Managing project expenses and maintaining accurate financial records can be quite the task as an interior designer, but it is crucial to the success of your business. Here are some tips you might find helpful:

• Bookkeeping Software: This can automate many aspects of financial management, minimizing the risk of human error and freeing up your time.
• Setting Budgets: Plan and monitor your project budgets vigilantly. Doing so helps you stay on top of costs and allows you to make any necessary adjustments to prevent overspending.
• Invoicing: Timely invoicing aids in maintaining a steady cash flow and keeps financial records up-to-date.
• Hiring a Professional: Engaging the services of a professional bookkeeper ensures comprehensive financial management and allows you to focus more on your projects.

At Bench Accounting, we specialize in providing excellent bookkeeping services to professionals like you. We can help you manage your project expenses and maintain accurate financial records while you focus on delivering beautiful spaces for your clients.

Bookkeeping is an indispensable tool that can help track and manage your materials cost, labor, and other design expenses. Here is how:

• Tracking Materials Cost: Bookkeeping lets you accurately record each purchase you make for material expenses. This helps you track costs, ensuring you stay on budget and identifying areas where savings can be made.
• Managing Labor Costs: By keeping track of hours worked, overtime and bonuses, bookkeeping can help you manage your labor costs. This allows you to see where most of your labor money is spent and find ways to streamline practices.
• Design Expenses: If you work in a field that frequently requires various design expenses such as software, bookkeeping can keep track of these costs. Detailed records help you identify unnecessary costs and maintain a stable budget.

In summary, bookkeeping provides a clear financial overview of your business, helping you spot trends, avoid financial problems and plan for future growth.

As an interior designer, you are entitled to various tax deductions. Some specific deductions include business-related expenses like software or drafting tools, samples, marketing costs, home office expenses, travel expenses, legal and professional fees, and many more.

A proficient Bookkeeper can assist in many ways. They can keep track of all your expenses and ensure they are appropriately categorized. They help to identify which ones are eligible for deductions thus maximizing your tax savings. A bookkeeper also helps to maintain proper records and documents necessary for the IRS.

With Bench Accounting, we provide professional bookkeeping services that are tailored to your needs. Our experts are knowledgeable in dealing with specific professions like interior design hence can significantly assist in managing your accounts and finances better.

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.