It’s your biggest dream to be the best DJ, comedian, model or dancer and your way to the top of the entertainment industry you’ll get support from mentors, teachers, institutions and your industry peers. But on your journey to mastering your craft, you’ll soon come to realise that this is how you make a living.
As your talents start earning your riches, it’s crucial that you prevent them from turning into rags. Managing your finances and reputation is just as important as going on tour or performing on the most prestigious stage in the country. This is one of the messages conveyed to entertainers across the spectrum at the second Showbiz Entertainment Arts Expo (SEAexpo), recently held in Johannesburg. This year’s theme was Every Talent is a Business and along with exhibitions covering just about every aspect from modelling to law, various industry leaders from other relevant business sectors also shared their expert advice on how to make it in the entertainment biz.
The management of finances and online accounting was on the radar and here are the main facets communicated to entertainers:
Performers are entrepreneurs too.
Just as entrepreneurs sell their ideas to make money, you sell your voice, poetry, acting abilities, writing skills and any other creative talents you may possess. You just trade in entertainment, but you still deliver a service – one you get paid for. Whether you are an artist that aspires to be well-known or simply do it for the passion of your trade, you are going to be dealing with money. You need supplies to make music, recording time, stage fees and technical equipment – all these things require money and financial administration. Unfortunately, in the same way as most entrepreneurs fail to make a success of their products or services due to poor financial management, so too can an artist.
It’s in our nature to ignore the things we don’t understand or like.
The right brain vs left brain theory comes into play here. It’s been proven by psychology that there is quite a remarkable difference in the interest and capabilities of the two sides of the thinking machine. As an artist, chances are high that you are of the right-brained group which endows you with magnificent talents such as creative thinking, emotional intuition, and colour and image interpretation. Left-brain thinkers are equipped with logical and critical thinking and are usually good with numbers. So while the entertainment business makes perfect sense to you and inspires you, dealing with your finances might have the exact opposite effect. That’s why it is essential to tap into that left lobe and ask for assistance.
The books should contain more than poetry – you need figures too.
It’s wonderful to do something that you are passionate about, but let’s face it money makes the world go round and you need a roof over your head and food in your stomach. So when you are doing what you love and you make money out of it, you’ve won the lottery – until you lose every cent due to poor financial management.
Sales and marketing might bring in the business, but it is good financial management that will keep you in business. But it doesn’t have to be a dreary and challenging task when you reign in the powers of online accounting.
Online accounting can simplify financial management so you can do what you love.
Whether you’re on tour, on the ramp or behind the mic there’s no time to sit down and have proper meal let alone try and balance your books. But there are people that owe you for a gig or voice work at the performing arts festival you took part in. For them to pay you requires both quotes and invoices. If you have band members or assistants you need to supply them with a payslip. It’s also a necessity to manage your cash flow as you don’t want to come up short on the payment for those new dancing shoes or be able to pay your roadies.
Online accounting is the one-stop-shop that gives you the ability to stay on top of your financial management with the least amount of effort.
SMEasy is the answer to all of your financial management woes.
Our online accounting system is easy-to-use and you don’t have to have any accounting experience to work with our software. We enable you automate the creation of quotes, invoices and payslips so you can quickly and efficiently deal with recordkeeping. Because we’re online you can access and manage these documents from your tour bus, the airport or backstage.
SMEasy understands that as a performer you prefer to communicate in an artistic, visually alluring way so that’s why we’ve created a platform for you to better understand and manage your financial admin. We have put together six free videos on our AdminEasy page that teach you what to file, how to file and where to file. They’ll take you through the entire setup up financial administrationand how to maintain a simple yet effective recordkeeping system.
Image credit: www.sweetwater.com