Social Media And Accounting
Very few Instagram posts are dedicated to accounting. Few Twitch streamers engage in deep, thoughtful conversations about bookkeeping with their audiences.
We get it. Finances aren’t the most exciting thing on the planet. Posting your balance sheet probably isn’t going to get you a lot of likes (unless you’re Kanye West).
Don’t worry – you can leave the accounting in our hands and off of your feed. You can focus on your strengths – growing your business, and creating next-level content for your followers. We’ll make sure you’ve got the cash flow to grow your brand.
We’re Compass Accounting providing accounting for influencers in winnipeg.
Why Accounting Services Are Important for Social Media Influencers
Social media influencer is more than a job title. You’re an entrepreneur. You’ve got to manage partnerships, increase your following, generate exceptional content, and work with a number of stakeholders to grow your business.
Those are a lot of hats to wear. And taxes for influencers are exceptionally complex. With so many different revenue streams and no T4s, expenses that can blend the line between personal and business, and the need to balance cash flow to invest in your business while paying yourself a salary, your finances can be dizzying.
We’re here to help. With our accounting and bookkeeping services, you’ll be able to grow your business, all while ensuring your finances are in order. With our services, you can:
Record accounting transactions
With our cloud bookkeeping and accounting services, you’ll be able to record every transaction you make, from buying AV equipment to receiving payment for sponsored content. By tracking your payments, you’ll be able to file taxes quickly and easily, all while getting a better sense of your cash flow.
Keep track of expenses
Influencers can incur a number of tax-deductible expenses. Travel, equipment, even the rent you pay for your streamer house – all of it might be considered tax-deductible. There’s only one way to know which expenses can lead to tax breaks: Track all of them. With our cloud accounting software, you can easily track your expenses and separate personal from business expenses.
Integrate payments
Accept payments for products wherever your followers find you. Receive cash from clients. Upload it all instantly to your accounting software – all without having to lift a finger. That’s the power of integrated payments and our accounting software.
Accounting for Social Media Influencers
You get it – accounting is essential for influencers. Here are a few of the many ways we can help you grow your business:
Bookkeeping
We’ll provide you with vital financial statements like balance sheets and cash flow statements. And with our cloud bookkeeping software, you’ll be able to track all of your expenses and income from anywhere in the world. That can help you navigate partnerships, determine how much you should charge for products, and grow your business. Bookkeeping is powerful – let us show you why.
Cash flow management
To grow your business, you need a cash flow management strategy. By managing your expenses (including your own income), you can reinvest in your business to help grow your following – and your revenue streams.
With proper cash flow management techniques, you’ll learn how much to charge clients and sponsors, when to take out loans, and how to invest in yourself. We’ll help you develop a cash flow management strategy to achieve your goals.
CRA audit assistance
When the CRA comes knocking, you need to have all of your finances in order. That’s one of the biggest advantages of having an accounting firm on your side: Audit assistance.
It’s no secret that the CRA audits social media influencers. There are good reasons for this – it can be hard to track all of your revenue streams and expenses, and easy to conflate personal and business expenses. With our services, you’ll keep your finances in order, all while having built-in protection against CRA audits through our audit assistance program.
Business modelling
Are you ready to take your platform to the next level? Our accounting firm can assist with business modelling, helping you determine how you should reinvest your revenue to grow your business. We can also help you determine whether or not you should incorporate, how to structure your business, and much more.
Start Working with Us Today
These are just a few of the many services we offer to social media influencers. We’re here to help you grow your business, all while staying true to your brand. With our years of experience, scalable services, and top-tier cloud accounting platforms, we can handle all of your finances, so you can focus on creating incredible content for your followers.
Take the next step to grow your business. Call Compass Accounting today.