Creatives

As creatives continue to develop their craft, they often start up their own businesses.

Reaching a level of notoriety and success complicated their bookkeeping.

We can help.

Creatives

Vancouver’s creative and cultural sector is vibrant and robust. From:

Art & Media

Fashion Design

Music & Sound

Film & Performance

Vancouver is not only one of the top film and TV production centres in North America, but is also Canada’s interactive gaming hub and the nation’s second largest English-language publishing scene.

Many of the city’s creative professionals work in the gig economy, or hold “regular” jobs to support their art. Initially, bookkeeping for creatives can appear simple. However, as creatives continue to develop their craft, they often end up starting their own businesses or reaching a level of notoriety and artistic success that complicates their bookkeeping. We can help.

Why Legacy

Legacy Advantage loves to support the creative arts. In fact, for a long time, Bob Wang, the founder of Legacy Advantage, was the Treasurer of the Vancouver Fringe Festival. Nowadays you’ll find him happily seated in the audience, or at an art gallery searching for the next piece to add to his collection of paintings.

Each creative discipline has its own unique parameters. You need a creative bookkeeper who is familiar, as we are, with the ins and outs of bookkeeping for creative industries. Artists are often unsure of what is and is not an applicable business expense and sometimes need to back-claim expenses, which makes it important to maintain expense databases. We can help you set up a system that makes tracking expenses easy.

You may have multiple streams of income to account for and possibly even employees to look after. If your art has turned into a business, we can help you set up your payroll and other processes in a way that ensures your time stays focused on your art, not the books.

 

Case Study

TV Series Actor

The Problem

Jason has a recurring role on a TV series for teenagers. His acting gigs are based in Vancouver and Hollywood. His tax accountant set up a Canadian entity for all of his Canadian income, and a U.S. entity for his U.S. income. Though smart from a tax perspective, the bookkeeping became much more complex.

He had to track and record a variety of expenses, and wasn’t always certain which could be counted as a business expense. In addition, Jason’s father and brother were his managers—Jason was technically an employer.

The Solution

Jason reached out to Legacy Advantage for advice on how to best manage his bookkeeping. We helped him to set up a payroll system and structured it to properly comply with all applicable Canadian and American legal employer requirements.

We managed Jason’s bookkeeping using Quickbooks Online and set him up with integratable digital tools like ReceiptBank that enabled him to record and track all of his receipts and expenses the moment he made a purchase. This allowed him to capture information about all of his possible expenses for later assessment, ensuring that nothing would be missed.

For example, when Jason went to New York Fashion Week, he purchased a custom suit. Clothing normally isn’t an eligible expense but our CPA-level bookkeepers researched and determined this can be claimed as a “uniform” purchase required for work. We recommended he record this as a business deduction. Jason was comfortable taking this advice from a CPA.

The Result

• He can rest assured both his Canadian and U.S. corporations are compliant with Canadian and U.S. law

• All of his expenses are recorded and assessed

• With payroll taken care of and expense tracking as easy as snapping a photo, Jason’s able to focus on building his career and delivering a great performance.

Testimony

“Great service, responsive and knowledgeable. Digital natives who take the paper out of bookkeeping.”

—Mack Hardy

“I’m ready to take my blindfold off. Let’s do this!”

You bet! Call (778) 785-6879 or fill out this form below.

Our Team

Our super-friendly bookkeepers are all either CPAs or CPA students. We have a rigorous interview process which helps us select the best, most upbeat bookkeepers in Vancouver, Surrey and Langley

You’ll have a dedicated bookkeeper, but we also work as a team. No matter what happens, we’ll always have your back.