Accounting for Self Published Authors

The first thing authors in general are looking for is value and savings. Self-published authors and freelance writers just beginning their careers need efficient and time saving tools.

When you make the decision to go into business and make an income from your writing, this is the time to think about accounting for your business. Inevitably the first three priorities for authors are writing the best book possible, getting it edited, and the cover design. But these expenses happen before you make a dime in self publishing.

When your are ready to take the necessary steps to start your business follow these steps:

  • File a DBA in your state whether you are using your given name or a pen name.
  • Apply for a Federal EIN.
    • You can do this online. It’s needed to open a business checking account.
  • Set up a business checking account.
    • Beware the first year free accounts and the ones with fees. The totally free business bank accounts are often found with credit unions or local community banks near you.
  • Deposit your initial investment in your career and in yourself.

Now that all of that is out of the way, you need an accounting program to make this process complete. You want to be able to track your spending and income for tax purposes but the most important reason is for you know what is happening with your business.

  • Sign-Up for Small Business Software by Wave Accounting

Why Wave Accounting?self publishing

Let’s look at what an author needs in terms of accounting programs.

  • Free
  • Ease of Use
  • Automated Entries
  • Unlimited Expense Tracking
  • Connectivity with Banks, Credit Cards, and Paypal

How Wave helps:

  • It is 100% free with Unlimited functionality
  • The dashboard is easy to navigate
  • Transactions are imported directly from your bank
  • Track payouts via each distributor easily
  • Easy reports when tax season rolls around

And if you choose a side hustle like editing or proofreading to subsidize your writing income, you can send invoices easily and receive credit card payments like a pro.

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