Financial administration

Are you working on a cultural project or initiative? Then chances are you will have to deal with funding. And therefore also with keeping good records. Whether it's grants, income from ticket sales or sponsorship money - clear financial records are indispensable.

Why keep records?

Clear administration is primarily useful for yourself. You know how much money is coming in, what you are spending, and where you stand. It helps you make better choices and take timely action when necessary. In addition, as an entrepreneur or organization, you are legally obliged to report to, for example, the tax authorities, funds, or partners. They want insight into your cash flows, invoices, contracts, and time spent. This allows them to assess whether you are entitled to deductions or whether your subsidy application meets the conditions.

💡 Tip: Have you applied for funding? Make sure your administration matches your budget and the requirements of the funding provider. Read more about subsidies and funding.

How do you keep records?

There are various ways to keep track of your administration. You can opt for a simple Excel file or a professional accounting package such as Exact, Moneybird, or e-Boekhouden. It is important that you choose a method that suits you and that you keep up to date regularly. Entering your receipts, invoices, and hours on a daily basis is less work than you think and will save you a lot of stress later on!

What should you pay attention to?

Ensure that your records contain the following items:

• Incoming and outgoing invoices
• Bank transactions and cash management
• Contracts and correspondence
• Time registration and travel expenses
• Tax matters such as VAT and income tax
• Any model agreements or arrangements with clients
• Quotations, estimates, and reports

Together, these records constitute proof of your financial activities. They are necessary for tax returns, subsidy settlements, and business evaluations.

What happens if you don't keep records?

Do you neglect your administration? Then you not only run the risk of fines or additional tax assessments from the tax authorities, but you also miss out on opportunities for tax benefits or subsidies. What's more, you lose track of things and don't know whether you have any outstanding invoices, for example. In short: sloppy administration ultimately costs you more than just a little effort.

Ask for help if you need it

A good accountant or financial advisor can be of great assistance to you. Not only do they take work off your hands, but they also advise you on tax benefits, smart arrangements, and how to organize your administration effectively.

💡 Tip: Involve an accountant right from the start of your project — this will help you avoid mistakes and save time and money.

Video lecture Cultuur+Ondernemen

Cultuur+Ondernemen has recorded a video lecture on this topic for the development program Slagkracht: "Steam Course in Finance. Watch it below and learn more about setting up finances, for example, things like the balance sheet, project budget and liquidity budget.

https://www.youtube.com/watch?v=b87TeBQ-NnM

Useful resources for further reading

• Entrepreneurship Handbook 2025 – Tax and Customs Administration
• Financial matters for start-ups – Chamber of Commerce

Do you have any additions or knowledge that fits this topic? Let us know via info@cultuuracademy.nl. Together we can make the knowledge base even better.