You can benefit from both services at once to focus more deeply on your painting business, rather than worrying about myriad bookkeeping tasks. Hiring a full-time bookkeeper to maintain your books isn’t reasonable for most small to mid-size painting companies. Even though there may be a lot of money coming in, most of this will be used to cover your overhead expenses. As business picks up and more money starts to pour in, it also becomes increasingly difficult to keep track of your cash flow, often leading to inaccurate or incomplete financial records. Aside from making tax season an extreme headache, this also prevents you from developing and implementing a solid business strategy.
Before starting her career with bookkeepers.com, Hannah worked as a hair and makeup artist and had the privilege of working with NBC news. She is an Italian food enthusiast, and loves to cook and entertain for her loved ones. In her spare time, Hannah enjoys gardening, house projects, and going to the farmers market! Content Snare not only makes you feel good but also makes you look good accounting for artists and leaves your clients with a really positive impression of your business and processes. Sometimes, one little niggle can make a huge difference in the mind of a client which will, of course, play a part in their overall view of your business and their experience. We had a series of clients that filled out our survey and let us know that our onboarding process was just complete garbage.
Bookkeeping & Accounting Services for Painters
With changing time, human requirements are also changing rapidly and with that the professional services are picking upwards. The materials you use for creating your art, such as paintbrushes, canvases, and paints, can typically be deducted as business expenses. Some tasks should be done on a daily basis, while others may need to be done once every month or even a year.
We’ll also provide tips on how to streamline your bookkeeping process as a painter, so you can focus on growing your business fast. For artists involved in selling artwork, understanding and complying with sales tax regulations is crucial. Accounts Junction can help artists navigate the complex landscape of sales tax, ensuring compliance with local, state, and even international sales tax requirements. We can guide on collecting and remitting sales tax, as well as advice on exemptions or special rules that may apply to art sales.
Success Stories: Get an Accounting Team that pays for itself
Account Junction may produce tax estimates throughout the year to ensure that you are never caught off guard when it comes to tax time. We can also walk you through ideas for lowering your tax liability before it’s too late. Be sure to take advantage of our free 30-minute consultation to find out more about how we can be of benefit to your painting business. For your maximum convenience, consultations can be held online or at our Milwaukee, Brookfield, or Madison offices.
Understanding your finances allows you to make informed decisions about pricing, budgeting, and investing in your artistic career. Account Junction can serve as your one-stop shop for bookkeeping and tax preparation. However, if you begin your creative profession, you will undoubtedly have to deal with your own finances.
How this bookkeeping firm saves over $1000 per client with Content Snare
If done wrong, content collection can become something that clients dread, which is exactly what Melissa saw within the feedback provided to her regarding the onboarding process. Good bookkeeping practices demonstrate the financial viability and professionalism of an artist’s endeavors, increasing credibility and opportunities for growth. Familiarize yourself with important bookkeeping terms such as revenue (income), expenses (costs), assets (owned items), and liabilities (debts or obligations) to understand financial discussions. Job costing, production rates and saved labor bonus programs are some of the most important aspects. Giersch Group will help you create a solid business plan with these components in mind.
Throughout her career with bookkeepers.com, she has started and grown their social channels, as well as building an online community of 10k+ members exclusively for Bookkeeper Launch students. Forming relationships with students and watching them flourish in their new businesses is her favorite part of the job. Sometimes it is tempting to use your personal bank account for your painting business too, but it is always suggested that you keep your personal and business money separated.
Under her leadership, Bookkeeping For Painters serves over 100 clients at $1.5 million in annual recurring revenue. She attributes her professional success to the company culture she has created that advocates work-life balance, mental health awareness, and treating colleagues with respect and empathy. As any business owner knows, staying up-to-date with payment deadlines and compliance regulations is essential to avoiding costly penalties and legal issues. In this blog post, we will cover the best practices for bookkeeping for painters and highlight some of the most common mistakes to avoid. From keeping accurate records to understanding how taxes work, we’ve got you covered!
However, with Content Snare, onboarding can become much smoother and much more autonomous, allowing you to just sit back and relax as the information you need starts rolling in for you. The email reminders have taken a lot of the follow-up off of my plate as well because Content Snare lets clients know that things have to be done. It’s also great that we can add instructions for clients, as it’s much more efficient.
In addition to her role at Bookkeeping for Painters, Melissa is a Mindset and Sales Coach for bookkeeping business owners that want to scale their businesses to 6- or 7-figures. In her personal time, Melissa has mastered the art of the piña colada, although she hates getting caught in the rain and adamantly believes that long walks on the beach are terrible (ow, her ankles). She and her husband Daniel, along with their two children and dog, currently reside in San Juan Del Sur, Nicaragua. They include the double-entry system, which records every transaction in two or more accounts to maintain the balance of your books. It also includes the matching principle, which requires you to match your revenues and expenses in the same accounting period to reflect your business’s true profitability. Running a painting business requires a lot of hard work, dedication and careful attention to detail.
Hiring a bookkeeper minimizes the risk of inaccurate or incomplete financial records that are crucial for taxes and avoiding trouble with the IRS. No matter the size of your business, Giersch Group has a clear and affordable plan for you. Remember, bookkeeping is not just about recording transactions; it’s about understanding your business’s financial story and using that knowledge to increase profitability and success. Start putting these tips into practice today, and you’ll be on your way to mastering bookkeeping for your painting business. One of the most important aspects of bookkeeping is the regular review and update of financial records. As a painting business owner, you must be organized and keep track of all financial transactions to stay on top of your finances.