The third and final start up Wednesday workshop I attended was accounting. The workshop was hosted and facilitated by Russell Smith, an accountant who specialises in advising creative start-ups. The workshop covered several areas of self employment and explained the different steps that are needed in order to declare yourself ‘self-employed’. The basics of cash flow such as profit, net profit and outgoings were also covered as well as some of the more advanced aspects of how to manage your cash flow and pay yourself a salary. Furthermore, as a business or personal declared as self employed what records you are required to keep, when you need to pay tax, and what overheads and start-up costs you may need to pay.
Out of the three sessions I attended from the selection of start up Wednesday workshops, this was my favourite because it tackled the factual, legal and financial requirements of self employment and the steps taken to do this in the best way. The majority of the insight shared during this workshop I had never heard or come across before and from an account that specialises in working with artists and the creative industry in general this information was especially valuable.
I was able to ask a range of questions about finance both during the session and from speaking to Russell one to one in the break and at the end of the session. He also recommended his book to us and gave us the opportunity to subscribe to his mailing list where he sends out regular updates and useful segments of information and resources to look at.
Overall, this talk gave me information on business finance and self employment, leaving me feeling equipped at least with the basics going into life after University. It also gave me insight into the options available if I need to look into hiring an accountant at some point in the future.
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