FAQ +

At ArtSmart we believe that a strong, stable financial foundation is everything to a creative business, that’s why we start with bookkeeping.

- Why bookkeeping? Why is it so important?

Bookkeeping gives you the pieces of information you need to make informed financial decisions. You can easily see the money coming in and the money going out. Where is it going? Why don’t I ever have enough?

Bookkeeping is the foundation for tax preparation, budgeting, cash flow management and investment.

- I keep a shoebox of my receipts. Is that enough to satisfy the IRS?

Bookkeeping isn’t just about filing taxes. Pleasing the IRS and doing your due diligence is one thing but you are running a business and you want to keep making art for as long as possible. This means that yes, a shoebox of receipts is great if you get audited, but it doesn’t help you budget or manage cash flow. A box of receipts doesn’t help you build your business. It’s not a foundation. It’s the bare minimum. Bookkeeping in real time is about organization, compliance and knowledge all rolled into one.

- Do I need a bookkeeping software program / application?

Ideally yes. Using a system like QuickBooks Online is incredibly helpful when pulling reports and generating what the accountant needs to file your taxes. It’s also a great place to build your budget for the year and then you can compare it to what you are actually making and spending each month.

- What’s the first thing that I need to do as an artist to get organized?

First thing is to create a DBA and open up a business checking account. You want to treat your studio like a business so that you can have tax deductions. Separating out the business from the personal expenses also lets you really see how much the studio is costing and how much you are costing the studio.

- I don’t have time to do bookkeeping on my own but I also don’t have the money to pay someone to do it, what should I do?

Hire us! We have been working hard to make bookkeeping affordable for artists and other creative businesses like galleries, art nonprofits, art manufacturers and consultants. We have subscriptions as low as $99 per month or $1,000 annually.

- What about career consulting? What does the one-on-one session entail?

If you are struggling in your career or are trying to figure out which opportunities to say yes and no to, we consult with artists in a 1 hour long session for $250 per session. We use The ArtSmart Method book as our primer. The first session we set a goal for 1 year into the future. Each session after that whether it be monthly or quarterly, we discuss homework around that goal using the toolkit from the book. Tools include The People Map, the ACBM - ArtSmart Cost Benefit Matrix, Budgets and Consignment Agreements.