INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Benjamin “BENCASSO” Barnes.

The Benjamin “BENCASSO” Barnes Commentaries

The Coaches Corner has something important to say to all you artistpreneurs. It’s the importance of good bookkeeping and preparing for taxes. And trust me, it’s not as boring as it sounds. I mean, what’s a bookkeeper’s favorite type of music? Rock and rollovers!

Managing your finances is crucial for any organization, but where do you start? First, it’s essential to understand the differences between a bookkeeper and an accountant.

Bookkeepers handle day-to-day financial transactions, maintaining accurate records of income and expenses. Accountants, on the other hand, analyze these records to provide financial insights, prepare taxes, and offer strategic advice. Think of bookkeepers as the meticulous librarians of your financial library, while accountants are the detectives who solve financial mysteries.

For those running a single-member LLC, the focus is on tracking income and expenses for accurate tax reporting. It’s relatively straightforward, involving profit and loss statements, balance sheets, and cash flow management. Picture this: your bookkeeper is like a tightrope walker at a circus, balancing your books with finesse.

However, a 501(c)(3) nonprofit faces more complex bookkeeping. They must track donations, grants, and fund allocations while adhering to strict regulatory requirements. This includes detailed reporting to maintain tax-exempt status and ensure transparency with donors and stakeholders. It’s like juggling flaming torches while riding a unicycle – challenging but spectacular when done right!

Now, let’s talk about hiring a bookkeeper. Costs can vary. Freelance bookkeepers may charge $20 to $50 per hour, while experienced bookkeepers can charge $50 to $100 or more. Monthly rates for small businesses might range from $300 to $500, but more complex needs can cost $500 to $2,000 or more. Virtual bookkeeping services offer packages starting around $200 per month for basic services. Remember, folks, you get what you pay for – and in the case of bookkeepers, you’re paying for peace of mind and, let’s face it, less time pulling your hair out over spreadsheets.

Here’s a little joke for you: Why did the bookkeeper bring a ladder to work? Because they wanted to reach the high profits!

Okay, now back to business. Whether you’re running a business or a nonprofit, understanding your bookkeeping needs and finding the right professional is essential. It’s like finding the perfect dance partner; they help you move smoothly across the financial dance floor without stepping on too many toes.

And don’t forget, a good bookkeeper will save you time and stress, allowing you to focus on what you do best – creating amazing art, running a business, or changing the world through your nonprofit. So, what’s the takeaway here? Know your needs, hire wisely, and keep your financial house in order.

And remember, if numbers aren’t your thing, it’s okay. Not everyone can be a mathlete. Just make sure you have someone who loves numbers as much as you love your art or mission.

They say, “Behind every great artist is a great bookkeeper,” or something like that.

So, whether you’re running a business or a nonprofit, understanding your bookkeeping needs and finding the right professional is essential. Keep those books balanced, stay compliant, and you’ll be well on your way to financial success.

Stay tuned for more insights and a few more jokes on The Coaches Corner!

Meet Benjamin Barnes, also known as Bencasso: an artist, educator, musician, and mental health advocate. Ben is the CEO and Executive Director of Culture Scholar Corporation, a 501(c)(3) nonprofit, CEO of Bencasso Media, Owner-Operator of Bencasso Gallery, and Benjamin Barnes Music. He’s the creator of the Bencasso Skeletonichi brand and serves as a motivational coach and business and educational consultant to the US Department of Education. With accolades like the 2023 San Francisco Arts Commission grant, Barnes’s ventures span web galleries, music labels, publishing, and Halloween merchandise, reflecting his lifelong dedication to art and community.

Twitter/X: @benjamindbarnes