Tracking Your Author Finances

When you become a published author you are opening the doors to your own business. That means author finances are business finances and the sooner you approach them with that mindset the easier life will be down the line.

In fact, I would suggest setting up bank accounts for your business that are separate from personal. Doing so will make it easier, a ton easier, to track things down the line (like when taxes are due).

Simple Tracking Methods

Simple tracking is easy if you create a separate business account and credit card. All your business expenses are put on that card and paid out through your business expense account (any earnings you receive from the publisher). And any extra can flow through to your personal account. That way when it comes time to pay taxes you’ll know precisely if you’re in the red or the black for those expenses and what the expenses are. Because they are all listed on your credit card.

So many authors leave the finances last. They don’t track their earnings or even their royalty statements. Many don’t even know when money is owed or how it’s paid. Don’t get caught up in the idea that this is a passion and that’s all that matters. You’ve worked hard on your book and to build a career, work as hard on establishing the financial end of this business. You deserve it.

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