Categories
Business

Why Creative Entrepreneurs Should Hire an Accountant

gallery_idealust limelife photography receipts-1

I worked hard to put the initials C.P.A. after my name but in my heart, I relate to all designers, photographers and lifestyle bloggers. I could have stayed in a firm and crunched numbers all day, but I used every free minute to figure out a way to get closer to my own creative bliss. Working with passionate creatives is the perfect mix in my world of spreadsheets and numbers. And I can help you (maintain your sanity) and your business (stay organized and follow financial rules).

As a creative, it can be incredibly daunting dealing with the money side of things. Let me paint a different picture for you. I’m talking game-changer status different picture.

You are juggling all you can handle, just staying on top of your business and now you’re being told you have to add spreadsheets and tax law to the mix? Accountants, CPA’s in particular, are required to keep up with Federal and State tax laws by taking continuing education courses every year. It is a good thing to have someone who does know these things on your side.

Your accountant can help hold you accountable and keep your financial records up-to-date. It is tough to make ourselves keep up with the mundane tasks like bookkeeping. Bleh! One way to stay on top of things is to set up quarterly bookkeeping reviews with an accountant. I’m talking peace of mind, people. It’s worth it. As a bonus, you will be able to see where your income is throughout the year and respond quickly, when needed.

Accountants can help determine what you’ll need to pay for estimated taxes. This takes a heavy weight off your shoulders as the end of the year approaches. We can also can help you understand the financial ramifications of choosing to be a sole proprietorship, partnership, Limited Liability Company (LLC), and S-Corporation, as well as walk you through the steps. We can also help you determine if a 1099 or W-2 needs to be sent to the IRS and your state. Heck, we’ll even prepare these for you.

If you’re not sure where to begin with a bookkeeping system, that’s the perfect reason to make an appointment with an accountant. You may be really comfortable with a spreadsheet, but if you’re not into formulas and hand-entering everything, your accountant can recommend programs that automatically pull in transactions so you just have to categorize them. Check out Freshbooks or Wave. It is really important to have a good system in place. Something you’re comfortable with and something you’ll stick to the whole year.

Bottom line: hiring a good accountant WILL benefit your business. It will reduce stress and leave you with much more time to spend on your craft and generating income! Don’t let your finances run you; find an accountant and let them run the numbers.

7 reasons why creative entrepreneurs should hire an accountant:

1. She is educated in Federal and State tax laws.
2. She will keep your financial records up to date.
3. She can review your bookkeeping quarterly.
4. She can determine what you’ll pay for estimated taxes.
5. She’ll explain what it means to be a sole proprietorship, partnership, LLC and S-Corp.
6. She’ll advise you on Freshbooks, Wave and other at-home accounting systems.
7. She’ll free you of stress, so you can get back to work.

3 replies on “Why Creative Entrepreneurs Should Hire an Accountant”

Leave a Reply

Your email address will not be published. Required fields are marked *