Wondering how the new tax laws will impact your handmade business in 2018? I’ve been wondering too and now that my taxes for 2017 are done and there is better information available, I’ve been doing some research. Here’s what I’ve found so far. First off, let me make it perfectly clear and remind you that …
What do you want to know about starting a handmade business and bookkeeping for your handmade business? It’s occurred to me that I can write all kinds of articles about starting a handmade business and bookkeeping for your handmade business – BUT – if I’m not answering YOUR questions, then I’m just adding to all …
Equity is one of those bookkeeping words that sounds more complicated than it really is. For handmade business owners, equity is basically the owner’s piece of the business — shaped by the money you put in, the money you take out, and what the business builds over time. This post breaks it down in plain English, with real maker examples and a reminder that spreadsheet users do not need to panic if they don’t see a formal Equity section.
Liabilities are the money your handmade business owes — like credit card balances, sales tax collected but not yet paid, supplier bills, or equipment loans. In this post, we’ll break down what liabilities mean in plain English, how they show up in your Chart of Accounts, and why tracking what your business owes helps you avoid accidentally spending money that’s already spoken for.
Assets are one of those accounting words that sounds fancier than it needs to. In plain English, assets are the things your handmade business owns or controls that have value — like money in the bank, payment processor balances, inventory, equipment, or customer invoices waiting to be paid. In this Accounting Speak post, we’ll break down what assets mean for handmade business owners without turning it into a bookkeeping headache.
