Influencer accounting
                      
What influencers need to pay attention to 
when doing their accounting 
Influencers are often viewed as authoritative sources of information and entertainment. If you 
have a large following on a social media channel, you can make a lot of money through 
advertising. They could publicize products in their Insta stories and new videos, and then 
write invoices asking companies to pay - that's commercial revenue that must be reported by 
law! But what happens if these influencers receive free items from brands instead of cash 
payments - do these gifts then have to be taxed as well? 
 
As an influencer , you have a lot of financial issues to keep track of. While bookkeeping may 
seem like a daunting task, it's important to understand the basics to ensure you're taking 
advantage of all the deductions and credits that are available. 
 
In this guide, you'll learn what you need to know about accounting as an influencer and how 
accounting software can simplify the whole process. 
 
 
 
 
The basics of accounting and what influencers need to 
understand 
for influencers to make informed financial decisions. With a solid understanding of 
accounting principles, influencers are better equipped to make smart decisions with their 
money and build long-term financial stability. 
What records must an influencer keep? 
As an influencer , it is important to keep accurate records of all income and expenses. This 
includes keeping receipts for purchases you've made. Records of any deductions or credits 
should also be kept so that you can easily demonstrate eligibility if  necessary. 
 
An important part of running a successful business is billing customers correctly and on time. 
Invoice numbers, addresses, bank details, etc. should be included on each invoice. 
 
In most cases, non-cash benefits, such as the free products and services that come with an 
advertising partnership, are treated as income for tax purposes. That's why it makes sense 
to also document free products and giveaways. 
How long must the documents be kept? 
It is also important to know how long you have to keep your documents. In general, records 
should be retained for ten years in case of an audit. 
 
Accurate and up-to-date records make it easier to defend the tax return if it is ever audited.  
 
How to stay organized and on top of your finances with 
accounting software 
Any influencer who has ever dealt with their finances knows how important it is to keep track. 
From tracking expenses and income to storing receipts and bills, there's a lot to consider. 
However, managing all this information manually can be time-consuming and tedious. 
How lexoffice simplifies your accounting 
Fortunately, there is a solution: accounting tools. Accounting software like lexoffice can help 
simplify everything by keeping your expenses and income in one place. This makes it easier 
for you to see where your money is going and where you may have overspent.  
 
The tool also provides professional invoice templates, ready-to-use reports for tax returns 
and special features that ensure automated online accounting. 
 
lexoffice : User-friendly & Inexpensive 
lexoffice 's user-friendly design makes it ideal for influencers who want to organize their 
finances. With an easy-to-use interface and features, bookkeeping is effortless. 
 
Best of all, the software is relatively affordable, making it a great option even for small 
business owners and individuals. If you're looking for a way to streamline your financial 
management, consider investing in accounting software. It could be exactly the solution you 
were looking for as an influencer. 
 
Get 40% discount on all versions of lexoffice. 
 
Tips to minimize tax liability 
In addition to keeping accurate records, there are ways you can minimize your tax liability. 
Below you will find 7 ways to deduct costs from taxes as an influencer .  
Material costs 
If you're an influencer who makes things like physical products or artwork, you can deduct 
the cost of materials and supplies used to make your product. 
 
Expenditure for the home office 
The cost of a home office and its furnishing is tax deductible if it is considered the focal point 
of the overall business activity. It must be a separate room and 90 percent of the furnished 
items must be business-related. 
 
If you, as an influencer , use part of your home regularly and exclusively for business 
purposes, it is possible to deduct these expenses from your taxes. 
 
Advertising costs 
Marketing is at the heart of sales promotion in a company. A high-quality external 
appearance not only conveys trust to customers, but also provides targeted information 
about products and services that you can rely on. 
 
As an influencer , costs related to advertising and marketing can be deducted, e.g. B. for 
print media, television, radio and Internet. 
Traveling expenses 
Expenses related to business trips can also be deducted, e.g. B. Airfare, hotel 
accommodation, rental car costs and meals. 
 
If you take out travel insurance for your business trips, the costs are also tax deductible. 
Equipment and software 
Costs for equipment or software solutions that you purchase for your company are also tax-
deductible. This includes computers, printers, phones, scanners and other technologies. 
Professional Services 
If you hire an accountant, lawyer, or other professional to look after your business, those 
expenses are also deductible. 
Training costs 
Influencers can deduct their own training as a business expense from tax. There is no upper 
limit to how much you can claim, but it must be something related to work experience or 
skills to qualify. 
 
The costs of further training courses in connection with the company can also be deducted 
from tax. These include, for example, seminars, conferences and webinars. 
How important is it to get professional help when 
preparing taxes? 
Although you could file your taxes yourself, it's always a good idea to seek professional help, 
especially if you have any questions or need assistance. 
 
A tax advisor can only do his job effectively if he has accurate and up-to-date information 
about income and expenses. This means that you absolutely must provide him with well -
organized financial records. Invoices should be filled out completely and accurately, and 
receipts sorted and filed so that they can be easily found. 
 
With an accounting tool like lexoffice , you make sure your accountant has the information 
they need to do their job properly. 
 
Conclusion 
As an influencer , it's important to know the basics of accounting and what records to keep in 
order to stay organized and minimize tax liability. 
 
With tax software like lexoffice, you can easily keep track of your finances and prepare your 
taxes with minimal stress. Also, if you have any questions or concerns, it is best to seek 
professional help.