Bookkeeping and Accounting for Public Relations Consultants

As a public relations consultant, the following bookkeeping practices are essential for a clear financial overview:

• Record Income and Expenses Daily: Regularly recording all transactions, including income and expenses, ensures accuracy in your financial records.
• Separate Personal and Business Transactions: Having separate accounts for your personal and business transactions can help make bookkeeping easier and more transparent.
• Invoicing: Regular and consistent invoicing is essential for proper bookkeeping, as it provides a record of money owed and received.
• Bank Reconciliation: Regularly compare your bank records with your own books to catch any errors or discrepancies early.
• Track Receivables: Monitor the money that's owed to you by clients to ensure timely payments and to manage cash flow effectively.
• Monitor Payables: Similarly, track all your business expenses and pay your bills on time to avoid late fees and to maintain good relationships with suppliers.

Regularly following these practices as a public relations consultant will give you a clear overview of your financial situation, help with tax filing, and provide valuable insight into the financial health of your business.

Bench Accounting provides a reliable and robust bookkeeping solution for PR consultants. This includes tracking and managing fluctuating income, which is a common characteristic of PR consulting work. We help you stay on top of your finances with real-time reports and insights into your cash flow situation. Our expert bookkeepers also handle monthly financial statement preparation, expense classification, and ensure your books are always audit-ready, allowing you more time to focus on your PR projects and less on your books. Bench Accounting is here to provide a simplified, streamlined approach to your financial management needs.

What are common accounting mistakes that Public Relations consultants often make and how can these be avoided?

Public Relations consultants often make a few common accounting mistakes that, if not addressed, can lead to serious complications and financial loss:

• Not separating personal and business expenses: This can make it hard to track business costs and can lead to tax complications. To avoid this, always use separate bank accounts for personal and business transactions.
• Not keeping receipts: Receipts are necessary for verifying expenses, particularly during tax season. Always keep an organized record of all financial transactions.
• Ignoring financial record keeping until tax season: Regularly updated books make tax preparation much easier and help to avoid costly mistakes or omissions. Implement a regular bookkeeping schedule to stay on top of your finances.
• Inaccurate forecasting: Without an accurate financial forecast, it's tough to make informed business decisions or predictions. Include numerous possible outcomes in your forecast to prepare for various scenarios and adjust your plan accordingly.

Bench's team of expert bookkeepers are familiar with these common mistakes made by Public Relations consultants and are equipped to assist and provide solutions to avoid them.

Nope! All bookkeeping is completed in-house.

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.