Revenue and Profit, Don’t Get Confused Between The Two
Revenue and Profit are two totally different things in your handmade business. Don’t get confused between these two terms. To get straight to the point. Revenue is the money you make by selling your finished items or patterns. Profit is what’s left after paying your expenses. Many handmade business owners get totally confused by the …
How to organize your bookkeeping paperwork
How to organize your bookkeeping paperwork. Organizing the bookkeeping paperwork for your handmade business starts January 1 and continues all year long ………..today I’m going to offer you some tips on getting things organized. Many blog posts I’ve read about getting your financial/bookkeeping paperwork organized – talk about getting things organized for year-end so you …
How to record an Owner Contribution
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 …
Let’s talk about Income
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 …
8 Free Bookkeeping Programs for Creative Businesses
A list of 8 Free Bookkeeping & Accounting software programs (originally compiled in July 2020) that may be suitable for handmade or creative businesses. Choosing a bookkeeping program and developing a system for your handmade or creative business can be a daunting task. I talked a little about this a couple of weeks ago, in …
Yarn Support & Bookkeeping
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 …