First, let's look at a correctly formatted Profit & Loss (shown below) and then we'll do a deep dive into what goes where and the 7 things your report is trying to tell you and how you can use that information to make sound business decisions.

7 things your Profit & Loss Report is trying to tell you

Did you know that your Profit & Loss Report is trying to tell you 7 key things about your handmade or creative business.  Do you know what they are and what it’s trying to tell you? Many business owner’s think that a Profit & Loss Report (or Income Statement) is just a bunch of numbers …

When do I FINALLY get to pay myself from my handmade or creative biz? Good bookkeeping plays an important part in making this determination.

When do I FINALLY get to pay myself?

When do I FINALLY get to pay myself?  That’s a question most handmade business owners often ask and one that I hear a lot. Yes, you’ve been working really hard on your handmade or creative biz, the money is starting to roll in, and YES, you deserve to pay yourself. BUT, before you can figure …

FREE bookkeeping & accounting checklist for handmade or creative business owners

Bookkeeping & Accounting Task Checklist-Free Download

Need a bookkeeping & accounting task checklist for your handmade or creative biz?  Look no further – I’ve created a free one that you can download, WITHOUT giving up your name and email address or subscribing to my newsletter. Although I hope you will subscribe so you can take advantage of other freebies like this. …

3 Things EVERY handmade/creative biz owner MUST do-Bookkeeping basics

3 Things Every Handmade/Creative Biz Owner Must Do-Bookkeeping Basics

3 Things Every Handmade/Creative Biz Owner Must Do – Bookkeeping basics. 1) Open a separate biz checking account. 2) Do your bookkeeping. 3) Create a budget. These are 3 things every handmade or creative business owner must do. As if you don’t already have enough stuff on your plate to do being a small handmade …

Bookkeeping for your creative biz may cost you money up front, but it will save you time & money in the long run.

Bookkeeping using software

Bookkeeping using software, will cost you money- but it is going to SAVE you a LOT of time in the long run! Unlike spreadsheets, which we talked about last week, bookkeeping software costs money.  Money is something that many handmade or creative business owners lack, especially when they are just starting out. BUT, time is …

Bookkeeping using spreadsheets-is it right for your handmade biz?

Bookkeeping using spreadsheets

Bookkeeping using spreadsheets was the most popular answer to a poll I created this week in my Free Facebook community.  I asked the members of the community to tell me what they would like to learn more about: creating a bookkeeping system using spreadsheets setting up QuickBooks Online to do your books using QuickBooks Desktop …

Tax time is approaching-Advice from the bookkeeping fairy

As Tax time approaches-Advice from the bookkeeping fairy

As TAX time quickly approaches, I’m betting most of us wish we had a bookkeeping fairy to turn to for advice (or one that could simply work her magic and our books would be done).  Unfortunately, there is no such thing as a bookkeeping fairy – but I can offer up some advice. Unfortunately, there …

There is no such thing as a bookkeeping fairy who'll come along in the middle of the night and handle your bookkeeping

Get the bookkeeping for your creative biz under control

Getting the bookkeeping for your creative biz under control should be a high priority for every handmade business owner.  If you are serious about running a creative or handmade biz you need to be serious about doing your bookkeeping. Over the next few week, I’ll be giving you some tips to help you turn over …

Tax time 2018, review your records

Tax time, review your bookkeeping records

Tax time is almost here in the U.S. and that means it’s time to review your bookkeeping records and reports.  For some of us, it may actually mean several days of grueling data entry.  Either way, once the data is entered, you need to carefully review your reports for accuracy. For most of us here …

Bookkeeping mistakes happen, but you have to be careful when following information on the web. Not everyone is qualified to provide bookkeeping advice.

Common bookkeeping mistakes

Bookkeeping mistakes happen – I get it – they happen to the best of us.  But sometimes bookkeeping mistakes happen because of something we read on the internet written by people who mean well.  I want to warn you: Not everyone out there is qualified to give you bookkeeping advice!  AND, not everything you read …

Blog post - 6 Steps to help you with your year-end physical inventory

Year-end physical inventory tips

A physical year-end inventory is an absolute MUST for every creative or handmade business owner.  Let me start by saying that inventory is an animal all of it’s own.  Inventory, just like any animal, needs constant attention. EVERY creative or handmade biz that has inventory MUST: do a physical inventory when you decide to start …

tips for keeping track of business receipts

Tips for keeping track of business receipts

There are so many different ways of keeping track of your business receipts and keep the paperwork organized for your handmade business, here are a few tips that I find most helpful. We purchase something in a store and we’re asked “Would you like a receipt?” from the person checking us out.  Unfortunately, we hear …