Accountants for Creatives
It is often said that creative people have messy minds, only focusing on tasks which excite and inspire them. And let’s face it, organised bookkeeping and paperwork are unlikely to be top of the list for any creative business owner!
Providing accounting services to creative businesses in Surrey and across the UK, Butt Miller can ensure your business finances are in order whilst helping you hit your future dreams and goals.
Our specialist knowledge of the creative sector makes us best placed to support creative professionals, no matter what stage of business growth or mindset they may be at!
What is a creative?
Creatives are individuals/companies that provide services that assist their clients deliver messages to help them sell their products and services to their end clients.
They could be marketing companies, PR agencies, video production houses, digital marketing agencies, software and technology development specialists, designers and brand consultants, to name but a few.
What creative industries do we serve?
At Butt Miller, we look after companies that focus on organising live events and building exhibition stands on behalf of their customers, video production companies, audiovisual companies and digital marketing service companies.
What does an accountant for a creative do?
We provide various services for businesses in creative industries. This can range from providing bookkeeping, payroll, and VAT returns to preparing regular management accounts and profit and cash flow forecasting.
We can even attend board meetings to help monitor business performance and drive profit improvement and strategic development of your creative business.
Our expert accountants can also review client day rates that are set to help maximise profit and develop systems, processes and financial reporting to ensure useful management information is produced and analysed to assist with future decision-making.
This is, of course, in addition to the everyday preparation and filing of accounts, tax returns and tax planning, undertaking audits and preparing and filing Research and Development tax credits on your behalf.
Why does a creative need an accountant?
Creatives are businesses either trading as sole traders, partnerships or companies.
All businesses need to prepare accounts and file tax returns and, therefore, may require help from an accountant to do this. In addition, they may require regular monthly support for bookkeeping, payroll and VAT, freeing up the business owner to concentrate on running their business.
For larger businesses in creative industries, the services of a part-time Finance Director may be required to help them grow and develop their business and support in improving business profitability. This will often involve the preparation of regular management financial reports, which details how the company has done for the period under review, and it will focus on areas where financial improvements can be made. These reports will be discussed in board meetings where an agreed action plan will be developed.
In addition, the part-time Finance Director will also prepare full-year profit and cash flow forecasts to identify any resourcing and funding requirements that may be needed to deliver these plans along with any challenges that may need to be managed.
Also, the part-time Finance Director will help set client’ day rates’ that will allow the business to maximise its revenue and profit and will often assist the business owner in negotiating with the end client’s purchasing department.
What expenses can a creative professional claim?
Creatives can claim back all business-related expenses, which include mobile phones, mileage, use of office, subsistence for late night working, travel and entertaining.
How Butt Miller can help your creative business
We are accountants for creatives and have specialist industry knowledge, so we understand the unique needs of your business. From cloud-based accounting software that can process invoices and manage your receipts and expenses, to tax returns and financial reporting, at Butt Miller, we strive to offer stress-free accounting solutions.
We are also based in what we like to think of as one of the most creative counties in the country. Surrey is not only surrounded by inspiring scenery but is home to the innovative University of Creative Arts.
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Check if our frequently asked questions can shed more light
What is the difference between someone self-employed and a creative professional?
If you are self-employed, then you are someone who works for yourself and is responsible for your own tax and insurance. In contrast, a creative professional typically works as an employee for a creative agency.
Is bookkeeping involved in accountancy for creatives?
Those in the creative industry who trade as sole traders, partnerships or limited companies must keep financial records. Therefore bookkeeping needs to be undertaken to allow them to prepare their annual accounts and tax returns.
At Butt Miller, we can assist you in overcoming the financial challenges that come with working in the creative sector. For more information on how we can help you, Contact us today!
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