Bookkeeping Basics for Authors with Alisha Thomas

Want to master your author bookkeeping? Join Erica Birtles as she talks to Alisha Thomas, a bookkeeping expert for creatives. Learn why bookkeeping is crucial for authors, how to categorise income and expenses, and the tax deductions you can claim. Discover tips to avoid common pitfalls and get started with your financial journey.

 

Say hello to Alisha!

Alisha Thomas, the owner of Wait. What. Consulting, is a Wilmington, NC-based entrepreneur with a passion for helping creative businesses thrive.

Alisha, who holds degrees in art and design and small business management, brings a wealth of experience to her role. Her background in finance, operations, and logistics for a successful gift company has equipped her with a deep understanding of the unique challenges faced by creative entrepreneurs.

To learn more about her Quickbooks Course, follow this link. Visit the Wait. What Consulting website to learn more about their services. 

 

Takeaways

• Bookkeeping is essential for authors who want to turn their passion into a business.
• Authors should separate their personal and business finances by opening a separate bank account.
• Using tools like QuickBooks can help authors categorise their income streams and expenses.
• Good bookkeeping practices can provide authors with valuable insights for making informed business decisions.
• Working with a CPA can help authors navigate the complexities of taxes and ensure compliance. Authors can claim certain expenses as tax deductions if they are related to their writing business.
• It is important to keep personal and business finances separate and maintain accurate records of income and expenses.
• Bad bookkeeping can result in paying too much in taxes or not having a clear understanding of financial performance.
• Authors should take the time to learn about bookkeeping and seek resources, such as courses and consulting services, to help them manage their finances effectively.

 

Chapters

00:00 Introduction and Bookish Question

03:05 Alisha's Journey into Bookkeeping

06:37 Challenges Faced by Creatives in Bookkeeping

09:48 The Importance of Bookkeeping for Authors

12:56 Important Dates for Taxes in the US

15:13 Managing Bookkeeping without a CPA

18:10 Separating Personal and Business Finances

21:21 Visibility and Insights with Good Bookkeeping Practices

26:20 Common Mistakes in Bookkeeping

30:42 Consequences of Bad Bookkeeping