Many people successfully work as freelance professionals, offering their services and expertise on a short-term basis to various clients. These professionals often choose to freelance because they can make more money than employees do working the same amount of time. So why would they want to own a business?

People who make a lot of money and people who have a lot of wealth aren't always the same. Understand how to build wealth and how to manage money to achieve financial success.

As a small business owner, you already know that growing your business is incredibly challenging. The phrase "you've got to spend money to make money" exists for a reason-to develop operational capacity or generate new business, you often have to invest capital.

Knowing when to hire labor can be one of the greatest challenges in growing a creative business, as you try to balance increasing profitability with adding staff. Here are a few reasons that you should hire people before you need them-not just as a resource but also as an investment in your business's future.

Small business owners frequently think that the income statement, also known as the profit & loss (P&L) report, is their only financial statement. In truth, other reports in your financial statement "package," such as your balance sheet, will give you a much more complete picture of your business health.

When entrepreneurs start a business, they often think that their accounting priorities are basically to pay their people and to prepare an accurate tax return. However, business accounting and tax accounting can be much more sophisticated than you might think.

Your vision and goals for the future of your business are important, but you may not be able to fully realize them unless you’re learning from your business history. To most productively plan ahead, cycle through business planning, plan execution, and then evaluation.

You've hit the ground running with your production company. Now that the end of the year is approaching, your tax accountant is asking for your 2022 financial statements. But you don't have any—or maybe you do, but they're a certified disaster zone! You've got a bank account, you've got customers, and you've got income. You just need to figure out how to get organized with your books. Follow these steps to bring your books up to date in time for your tax filing.

As a business owner, you want to protect your production company from anyone who could jeopardize it financially. How can you develop trust with a third-party accountant you’ve just partnered with?

When starting a production company, owners often need to take a do-it-yourself (DIY) approach to many business needs at first. Until they’re able to hire employees, the founder commonly handles the accounting to safeguard the company’s money. However, DIY accounting can put you and your business at risk for a lot of problems.

If your business does any type of work that includes unique projects, it’s essential for you to understand project-based accounting to achieve and sustain success.

Determining whether to file taxes on a cash basis or accrual basis can hugely impact what you’re reporting to the IRS every year. Learn the difference between these two accounting models to determine the one you should use.

You started a company. You’ve been working hard – REALLY hard – and the hard work is starting to pay off. Maybe you’ve made your first (or first few) hires, or have rented an office space. Things are starting to feel pretty legit. In fact, it might feel like you’ve begun to outgrow some of the infrastructure you set up at the beginning to get your company off the ground. Although provisional, get-it-done bookkeeping often works when you’re starting out, the quicker you scale, the quicker you’ll outgrow those systems.

If you’ve seen our post about working with out-of-house accountants, you’ll know that establishing trust with our clients as quickly as possible is pivotal to forming a healthy and long-lasting relationship with them. But as we well know, this is easier said than done.

Companies with an accounting department that merely maintains a clean set of books are missing a critical opportunity. With a strategic accounting and finance partner that understands every aspect of the company, they can fulfill their business goals while unlocking their full growth potential.

If your production company has outsourced accounting services in the past, your high hopes for a positive experience may have fallen short— consider these benefits of finding out-of-house accounting support that really works for you.

There are a lot of accounting firms out there. You know you aren’t completely satisfied with your company’s current accounting team, but you also don’t want to go through the trouble of switching to new accountants. It doesn’t have to be hard—here’s why.

Many production companies think that if they're making money, they have cash. Conversely, they might think that if they have cash, they're making money. Sadly, this assumption may be wrong: the difference between cashflow and profit is critical.

Creative people often start their own businesses so they can freely express their full creativity, without thinking about their back-office infrastructure or accounting needs. This brief guide can help you continue to prioritize your creative skills—while better understanding your accountant.