Bookkeeping doesn’t have to make your creative brain short-circuit. These posts break down income, expenses, taxes, and simple systems that actually make sense for handmade and craft business owners — no accounting jargon required.
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 …
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 …
Tracking income and expenses by venue or customer and the various jobs/projects you do for them is something every handmade business owner will want or need to do at some point. We might want to know which craft fair we spent the most money on and the amount of money that we made from that …
Calculating business use of home costs so that we can add that amount into the final cost of our finished items is important – but also very tricky. Many handmade business owners (including myself) sort of work all over the house. The IRS has some pretty specific rules for taking a business use of home …
Equity – that’s an accounting speak for your handmade business term used by CPA’s, tax professionals, and business advisors for the ownership in a company or business – expressed in a dollar amount. That’s why Equity are the third section of your Chart of Accounts and your Balance Sheet report. What the heck is Equity? Equity is a tricky little …
Liabilities – that’s an accounting speak for your handmade business term used by CPA’s, tax professionals, and business advisors for money that you owe or will owe to others. That’s why Liabilities are the second section of your Chart of Accounts. Liabilities are divided into two categories: When it comes to bookkeeping, accounting, taxes, and the IRS – …
