While few people love the accounting aspects of their business, our creative clients dislike it more than most. That’s why we’d like to give you some accounting tips for creatives to streamline business processes and improve your accounts.
- Create realistic estimates. Have a look at past projects, add up the costs, and compare requirements to get an accurate picture of what to charge.
- Simplify time recording. When timekeeping is a chore, it’s hard to keep up with it. There’s now very useful software that makes it simple to enter time and switch between jobs.
- Get reimbursed for expenses. If there are likely to be expenses on a job, let the client know at the start. Then, when you make sure you’re reimbursed for them, clients won’t mind.
- Stay on top of cash flow – and get access to credit. Keeping a close eye on your cash flow means you can plan for the future. It also means you are much more likely to have access to lending if the bank and other creditors can see that there is money around the corner.
- Minimise payroll work for your ever-changing staff and freelance roster. Keeping payroll simple and integrated with your accounts means happier staff and better cashflow forecasting. Freelancers need consistency more than anyone so pay them promptly to be sure you always have access to top talent.
We can help you build a system to manage all of the above and connect you to Xero. With the right technology, many of these tasks can be automated so you can get on with your job of being creative.
Please contact us if you’d like to discuss anything here in more detail.