Does balancing the books put a kink in your affiliate marketing goals? Are you constantly putting off dreaded bookkeeping until the last minute? If you aren’t staying on top of bookkeeping in affiliate marketing, then you could be asking for trouble.
Bookkeeping and affiliate marketing are like oil and water. Although it’s not the most exciting topic, it is an important one. Is balancing the books a priority with your affiliate marketing program?
If you’re interested in learning more about bookkeeping in affiliate marketing, then you’ll want to invest half an hour now to listen to this edition of the Affiliate Buzz where your hosts James and Arlene Martell offer advice for how they’ve managed to stay on top of bookkeeping while forging ahead in the affiliate marketing industry.
Affiliate marketers have the same requirements as any other small business owner when it comes to accounting. One FOXBusiness article reports that if you throw records together at the end of the year then it could have an adverse effect on your tax return. This podcast is an opportunity to avoid that fate with your affiliate marketing program.
The Importance of Staying Organized
Staying organized is the key to success when it comes to bookkeeping in affiliate marketing. The episode kicks off with Arlene’s explanation about what three things she prepares each month for their accountant. James chimes in that this encompasses everything they do regarding the services they offer to their clients, who are all small businesses.
Next Arlene explains what tools she uses to manage and organize receipts, bank statements, outsourcing invoices, and other official documents that their accountant might need, as well as how she uses the tools to organize this information.
If your receipts and invoices are piled in a chaotic mess sitting in a shoebox or desk drawer, then you could be inviting auditors to comb through your books for errors. Even simple mistakes can add up to big penalties.
Improve the Balance in Your Bookkeeping
Then Arlene explains how she gets everything to her accountant once she has all of the bank and credit card statements as well as other vital pieces of information sorted by month. During this episode James and Arlene also answer these questions:
- How do taxes apply to my bookkeeping?
- Do I have to report PayPal payments?
- Can I use Excel to help organize my books?
- What can I write off if I work from home?
- Who is someone I can contact for advice?
Now consider the state of your bookkeeping in affiliate marketing programs. Do you have someone to turn to with questions about the fine details of balancing the books? Are you spending time on this at the end of each month so you aren’t left with a big pile of chaos at the end of the year? If you answered no, then it’s time to get organized.
Resources for Bookkeeping in Affiliate Marketing
Arlene shares some final tips about how to organize receipts while on the go. While her tip is geared towards female affiliate marketers, it’s something that could easily be adapted to males as well. It not only keeps things organized, but it also saves valuable time when she needs to refer back to one of these scraps of paper later.
The conversation then turns to Affiliate Summit East, and what attendees can expect. James and Arlene talk about changes between this event and past Affiliate Summits held on the east coast, and what New York City weather is like during the month of August.
Next Arlene shares some of the benefits of the Affiliate Summit East newcomer program and explains why it is vital for first-timers to the event. Are you planning to take advantage of the program to get the most out of attending?
The episode wraps up with an overview of other upcoming conferences. When it comes to bookkeeping in affiliate marketing, James reminds that if you’re attending an event be sure to discuss it with your accountant so you know exactly what you can write off.
Are You Ready to Tackle Bookkeeping in Affiliate Marketing?
Do you want to learn tips to help you balance your books throughout the year? Are you tired of experiencing the end of the year stress associated with bookkeeping in affiliate marketing? Listen to the entire podcast now, and then please share your own thoughts and questions on the topic in the space below.
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