KEEP READING IF YOU’RE HAVING TROUBLE CATEGORIZING YOUR EXPENSES, UNDERSTANDING INVENTORY, AND TRYING TO FIGURE OUT COST OF GOODS SOLD!
(You’re gonna want to read this to the very end!)
With TAX season quickly approaching, do you find yourself still struggling with categorizing your business expenses, understanding inventory, and trying to figure out Cost of Goods Sold?
It’s not like you want to be on the struggle-bus over this stuff. Right?
Trying to find reliable, easy to understand information about how to do the bookkeeping for your handmade, creative, or craft business can be so overwhelming!
You’ve spent HOURS sliding down the rabbit hole searching Google and Facebook groups only to end up frustrated and more confused than ever!
But I’m here to tell you – it’s not your fault!
Starting and growing a handmade business IS totally OVERWHELMING! Especially if you’ve never had a business before. There’s just so much to do and so many things to learn.
If you’re like most handmade business owners I work with – you started this business because you wanted to share your love of yarn with the world – not spend weeks (or months) trying to figure out the bookkeeping pieces!
Besides, none of us are born with a bookkeeping gene or a super type A personality that just loves to crunch numbers.
What you need……
What you need are clear processes and step-by-step instructions, in plain English (not accounting speak) to figure this stuff out.
Something that is simple or easy enough to keep you motivated, focused, and on track with your bookkeeping – designed by someone that knows bookkeeping and gets how your creative mind works.
And I can help you with that!
Introducing the Handmade Business Bookkeeping 101 Challenge
The Handmade Business Bookkeeping 101 Challenge is a 6-part course with workbooks
That’s right – I SAID A 6 PART MINI-COURSE
6 training sessions PLUS workbooks to help you overcome your BIGGEST bookkeeping challenges and help you make sure you run a profitable “grown up” business – even f your socks never match, you’re mostly in your pj’s, and you hate numbers!
Maybe you’re wondering how this challenge is gonna be different…..
Instead of just a general overview of the whole big bookkeeping piece, we’re going to hunker down and focus on the 3 biggest handmade business bookkeeping challenges:
- Categorizing expenses
- Understanding inventory
- Figuring out Cost of Goods Sold
- PLUS, there will be Bonus Lessons on Pricing & creating a Budget
And we’re going to do it step-by-step, in simple terms. Without all that vague, fancy accounting speak that makes you feel like you need to go back to school and major in accounting!
Here’s what you can expect to find in the Handmade Business Bookkeeping 101 Challenge.
We’ll talk about what makes a bookkeeping system GOOD and some things you should be keeping track of PLUS we’ll do some mindset work on the thoughts that keep you from doing your bookkeeping.
How to categorize expenses
First we’ll do a deep dive into the Expense categories found on the Schedule C and the Canadian T-2125 Tax Returns and then we’ll look at a lot of specifics, like:
- If you buy a theme or plug-in for your website, it goes HERE
- If you buy a course to learn how to do something business related, it goes HERE
Understanding the In’s & Out’s of Inventory
We’ll follow how a skein of yarn moves through inventory from the time you buy it to the time you finish making something with it.
We’ll also take a deep dive into the Inventory section of the Schedule C and the Canadian T-2125 Tax Returns and why it’s important to have a good inventory system in place.
How to calculate Cost of Goods Sold/Cost of Sales
First I’ll walk you through how to calculate Cost of Goods Sold for a specific item and then we’ll take a deep dive into the Cost of Goods Sold section of the Schedule C and the Canadian T-2125 Tax Return.
(Cost of Sales is just another name for Cost of Goods Sold – but it’s more for designers – we’ll cover that too!)
In this bonus training session I’ll show you how the cost to make an item or design a pattern influences your pricing.
Then we’ll talk about (and create) a budget for your business, so you don’t end up spending too much.
Wrap-Up PLUS Q & A
Attendees from the live Challenge brought their bookkeeping questions and put ME in the hot seat!
You get access to all this for $97.00
Isn’t it time for you to master your biggest handmade business bookkeeping challenges?
Imagine, feeling confident about these important pieces of your bookkeeping system and finally getting out of your own way so you can make sure you’re making the profit you deserve.
You’ll walk away knowing:
- how to categorize your expenses at tax time and what goes where on your U.S. Schedule C or your Canadian T-2125 at tax time
- how to track your inventory from the time you buy your yarn or materials, right up until the time you sell the finished item or are ready to publish your pattern and how all that inventory information gets entered on your tax return
- why Cost of Goods Sold and Cost of Sales includes more than just the cost of your supplies and how to actually figure it out for both finished items and patterns
- how creating a budget for your business (and actually sticking to it) can help you figure out what your Fair Hourly Wage should be and how this impacts your pricing and lets you finally pay yourself
Here’s what a couple of the live Challenge attendees had to say
“… I loved participating in the YarnyBookkeeper’s Handmade Business Bookkeeping 101 Challenge! It was so immensely helpful for me and showed me the pieces of my bookkeeping that I need to get a better handle on.
Nancy prepared her course in such a way that it made it easy to tackle the overwhelm. The slides shared each day made it easy to catch up or revisit any part of the course that may have been confusing during the live sessions. The workbooks were great for helping me to focus on each section and battle the overwhelm. She is such a great teacher! Her willingness to familiarize herself with the Canadian tax form went above and beyond. I truly appreciate her doing that given that her expertise is American bookkeeping. I would highly recommend taking this challenge. I have for the past two years and have come away learning more each time.”
kathy fraser – owner & CEO of two dogs and a kat tales
“…You are an amazing teacher, mentor and person. I “heard” several people wanting to RACE to the top of success. I heard stress, anxiety and confusion, which made me anxious about what I am wanting to do. I will be a success, just not as fast as everyone else…..
I have a tiny space on my wall with post-it notes because Nancy says it helps. It does! I never thought that post-it notes could build the foundation to success. News Flash!!! They absolutely do. Thank you, Nancy, for believing, seeing and understanding, for being transparent. I’m not afraid anymore.”
beverly Blaylock – owner & CEO of Heirloom fiber arts studio
Purchase The Handmade Business Bookkeeping 101 Challenge course
I dare you to challenge yourself and spend some time focusing on your business finances ….. instead of ignoring your bookkeeping tasks.