We’re not going to pretend to be experts on the intricacies of the latest trends and movements in the world of art. What we are experts on is being efficient accountants for artists.
Whether you are a potter, painter or polkadotter, it is important for any artist to have their finances in the best shape that they can be. We are here to ensure that you don’t miss a trick and that all is as it should be, allowing you to focus on your passion.
After all, helping people turn their passion into a full time gig is what we love to do.
We like to combine our industry expertise with the best accounting software for artists – Xero – so that we can work together to get the most out of your talent. How does this work? Get in touch to find out.
How Our Specialised Accountants for Artists Can Help Boost Your Career
Almost every amateur artist dreams of turning their hobby into a career. Unfortunately, very few succeed. Much of this is due to the fact that artists are driven by raw passion, not always a sound understanding of the financial cogs behind the shimmering face that keep things ticking.
This is how our deal works – you focus on the former and we will take care of the latter. What’s more – we love nothing more than helping creatives excel within their field.
Our team are well-established Xero accountants. What exactly does this mean? Well, they are masters of using this tool to not only help your financial situation but also give you a better insight into it.
We pride ourselves on keeping you right in the loop. Prioritising utter transparency when it comes to handling your finances and – arguably more importantly – how we can use your finances as a guide for taking the next step in your path towards artistic stardom.
Simple Accounting Tips for Artists
Track Your Expenses Properly
Tracking your expenses accurately is an essential for anyone making a living from their artwork. The first thing to consider? It is extremely important to have a firm grasp of what can and what cannot be counted as an expense.
Accounting for artists follows a very similar pattern to other creative businesses. Everything from the likes of your laptop to your easel obviously fall under this remit. However, it is important to bear other factors in mind. For example, any petrol spent driving to and from art shows can be deductible. So make sure that you keep note of your mileage!
Working At An In-Home Studio? Know What It Means For Your Income
Working from home has become a common trend in the wake of the pandemic, with people opting to ditch the office in favour of their humble abode. This is also true of artists who choose to situate their creative space at home.
If you are operating out of a studio at home, then you are eligible to claim on a number of expenses associated with doing so. Everything from WiFi to heating to your favourite paintbrush – presuming you’re a painter – count as business expenses. This means that a proportion of which can be reclaimed.
Know How Art Donations Impact Your Taxes
As accountants for artists, we are familiar with the fact that much of any artist’s work tends to get donated. But not everyone is aware of the tax rules surrounding this…
In relatively basic terms, donating art allows the donator to reap the benefits of an income tax deduction based on their donation. Now, this isn’t a very black and white scenario. In fact, it would probably take a thorough blog series for us to explain the ins and outs. But definitely something to bear in mind.
Want to learn more about how our team of accountants for artists can boost your art career? Give the button below a click and get in touch with our friendly team.