Keep accurate records of your income and expenses for self-publishing

Record-keeping may seem mundane compared to the rigors of writing and producing your book, but careful attention to detail may make a big difference in the financial success of your publishing projects. Four reasons why you need to keep good records:

1. To know how well your book is doing financially
2. To calculate your income tax and other taxes accurately
3. To attract supporters of your publishing venture
4. To defend your financial reports if challenged

Records you should keep indefinitely

Any documents you have signed, including production agreements, agreements with your artist, selling contracts

Correspondence between yourself and your information sources, your publishing consultant, buyers, and anyone else involved in creating, producing, or selling your book. Include email as well as other types of written communication.

Invoices, receipts, canceled checks related to your publishing project

Travel logs showing destination, mileage, purpose of travel as it relates to your book

A record of all income received for your book, including sponsorships or advertising

Financial statements you prepare to show income expenses month by month or year by year for your publishing business.

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