Creative Industry Accountants - Specialist Accountants

Benefits of a Business Planning Session – when should I have a session?

Any time is a good time to develop a Business Plan if you don’t have one, however it's particularly relevant at the start of a new financial year. If you're contemplating a major change in your existing business or starting a new venture, a Business Plan is crucial. You'll also require a Business Plan to support any financial applications.

The benefits of a good plan are manyfold:

Review and set the direction of the business
Eliminate procrastination
Identify common goals amongst a number of directors (if applicable)
Identify and prioritise your key goals
Create strategies to achieve your goals
Identify what you will need to achieve your goals
Set timeframes for achieving your goals
Develop a tool to communicate your business goals and vision with your team
Divide your goals into short term and long term - quick wins vs. key projects
Develop a template to review actual performance against targets
Create a platform to develop Financial Forecasts
Use your Business Plan as a basis for you to set team members’ individual goals/targets

Discover how we have supported successful creatives over the years using Xero, along with other emerging technologies, to ease their pains and help them grow faster.

Let's talk creatively

Tax Relief for Creatives

Did you know that as a creative involved with innovation you might be eligible to claim up to 33p for every £1 spent on innovative activities?
Many creatives are unaware that they can claim tax relief on projects they undertake where they had to overcome or tried to overcome uncertainty and this could not have easily be done by a professional in the field. This is a complex field but as accountants for creatives we have the expertise to make and maximise your claim.

Find Out How Find Out How

Accountants Who Understand Creatives

Our virtual Finance Director package helps you to:

Take control of your finances

We will make sure all the important finance stuff is being attended to, leaving you more time to create. We will sort out all the HMRC and Companies House requirements and filings. We’ll also do your bookkeeping and accounts so you are in control of your finances.

Improve your Business Planning

When it comes to your goals and business plans, we will advise you as a partner and business confidant. We will encourage you to push forward in the areas where we see good opportunities (such as entering new sectors, increasing your prices etc.) and we’ll also point out the pitfalls.

Be more Innovative

You are a creative after all. We'll help you to grow in a way that suits you and helps you achieve the lifestyle you want. We know that by managing the dull stuff and putting key measures in place, you are more likely to grow your business in the longer term and that's good news for both of us.

Arrange a No-Obligation Discovery Call Today

Our Accountants Help Creatives to Achieve This By Using

Financial Controls

Financial controls are vital for any business whether you are a sole trader, partnership or company. They allow you to relax and get on creating with the confidence that bills will be paid and things are moving in the right direction.

Key controls for creatives include:

Budgeting- you must work to a budget
Cashflow forecasts- you need to know when money is coming in and going out
Profit and loss forecasts so you know where you stand

Processes and Measures

We are experts at automating business finance processes and putting in place the key measures you need to monitor your business.

While financial processes are not particularly interesting, they are necessary to running a business. They help you to understand where you are today and they are vital for tax, reporting and, importantly, growth.

We’ll automate the bits we can making it much easier for you.

Business Planning for Growth

Many creatives want growth. This requires financial controls, measures and business planning.

Growth comes from monitoring your key measures (known as Key Performance Indicators- KPIs) and taking the actions needed to improve them.

With a practical business plan, you can concentrate your efforts on finding profitable clients, finishing projects, doing the things that make a difference and building your team.

3 Reasons Why Creatives Choose Naylor Accountancy Services

1. Expertise

We are experienced in supporting creatives. Every industry is different and we know how to effectively help those working in the creative space.

We have the experience you require to:

Manage your finances
Minimise your tax bill
Maximise your R&D tax credit claims - many creatives are unaware that they can take advantage of these.
Attract finance, funding and grants
Grow your business

2. Approach

Creatives are very proactive in supporting their clients.

However, most accountants are not. They typically do your accounts, tax returns and payroll when they are needed and that is it.

Naylor Accountnacy Services is proactive in ensuring your success We are your partners in finance helping you to achieve your goals.

Many of our clients comment on the enthusiasm, commitment and fun we bring that makes a difference to them.

3. Our Values

We use our values to guide our decisions and actions. Creatives often remark that our values chime with their own.

They are:

Integrity
Care
Having fun
Accountability
Responsibility
Growth
Excellence

Our values and the actions they inspire set us apart from other accountants.

Why Do Creatives Need a Specialist Accountant?

London, Kent and the South East are very popular with creatives. The region attracts the successful companies, ventures and major projects that they want to support whether they are in film, art, design, fashion, photography etc. London is alive with the opportunity and talent which creatives thrive on. It is the perfect place to collaborate and find exciting projects.

Creatives and Competition

The challenge is the amount of competition in the region. There is also a tendency for some companies and ventures to ask you to do things for free or at a greatly reduced rate.

This is a deadly trap for creatives who want to show off their ability. It is easy to say “yes” to these requests and think we’ll impress them and so we will win well-paid work.

Unfortunately, this strategy doesn’t work. People don’t value the things or services they get for free.

Accountants for Creatives

It is your business model and approach to finance that ensures you have a profitable business.

We will help you to build and grow a successful business.

We will ensure that you have the right business model and know where your profit is to be made.

We will automate your finance processes so you can get in creating without worrying about your finances.

We will also help you to:

Set your annual goals and quarterly targets and measure your progress.
Identify the profitable projects and clients so you can focus on them.
Help make your projects more efficient and more profitable.
Minimise your tax bill- a very effective way to do this is to make full use of your allowances including R&D tax credits. Many creatives are eligible for this tax break and we can help you claim.

Would you like to explore further? Let’s arrange an initial discovery call today.

Articles for Creatives in Business

You will discover hand-picked articles from our blog below which will show you how to rapidly grow your business.

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