Tag Archives: accounting

Edmonton: Accounting for Artists Professional Development session

#Yegfilm Presents: Accounting for Artists
Saturday, March 24, 2:30 PM
Ortona Armoury, Exhibition Suite (2nd floor)
Light refreshments provided
Registration fee: $40 per person

About to submit your income tax return? Don’t forget about all your income and expenses on your arts projects! #Yegfilm hosts Accounting for Artists, a three-hour workshop led by accountant Janet Hamley, CPA/CMA, Producer and Head of Finance from Prairie Dog Film & Television, that’s essential for anyone who earns income or has expenses from their art projects. Hamley will cover subjects such as basic bookkeeping, maintaining records, GST & income tax filing, and project accounting for individual artists.

This workshop includes extensive time for questions and answers, and will be especially useful for artists working on a project-by-project basis, but applicable to accountancy for all practitioners paid as self-employed proprietors. This workshop does not cover accounting for incorporated businesses, but related questions are welcome.

If interested, please register here: https://www.eventbrite.com/e/yegfilm-presents-accounting-for-artists-tickets-43897442432

Information about the presenter: Janet Hamley:
Janet Hamley is a Producer and Head of Finance at Prairie Dog Film + Television. She is involved in the producing and development stages of future projects. Janet also oversees all aspects of accounting and Business Affairs; including financing, budgeting, cost reporting, cashflow as well as overall corporate operations.
Janet is educated as a Chartered Professional Accountant (CPA) as well as a Certified Management Accountant (CMA) and has a Bachelor’s degree in Accountant and Applied Business Administration from Mount Royal University in Calgary, Alberta. She has over 17 years of experience as an Accountant, with 11 years focused on the Film + Television Industry. Her experience has led her to work on a dramatic television series, a movie of the week, short films, documentaries, docu-series, lifestyle TV series, promotional videos, web/television commercials, public service announcements and corporate event videos. These projects have aired on NETFLIX, CBC, Rogers, ABC, CTV, APTN, BRAVO, CMT Live, Discovery Channel, ESPN, The Food Network, Muchmusic, and OMNI.
Hamley also volunteers her time on the Alberta Media Production Industries Association (AMPIA) Board, Chairing AMPIA’s Finance & Fundraising Committee and Treasurer on the Board of Women in Film & Television, Alberta.

Overview of Amanda Kriaski’s “Drawing With Numbers”

Amanda Kriaski’s talk last week at The Alberta Printmaker’s Society was wonderful and very informative. Through very straightforward and understandable presentation, everyone that Saturday walked away with at least something useful to apply to their accounts. Having the ability to clearly and concisely articulate how to categorize your expenses every month as a practicing artist is extremely handy.

One of the highlights of the talk was going over an accounting template to see how to accurately do double-entry bookkeeping, which is a type of accounting where each item is entered into two different areas on a spreadsheet: one that records revenue and one that records disbursements.

Accounting for Artists Example

As you can see in this example, it’s helpful to provide both an overview of money going in and money going out through the debit/credit area of the spreadsheet, however it’s also very important to be specific and accurate when categorizing your expenses in the revenue/disbursements area of the spreadsheet. During the talk, some of the most asked questions by the audience concerned just which categories certain revenues/expenses would go into, such as how you may factor in the utilities of a home studios into your accounting and budgeting. Evidently, you could just make a separate section for them.

Another great tool presented during the talk was Amanda’s budget template. In this kind of budget, you estimate what you will be making and spending throughout the year and then fill it in as you go. This budget however is formatted with the months up top, instead of to the side.

Accounting for Artists Budget

With some minor knowledge of Excel and a dedication to at least one day of accounting a month for your business, numerous problems in the tax season and occasional audits will be much easier managed. Hopefully, Amanda’s accounting wisdom will make this monthly task more streamlined.

For more information to keep yourself informed, check out the notes from the talk below and also keep up to date with upcoming talks presented by Visual Arts Alberta – CARFAC

Accting for Artists