Continuing with the Preparation section of my ‘Publish Your Book’ download (which is collected together here), this is one dealing with the financial aspects – after all, you do expect to make a profit from your book, don’t you?
Set Up Accounting Records
“I know how utterly boring this sounds, but it really doesn’t take very long and you will be glad later on. This guide is intended to help you publish your book while spending little or no money, so you may be surprised that you have to keep track of any finances, but some of what you are already spending (like printer ink, for instance) can be offset against the future income from your books, which will reduce your tax bill. And now is the time to start keeping track.
If you are writing your book to support an existing business you run, then you will already be dealing with your bookkeeping. Otherwise, the simplest way is to start a spreadsheet. You will need to keep a record of how much you spend, what you paid for and when, and that is as complicated as it gets. Keep all receipts in a folder so they can be found easily.
You might want to create a section in your spreadsheet for income received – ready for when your book is complete and begins to sell. Also, if you do any travelling in relation to your book project you might keep a record of your journeys – the date, where you went and the number of miles travelled. You don’t have to take this from your mileometer, using Google or the AA website to tell you the mileage is fine.”