3 Things Every Entrepreneur Needs to Know About Bookkeeping

While some creatively minded individuals have the rare blessing of being able to shift into business mode when they need to, it’s certainly not a requirement to be a successful entrepreneur.

There’s no getting around it: bookkeeping isn’t the most exciting thing in the world. If you’re like many of our clients, the word alone sends a feeling of dread creeping down your spine. You’re a creative, and unless you have a secret wealth of math skills in your toolkit, you probably have other things to worry about.

Here are four things that can help you understand things a bit more clearly.

You’re not necessarily useless at left-brained tasks.

Furthermore, they might not even require too much input by the left side of your brain. Recent studies are increasingly showing that creativity relies on activity in both the right and left hemispheres of the brain, essentially debunking the pervasive myth of the right-brained autistic genius and the left-brained mathematical savant. So, if need be, you can handle more administrative and mundane tasks than you might think—and if you were a sole proprietor in the beginning of your career, you likely carried this burden as best as you could.

Focus your attention where it needs to be and outsource distracting tasks.

Other recent cognitive studies might suggest that we all have the capacity for discipline through neuroplasticity, but the simple fact of the matter is that we only have so many hours in the day. If you work in a creative industry, you’re likely using this skill to get better at your craft—not to get better at filing your taxes. We all have a role to play; yours is to run a creative business. Outsourcing your bookkeeping, payroll, and tax preparation to an administrative assistant might be the best decision you make this year.

Bookkeeping should be done consistently.

If you’re intimidated by this prospect, you’re certainly not alone. It’s easier said than done, especially during the months when you have a very full calendar. However, it’s recommended to do a preliminary audit of your expenses monthly, if not weekly. This way, you can ensure your taxes are completed as accurately as possible well in advance of tax season. Rushing to finish it all up before April and cutting corners is how many of our clients have accidentally missed out on potential tax deductions. Don’t have the time in your already busy schedule? That’s where outsourcing comes in.

Who better to outsource your administrative needs to than a team of creatives who understand how the freelance world actually works? At GDWTR, we understand bookkeeping for creatives because we’ve lived in this world ourselves. We just happen to have cultivated mastery of our left and right brains so you don’t have to. It’s the best of both worlds.