As a content creator, your passion lies in crafting engaging videos, writing compelling blog posts, or producing entertaining podcasts. But behind the scenes of your creative endeavors lies an essential, albeit less exciting, task: bookkeeping. While understanding these financial aspects is crucial, we know it can be overwhelming. That's why we're not just going to explain what you need to track—we'll also show you how Otto can take this entire burden off your hands, letting you focus on what you do best: creating amazing content.
Before we dive in, let's quickly touch on why bookkeeping is crucial:
Sounds important but daunting? Don't worry—Otto's got your back. Now, let's explore what you should be tracking (or rather, what Otto can track for you).
As a content creator, you likely have multiple income streams:
How Otto Helps: Otto automatically categorizes your various income streams, giving you a clear picture of where your money is coming from—without you lifting a finger.
Also Read: Guide to Invoicing for Creatives: Get Paid on Time, Every Time
Tracking expenses is crucial for understanding profitability and maximizing tax deductions. Here are some common expenses for content creators:
How Otto Helps: Simply connect your accounts or snap photos of receipts, and Otto will categorize and record all your business expenses automatically.
Tracking depreciation of your equipment is important for tax purposes and future upgrade planning.
How Otto Helps: Otto sets up and tracks depreciation schedules for your equipment, ensuring you're claiming the correct amount each year on your taxes.
If you travel for content creation, tracking mileage and travel expenses is crucial.
How Otto Helps: Otto's mileage tracking feature automatically logs your business-related travel, making it easy to claim these deductions.
While not strictly bookkeeping, tracking your time can provide valuable insights into the profitability of different content types.
How Otto Helps: Otto's time tracking feature helps you understand where your time is going, informing decisions about which types of content to focus on.
Also Read: Why Having a Bookkeeping System Makes You a Better Creative
Keeping track of outstanding payments is crucial for maintaining cash flow.
How Otto Helps: Otto's invoicing and payment tracking features ensure you never lose track of what you're owed.
As a self-employed content creator, you're responsible for setting aside money for taxes.
How Otto Helps: Otto's tax estimation feature calculates and sets aside the right amount for taxes throughout the year, avoiding any nasty surprises come tax time.
Content creators often have numerous subscriptions and recurring expenses.
How Otto Helps: Otto tracks all your subscriptions and recurring expenses, alerting you to any you might no longer need.
If you collaborate with other creators or hire help, these expenses need tracking too.
How Otto Helps: Otto categorizes these expenses separately, helping you understand the true cost (and ROI) of your collaborations.
While not strictly financial, tracking audience growth and engagement can help correlate financial success with content performance.
How Otto Helps: While Otto focuses on financial tracking, you can use its custom fields feature to log key performance metrics alongside your financial data.
We get it—all of this financial tracking can sound overwhelming. As a content creator, your time and energy are best spent doing what you love: creating amazing content that engages and grows your audience.
That's exactly why we created Otto. It's not just a bookkeeping tool; it's your personal financial assistant that understands the unique needs of content creators. Otto can handle all of these tracking and bookkeeping tasks automatically, giving you:
With Otto, you can have all the benefits of meticulous bookkeeping without having to become a bookkeeper yourself. It's like having a financial expert on your team, working behind the scenes to keep your content creation business financially healthy and compliant.
Ready to free yourself from the burden of bookkeeping and focus on what you do best? Let Otto take care of your finances while you take care of your content. Your future self—with a thriving content creation business, stress-free finances, and more time to be creative—will thank you!
