Sales Tax tracking tips

Sales Tax Tracking Tips for your handmade business

Tracking sales tax in your handmade business can be a total pain and it could get worse!  On Tuesday 4/17/18 the Supreme Court took up the battle between states and web retailers over the collection and remittance of Sales Tax and this could result in small business owners have to collect and remit Sales Tax …

Equity-Accounting speak for your handmade business

Equity-Accounting Speak Your Handmade Business

Equity – that’s an accounting speak for your handmade business term used by CPA’s, tax professionals, and business advisors for how much your business is worth.  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 devil and isn’t entirely straightforward (imagine that!).  Depending …

Liabilities-Accounting speak for your handmade business

Liabilities-Accounting Speak Your Handmade Business

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 – …

Assets-Accounting speak for your handmade business

Assets-Accounting Speak Your Handmade Business

Assets – that’s an accounting speak for your handmade business term used by CPA’s, tax professionals, and business advisors for the things that your handmade business owns that has value.  That’s why Assets are the first things that are listed in the Chart of Accounts. Assets are divided into three categories: When it comes to bookkeeping, accounting, taxes, …

Chart of Accounts - Accounting speak for your handmade business

Chart of Accounts-Accounting Speak Your Handmade Business

Chart of Accounts – that’s accounting speak for your handmade business for the way that CPA’s, tax professionals and business advisers organize financial data about your company.  They use a Chart of Accounts much like we use  a plastic storage organizer to organize our crafting supplies. Now, technically speaking (according to General Bookkeeping and Accounting practices); each …

Keeping track of expenses in your handmade business

Keeping Track of Expenses for Your Handmade Business

Keeping track of expenses for your handmade business is just one piece of your bookkeeping, accounting, record keeping, or whatever you choose to call it. In our last blog post, we talked about why you need to do bookkeeping for your handmade business. In this post, we’re going to do a basic overview about what …

Bookkeeping & your handmade business

Why do I need to do bookkeeping for my handmade business?

Business and bookkeeping go hand in hand – it’s a fact of life just like death and taxes.  The moment you decide you are going to start a real handmade business and not just be a hobbyist anymore – EVERYTHING changes! One of the changes is that you now need to do some serious bookkeeping …