you within one business day or less.
Our tailored platform enables welders to automate data inputs from most major providers, helping to prevent common errors. We collaborate with notable merchants like Gusto, Stripe, Shopify, and Square—ensuring your financial records are always precise and reliable.
Say goodbye to a pile-up of receipts and the daily grind of manual record-keeping—we automate data directly from your linked accounts. With Bench Accounting, welders gain insights from one unified dashboard. It enables you to effortlessly grasp the financial health of your welding business and make strategic decisions.
DR. BUKKY KOLAWOLE
Yes, as a professional welder, you can certainly make deductions on your taxes for job-related expenses. This generally includes the cost of your tools, equipment, and supplies that are necessary for you to perform your work. Some examples might be the cost of welding helmets, safety gear, or specialty equipment that you've purchased out-of-pocket. Note that to claim these deductions, you'll need to itemize your deductions on your tax return, and there are certain limitations and restrictions. A bookkeeper with expertise in tax law and industry-specific deductions can provide guidance to ensure you're optimizing your deduction opportunities.
As a self-employed welder, accurately tracking and categorizing your income and expenses requires careful record-keeping and financial management skills. Here are some tips:
- Maintain a dedicated business bank account to keep your personal and business transactions separate.
- Consider using Bench. Bench can connect to your business bank account and help automate the tracking of income and expenses.
- Stay organized by categorizing your expenses according to the tax categories outlined by the IRS. This will make it easier when it's time to file taxes.
- Keep all business-related receipts and invoices. These will be crucial for documenting your expenses.
- If all of these seem overwhelming, consider hiring a professional bookkeeper. At Bench Accounting, we specialize in bookkeeping for various professions, including self-employed welders. Our team of experts can ensure your financial records are accurately managed, leaving you more time to concentrate on your welding business.
To maintain a financially healthy welding business, it's advisable to uphold a disciplined bookkeeping practice. This should include:
- Income Records: These reflect all the money that your welding business earns. It ranges from detailed invoices to sales records and receipts.
- Expense Records: These include all business-related costs such as purchase of welding gears, utilities, rent, maintenance costs, and advertising expenses. Keeping such accurate records helps during tax time.
- Asset Records: Be sure to maintain records of your business assets like welding machinery and office equipment. This helps in calculating depreciation for tax purposes, and in maintaining and replacing them when necessary.
- Employment Records: If your welding business has employees, maintain thorough records like payslips, contracts, and taxes. This can protect you in case of disputes and helps to ensure you're meeting all your obligations as an employer.
- Tax Records: Maintain copies of all your business tax returns, receipts and records related to tax payments. These are key in case of an audit and for future financial planning.
By attentively maintaining these records, not only do you ensure compliance with legal requirements, but you also gain a better grasp of your business's financial health with a sound understanding of income, costs, and profit margins.
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.