Bookkeeping and Accounting for Game Developers

Game developers often have multiple, unique revenue streams that can be challenging to manage. This can range from game sales, in-app purchases, ads revenue, merchandise sales to licensing fees. Here's how they can effectively manage these for accounting purposes:

<ul><li>Firstly, they should implement a robust accounting system that can handle and categorize these diverse income streams. This system should be able to accurately record transactions and generate detailed reports for analysis.</li><li>Secondly, they must stay updated with the latest tax regulations related to their revenue streams. To ensure compliance, consulting with a qualified tax specialist is recommended.</li><li>Lastly, hiring a professional bookkeeper is also extremely beneficial. This ensures that their financial records are accurate and updated, freeing them to focus on developing their games. A good bookkeeper will understand the nuances of the gaming industry and can provide tailored financial advice.</li></ul>

At Bench, we offer bookkeeping and financial services catered specifically to game developers. Our team of experts understand the industry-specific challenges and are ready to help manage your unique revenue streams effectively.

Game developers often qualify for several tax incentives and credits, primarily related to research and development or digital media. The specifics can vary by location and company structure. Two common examples are the R&D Tax Credit and the Video Game Tax Credit. To determine eligibility and application processes, it's recommended to consult with a financial advisor or tax professional. They can provide tailored advice and potentially reveal other, lesser-known incentives.

Additionally, our team of expert bookkeepers at Bench Accounting has extensive experience in various industries, such as game development. They can help navigate the complexities of these tax incentives and credits, ensuring you maximize your savings and stay compliant.

An effective way to tackle the complex nature of international transactions and their implications on accounting is to hire a professional bookkeeper. As a game developer, your expertise lies in creating engaging gaming content and platforms, not necessarily in managing complicated international finances. A professional bookkeeper has the knowledge and skills needed to keep track of all your transactions, even those overseas. They are well-versed in dealing with international accounting regulations.

At Bench Accounting, we specialize in accommodating businesses of all kinds, including those in the game development industry. We understand the unique challenges you face and will provide a tailored approach to keep your financial reports organized and compliant with international standards. Save yourself from the stressful guesswork and let us help you make sense of your business transactions.

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.