Beyond that, they ensure compliance with the regulatory side of finances. There are four main types of expenses, although some expenses fall into more than one category. To calculate burn rate, I simply pick a time period (such as a quarter or a year). Then, Accounting for Content Creators and Influencers I subtract the on-hand cash amount at the end of that period from the on-hand cash at the beginning. Lastly, I divide that number by the number of months in the period. Remember, you can choose your own cadence (which you can then use for dividing).
The Everything Guide to Working as an Accountant
While math skills are helpful, data and systems analysis are keys to success in this role. This means that curiosity and deductive reasoning skills are also useful. I also rate the ability to think on your feet as an invaluable https://www.bookstime.com/ skill. There may be a lapse in the monthly revenue or a payout that is too high for employees. You’ll be expected to analyze information, keep track of the story your money tells and provide guidance on what to do next.
Principle of Utmost Good Faith
I highly recommend that you work with a professional to at least ensure your business is following the proper procedures and laws. Your method of collecting money is often referred to as your payment gateway. Whether you provide freelance services, set up shop at a local farmer’s market, or run a global e-commerce business, you need an easy (and legal) way to collect what you’ve earned. Technically, you should be doing it every day, but we all know life can get in the way.
- So you’re interested, but you might be wondering what you’ll need to do to start an accounting career.
- She also contributed to conceptualizing an upcoming feature that will ensure users are paid three days after closing a brand deal and uploading the necessary content.
- Finding an accountant that is actively helping you grow your business can be more difficult than you think.
- Business owners use accounting to track their financial operations, meet legal obligations, and make strong business decisions.
- YouTube is the second most visited site globally, and as the platform grows, so do its stars.
- Obviously you can’t access this money until you are of pension age without incurring charges, but it is still a good option for withdrawing money from your business.
Tax Tips for Influencers
Manage your business and personal finances with these five financial planning templates. As a successful YouTube influencer and video creator, you face tough decisions every day. If you dedicate a specific space in your home for content creation, a portion of your rent, utilities (electricity, internet), and home office supplies can be deducted as a business expense. The cost of cameras, microphones, lighting equipment, editing software, graphic design tools, and any other software essential for content creation is deductible. Accredited Financial Counselor®, Profit Strategist, Quickbooks Elite ProAdvisor, Business Enthusiast, Pollyanna Theorist and Burrito Aficionado.
Blake has been named among the Top 100 Most Influential People by Accounting Today and is one of CPA Practice Advisor’s 40 Under 40. He’s a true thought leader in the accounting profession, and his primary focus is providing expertise on accounting tech and tools. Dawn has received numerous accolades, including being named one of the 25 Most Powerful Women in Accounting. She hosts the DM Disruption podcast, where she’s known for her high-energy, positive approach. A natural entertainer, Greg has been MC at several big accounting events, including Xero’s Xerocon and Thriveal’s Deeper Weekend conference. Check out his Twitter feed for his unique perspective and witty accounting-related cartoons.
Our top 15 accounting influencers in 2023
Video streaming + influencers
