You might be wondering what exactly this post is supposed to be about. Well, we have decided to rent out one of our study halls for a financial training seminar one weekend a month for the next three months. Normally we stick with art and music related activities, but our good friend and CPA, Tim, often goes on a lecture circuit giving tips on personal finance and a few other topics. I thought it would be a great idea to have him come in a give an accounting lecture for artists and start up art companies.
Tim Cook, CPA has been working in public accounting for more than ten years and has done everything from personal finance to corporate budget management. He has a ton of knowledge that he can share with us to help get our business ideas off the ground.
One area that Tim will be discussing is the way artists and art studios collect money from customers and clients. Tim explains how a studio’s account receivables turnover ratio shows how well the company is collecting revenues and payments from its clients. I find this fascinating, mainly because I am so financially ignorant.
This basic analysis can help improve how you do business with you customers and it can even help you keep your art store running. I know. I know. I don’t really like to listen to this kind of lecture either, but I assure you that Tim is a great speaker and will make it informative and fun.
Another topic that will be discussed is the accounting contribution margin ratio. This accounting term is used to describe how much money the art studio will be able to contribute to the running of the business. Tim explains analyzing this metric is crucial to understanding how your store or business will operate.
Like I said, finance and accounting is not my strong suit. This isn’t exactly what we usually present here at Bolm Studios, but I think it will be beneficial for all of us artists and studio owners who are trying to make a living selling and teaching art.
Obviously, after the session we will have our usual class schedules available for anyone interested in our normal classes. Feel free to email or call the studio if you want to book any studio time or sign up for this great series. We’d love to have you.