ARTS & ENTERTAINMENT
Western North Carolina is home to many artists, crafters, musicians and other talented entertainers. We enjoy the many venues here and he variety of cultural outlets available. For artists and entertainers accounting can be a headache. From merchandise sales and travel expenses there is a lot to keep track of. It is important to have CPA service that you can trust in order to track of the business.
It is important to consider cost of sold goods. To figure a manufacturing company’s COGS you first have to calculate the cost of goods manufactured. What appears to be a simple single line item in the cost of goods sold for a manufacturing company is really a calculation in which many different variables are added and subtracted. As an artist you should include your time, your supplies and other expenses in the cost of the goods. That way you can accurately report income come tax time.
The professional CPA staff at GMG will help you understand the ins and outs of sound financial practices for Arts and Entertainment and will be there for you year round not just at tax time.