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Let's talk about your handmade business finances

Let’s talk about your handmade business finances!

Let’s talk about your handmade business finances and finance systems because I’m betting that those are terms you hear a lot and they sound pretty vague, right??? Like WTF do these terms even mean and what have I gotta do to make it all happen?????

If you’re like most handmade business owners, I’m betting you think that a handmade business finance system is just about getting a business bank account and then keeping personal and business expenses separate – because that’s what you’ve been told.

But there’s SO much more to it than just having a business bank account and keeping business and personal expenses separate.

What's your Owner's Equity? For sole proprietors (and single member LLC’s), equity is your contributions of cash and property into your business MINUS any withdrawals or money you take out of your business.

5 Things your Balance Sheet would tell you, if it could talk

Understanding 5 things your balance sheet would tell you if it could talk about your business is important for your success. You don’t have to be an accountant or super great with numbers to create one.  If you have accounting software, it’s prepared and updated automatically as you enter your daily information.  It just doesn’t get any better than that! …

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 that are put together for …

Bookkeeping & how to overcome your fear of numbers

Bookkeeping & how to overcome your fear of numbers

Keeping on track of your numbers (finances) determines your success or failure.  If you are constantly avoiding your bookkeeping you’ll never get a handle on your financial numbers. Bookkeeping & how to overcome your fear of numbers Bookkeeping & how to overcome your fear of numbers is this weeks topic, because I hear things like this all the time: But …