self employment and taxes - what do you do?

Posted on: 7 January 2020

As an artist running a small business, it is not uncommon to always feel like you are busy, which is why you need to really prioritize how you spend your time. If finances are not your strong point, you should outsource your bookkeeping to a professional bookkeeper. This will give you some of your time back and allow you to focus on creating the art needed to keep your small operation afloat.

1. An Accountant Can Help You File Your Taxes on Time

One of the first things an accountant, or bookkeeper, can help you do is help you file your taxes on time. Your accountant will provide you with deadlines for getting them important financial information that they need in order to do your taxes. Once you get that information to your accountant, your accountant will then make sure that they take that information and use it to complete your taxes on time, saving you from late filing penalties and fees that can really cut into your bottom line as an artist.

2. An Accountant Can Keep Your Business Finances Accurate

The second thing an accountant can do is make sure that you keep your business finances accurate and up to date. They can help you learn how to track all your inventory and the money that you spend on supplies. They can help you set-up a system for sending invoices to clients and tracking payments to make sure everything is paid on time. They can help you get all the paperwork and money side of your artistic operations in order.

3. An Accountant Can Help Prevent Financial Theft

The second thing they can do is help prevent financial theft. If you employ various people, such as at an art gallery or in a glassblowing shop, you have to be aware that financial theft can take place as soon as you bring other people into the picture. An accountant can help you keep your business finances accurate and can review all your finances and make sure everything seems right. If your accountant notices anything that seems wrong, they can help you identify and stop theft before it negatively impacts your business.

4. An Accountant Can Provide You with Clear Financial Data

Finally, even artists need a clear financial date when running a business. An accountant can provide you with reports that will allow you to clearly see what your financial situation is, what is working, and what is not working for your artistic business. You can use that information to make smart decisions about the direction you want to grow your art business.

When you outsource your accounting, you not only take a time-consuming task off your hands, you give your artist business an opportunity to grow. An accountant can help you pay your taxes on time, keep accurate financial records, prevent financial theft within your business, and provide you with clear financial data that will help you make smart financial decisions. Look for companies like Agro Accounting that provide accounting for artists to learn more.