A&E | Understand Your Finances

I have a question, how well do you know the status of your A&E Finances.?

What do you pay out for your craft and what do you bring in?

This is where I feel, from a business standpoint, artists and entertainers do not always keep track of the finances regarding their craft.

It’s important to keep records for many reasons

1) For tax purposes | Write offs

2) To know what you pay out and what you bring in to evaluate the financial value or deficit.

3) To design a realistic budget

Get a ledger book or create one online. Or use a simple journal or note book.

Things to keep track of:

-Venue cost & venue service providers

-Display

-Musicians and Singers

-Marketing and promotions

-Outfits & costumes | shoes

-Make up, hair and nails

-Transportation

-Food & drink

Keep track of everything that you have to payout for a project.

I would also keep track of anything that is donated in services and product.

Also, you should have a receipt book.

You should keep a receipt, keep records for when you pay out for performance services, performers, venues and more.

Keep records of what you were paid for a project or how much money you made on a project.

As a professional in the Arts & Entertainment Industry, it’s important to understand your finances.

Learn to create a budget sheet for every project. It will keep you on point with understanding where you may need to make adjustments.

Keep track of all money that comes in from a project. All revenue and financial sponsorships and donations.

Understand the money aspect of your craft.

Start creating a means to save money towards your next project.

LadyFlava of LadyFlavaNews

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