Managing money in the creative sector
Attract funding and control cash flow
Whether it’s a global financial crisis or a national economic downturn, the arts sector tends to be hit the hardest. As a result, one of the most important factors for the creative sector is managing money. Creative businesses are mainly run by creative people, who mostly focus on their art. Often, there is an imbalance between creativity and business. For example, arts-based charities often struggle to manage their cash flow to sustain projects, pay their people and rent on their premises. Such organisations repeatedly apply for funding or try to find suitable investors. There are ways creative businesses can manage their cash flow so they’re not always at breaking point. Having a stable cash flow will attract investment, as this proves you are able to manage your funds. Being able to make sound financial decisions on an ongoing basis will enable you to prosper. By managing your finances carefully, you will stay afloat in an uncertain economic climate.
Credit control is essential, and is often ignored until things turn from bad to worse. Without effective credit control, you could face bankruptcy – non-payment is one of the most common causes of liquidation.
From our expertise in accountancy, we have created a valuable resource base to help you successfully manage your money. This includes guides on how to attract investment and find suitable funding sources. We have also provided tools to help you control budgets and monitor costs, as well as management accounting templates. You will have access to information on Tax Compliance, Tax Deductions and Claims, VAT and National Insurance.
Plus, if you’re new to business, we also have a range of information and templates to help you invoice and credit companies, as well as sales/purchase order and delivery processes.
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Our “Managing Money” Resources