Bench Accounting provides comprehensive bookkeeping services that are ideal for tracking and managing income from your art sales. We will handle all financial aspects of your transactions, from recording individual art sales to managing gallery financial statements. Our team of bookkeeping professionals will document each transaction meticulously, ensuring you have a clear, precise view of your gallery's revenues and expenditures. Incidentally, this not only helps track your profits but also aids in tax filing, and provides insights for better business decisions. Ultimately, using Bench Accounting for managing income from your art sales allows you to focus on what you do best - showcasing and selling exquisite art!

The best way to handle inventory accounting for artworks in your gallery is to implement a perpetual inventory system. This system involves consistently updating your records for each piece of artwork sold, purchased, or otherwise modified. However, managing such a system can become complex without professional assistance. Hiring an experienced bookkeeper familiar with the art industry can ensure that your inventory accounting is always up-to-date and accurate, allowing you to focus more on running your business. They can help you navigate cost methods such as Specific Identification and Average Cost, as well as guide you through the complexities of capitalization rules, cost of goods sold (COGS) and other core accounting principles.

Yes, Bench Accounting can absolutely assist with industry-specific tax deductions for art galleries. Our team is well-versed in handling unique expenses such as art acquisition and exhibition expenditure. We'll ensure you maximize these deductions and minimize your tax burden, helping your gallery's bottom line.

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.