Are the late night editing sessions finally starting to pay off? If your YouTube channel is now monetized, first of all congratulations! Once you begin making money from your social media content there are a few accounting moves you need to make. In today’s video I will be discussing the YouTube monetization process and going over a few next steps.
First, you will need to open a separate bank account where this income will be deposited. Even if you haven’t yet started a business related to your YouTube channel, you need to track the income separately. Next, you will need to begin tracking your expenses related to the channel. As a content creator I recognize how fast these things can add up. Finally, you will want to stay in compliance with the IRS and local taxing authorities. It’s important that you prepare and file your taxes timely.
As a social media content creator, I understand the language of accounting as it relates to monetization. If things are bowing up for you and you need assistance with your accounting, I can help. I own and operate a virtual accounting practice helping social media influencers and small business entrepreneurs. If you’d like to get started with help, click the link here. If you are looking for an accountant local to you, here is the link to a directory.