Bookkeeping tips for handmade & creative business owners – helping you learn to handle your bookkeeping with confidence!
Bookkeeping tips for handmade & creative business owners – helping you learn to handle your bookkeeping with confidence!
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Learn bookkeeping basics for your handmade or creative business from a handmade business owner and professional bookkeeper with 30+ years of experience.
It seems that when it comes to handmade or creative businesses everyone offers up all kinds of advice on:
Few people talk about the behind the scenes stuff – like setting up and using a system to track your financial information.
If they do, it’s either more of a passing thought, like:
Oh, you need to keep track of your finances
OR, the information that they do offer about bookkeeping is JUST PLAIN WRONG, like:
Including the sales tax you collect is included in your income!
OR, they offer you a free downloadable spreadsheet – but don’t tell you HOW to use it!
Sure, these people mean well – but they just have NO BUSINESS offering bookkeeping advice, because they aren’t bookkeepers!
This means that, potentially, you could run into a LOT of trouble.
I’m here to change that.
It’s my goal to help you handle all of your bookkeeping tasks with confidence.
Learn how to record an Owner’s Draw in your bookkeeping records for your handmade or creative business. An Owner’s Draw is: money you take out of your business to pay or repay yourself NOT a business expense, so it should not show up on your Profit & Loss Report part of your businesses Equity, so …
Learn how to record an Owner Contribution in your bookkeeping records for your handmade or creative business. An Owner Contribution is: money that you take out of your own pocket or the family finances/budget to fund your handmade or creative business NOT Income for your business tracked on the Balance Sheet in the Equity Section …
Basically, you have two types of income: Income from the goods and services that you sell directly to others, and Money you receive from 3rd parties (ad revenue, commissions, etc.) It’s really important that you track each of these types of revenue separately. Let’s talk about income for your handmade or creative business. I’m betting …
What do you want the bookkeeping system for your handmade business to tell you? Oh sorry, didn’t mean to put you on the spot like that – I know it’s a really personal question. Maybe it’s a question no one has ever asked you or something you’ve never even thought about. I mean, seriously, how …
Yarn support and bookkeeping – is it really necessary? Yarn support is when a yarn company gives a designer free yarn to use in a knitting or crochet pattern design. Some people will argue that the yarn isn’t a gift to the designer, but rather a collaboration for both parties – with benefits. While I …
When you create an overall budget for your business, your Revenue and Expense budgets get “married” – so to speak. Together they can tell you all kinds of wonderful financial things about your business including: what your fair hourly wage is (or should be!), how much you should be setting aside for taxes, helps you to …
Creating an expense budget for your creative or handmade business helps you not only make the dollars you spend work for you, but also prevents your dollars from flying out the door! It also provides you with the amount of your fixed costs that you need to pay each month or year – even IF …