My bellows factor method is as follows. First of all guess/measure the magnification factor. Let us call that m. For example if the subject is 1:1 on your ground glass, then m=1.
Multiply your exposure by (1+m)^2. E.g. for a 1:1 shot, your bellows factor is (1+1)^2=2^2=4... meaning that your exposure needs to be 4 times longer.
Obviously if m is a small number then no additional exposure will be required.
What I do to get m accurately is put a piece of paper or coin next to my subject and compare it to one held up to my ground glass. If you want to be really accurate you can use a ruler. Ruler markings on your GG can be helpful in this regard.
There are all kinds of methods, of course. But this has never failed me and requires no gear or measurements, just eyeballing m will almost always get you close enough. For slide film you may wish to measure more carefully. For b&w, nah, it's easy just to guesstimate.
Things only get complicated when you have substantial movements and need to factor in falloff/Scheimpflug.