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In today's session, we are turning conversations into clarity for your creative career. Managing finances in the arts can feel like a performance where you haven't seen the script, but with the right systems, you can ensure your money performs just as well as you do on stage. This guide, adapted from our "Keeping Track" webinar, features expert advice from **Lauren Thiel (The Real Thiel)** and **Oliver Garside (Rounded)**.

Contents

Watch the Session


Filmed: 16/05/2023

Key Takeaways

  • Financial Literacy is Empowerment: Understanding your tax obligations and cash flow isn't just about compliance; it builds the confidence needed to grow your creative practice.
  • Digital Record-Keeping is Critical: Moving away from physical "shoebox" receipts to digital tracking saves money, reduces tax bills, and prevents the "fading receipt" disaster.
  • Invoicing Reflects Professionalism: Timely, professional invoices set boundaries with clients and ensure you aren't a bottleneck for your own income.
  • Don't Do It Alone: Building a team—including an accountant who understands the Arts—allows you to focus on your craft while they handle the technical complexities.

Overcoming Creative Obstacles

For many independent artists and small companies, the biggest barrier to financial health isn't a lack of money, but a lack of time and confidence. As a Show producer or performer, you wear many hats: marketing, HR, production, and accounting. This often leads to "admin overwhelm," where financial tasks are ignored until they become a crisis.

One of the most common challenges is lumpy cash flow. In the Show environment, expenses often start months before the first ticket sale. While many artists feel this is unique to the Arts, it is a challenge shared by many seasonal industries. Recognizing this cycle allows you to plan for the "lean months" rather than being surprised by them.

Another obstacle is Imposter Syndrome. Many creatives feel they aren't "business-minded" enough to manage their taxes. However, shifting your mindset to view your creative work as a business is the first step toward long-term sustainability. Avoiding Adelaide Fringe paperwork doesn't make it disappear; it only makes the eventual reckoning more stressful.

The Power of the Right Team

You don’t have to be a tax expert to be a successful artist. Finding an accountant who specializes in the creative industries can be transformative. A Show-savvy accountant understands specific deductions—like costumes, rehearsals, and travel—that a generalist might miss.

A good team member provides more than just a tax return; they offer a proactive mindset. Instead of seeing your accountant once a year in July, engaging with them throughout the season can help you navigate GST registration, business structures, and grant reporting. This professional support reduces burnout and prevents you from becoming a bottleneck in your own business growth.

Essential Financial Tools

Moving from manual processes (like Excel or paper receipts) to automated software is the most effective way to reclaim your time. Digital tools allow you to track Show expenses on the go, often with a simple photo from your phone.

Automation helps with:

  • Real-time Tracking: Knowing exactly how much you’ve spent on Adelaide Fringe registration fees or venue deposits without digging through emails.
  • Professional Invoicing: Sending an invoice the moment a gig is finished, which signals to clients that you are a professional who expects timely payment.
  • Tax Readiness: When 30 June hits, your data is already organised, meaning your accountant spends less time "untangling" your books and more time saving you money.

Actionable Tips

  • Snap Before You Pocket: Take a photo of every receipt immediately. Use an app or a dedicated cloud folder. You do not need to keep the physical copy if you have a clear digital one.
  • Draft Your Invoices Early: When you book a gig, create a draft invoice immediately. This prevents you from forgetting to bill for smaller appearances or "spot" sets during a busy festival season.
  • Schedule an "Admin Hour": Block out one hour a week specifically for finances. Use this time to reconcile your bank feed and follow up on any outstanding payments for your Shows.
  • Separate Your Bank Accounts: Even as a sole trader, having a dedicated account for your creative income and expenses makes tracking significantly easier and cleaner for tax time.
  • Claim Everything You’re Entitled To: Ensure you are tracking "hidden" costs like home office usage, phone bills, and travel to rehearsals. Every forgotten deduction is money out of your pocket.

Additional Resources

For further support in managing your Shows and professional development, reach out to the following Adelaide Fringe departments: