Creative work takes time and energy. Folks who aren’t creatives might not realize how much energy creative work truly takes. When you’re focusing on delivering incredible work to your clients, you might not have enough time to focus on finances.
That’s where we come in. Trust Compass Accounting to handle your finances, file your taxes, improve your cash flow, profitability, and so much more. We’ll crunch the numbers, so you can focus on what matters – growing your business.
Why Accounting for Designers in Winnipeg Is Important
How do you know how much to charge for a project? How much should you pay yourself in income, and how much should you invest back into your business? How do you manage cash flow in order to ensure that you have enough cash to keep your business running during long projects? How often should you be paid over the course of a contract?
Our accounting services can help you answer all of these questions – and many more. Great accounting services are often the difference between a thriving business and a floundering one. Here are some of the advantages of having an accountant:
Balance sheets
Balance sheets give you a snapshot of the financial health of your business. You’ll be able to see, at a glance, your debts and assets. These balance sheets can help you and your accountant determine the best steps for business growth. They’re also useful for attracting investments and providing information about your financial health to potential creditors.
Cash flow statements
Cash flow statements tell you how money moves in and out of your company – how it flows! These statements can help you structure payments to ensure there’s always more money coming into your business than flowing out of it. That can help you and your accountant ensure that you have a runway of cash even when you’re engaged in larger projects that would prohibit you from taking on new clients for a period of time.
Keep personal & business expenses separate
To gain access to tax deductions, rebates, incentives, and properly manage your business finances, it’s essential to keep personal and business expenses separate. Our bookkeeping software can help you log all of your business expenses, while our accounting expertise can help you determine whether a given expense was a business or personal expense. We can advise you on business accounts, business lines of credit, and more.
Accounting for Designers
Self-employed accounts & tax
We provide accounting for creatives and self-employed individuals. Even if you haven’t structured your company yet, we can help freelancers, web designers, graphic designers, and other self-employed contractors to better manage their finances. We can also give you tips on how you might want to structure your company as it grows.
From helping you manage cash flow and more, we’re here to help you grow your business. We’ll focus on finance, so you can focus on creating something incredible for your clients.
Limited company accounts & tax
When the time is right, you may decide to incorporate to limit your liability. We handle the accounts of several corporations. Our experience in the industry will help you understand the tax planning flexibility that can come with incorporating your business. We can also help you determine whether or not incorporating is the right move for your business.
Bookkeeping
Bookkeeping is an essential part of accounting – not to mention its importance in running a successful business. Our bookkeeping software makes it easy for you to track invoices, receipts, payments, and other cash flows. Essential financial statements like balance sheets will be available to you at the click of a button.
We know that many creatives work remotely – that’s why we highly encourage the use of cloud bookkeeping software. With it, you’ll be able to access vital financial records wherever you are in the world.
Cloud accounting
Cloud accounting is the best, most modern form of accounting. Everything is hosted online, and it’s easy to communicate with your accountant, run numbers, and view and print financial statements. With cloud accounting, you can:
- Upload documents from anywhere in the world
- Access documents from anywhere in the world
- Preserve documents by keeping them physically and digitally
- Perform calculations and view financial statements remotely
- And much more!
Creatives are always on the go, and in the modern age, it’s incredibly common to work with remote clients. Bring your accounting onto the cloud with Compass Accounting!
FAQ
- If I’m self-employed, do I need an accountant? Yes – in fact, if you’re self-employed, it’s especially important to have an accountant. Your accountant can help you with bookkeeping and filing taxes. Focus on your creative work, and let your accountant focus on the numbers.
- What expenses can I claim as a designer? Office supplies, home office expenses, meals and entertainment for clients, travel, advertising, digital expenses, and so much more. Did you buy a new iPad for your business? That’s probably a business expense. Your Adobe suite? Could be a business expense. Talk to us. You’d be surprised how many expenses you can claim.
- Do you also offer payroll services? We do! Contact us for more information – as your business grows, we can scale the services we offer you.
- What cloud accounting software do you provide? We offer Xero Cloud Accounting and others for bookkeeping.
Start Working with Us Today!
Interested in our accounting services for creatives? Give us a call!