Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
Helping handmade, creative and craft business owners learn to handle their bookkeeping, one step at a time!
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 …
What do you want to know about starting a handmade business and bookkeeping for your handmade business? It’s occurred to me that I can write all kinds of articles about starting a handmade business and bookkeeping for your handmade business – BUT – if I’m not answering YOUR questions, then I’m just adding to all …
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 – …
Navigating financial & accounting jargon in your handmade business can be as tricky as crafting intricate designs. Don’t worry, we’re here to unravel the complexities and make accounting feel like a walk in the creative park.
Unlocking the puzzle of overhead expenses is key for handmade businesses. These costs, distinct from direct production, keep the gears turning behind your craft. From studio rent to website hosting, delve into the hidden threads weaving your creative journey.
Tracking expenses is vital for your handmade business. By categorizing expenses into Cost of Goods Sold (materials, tools, fees, shipping) and Overhead (licenses, displays, advertising), you gain clarity on your business’s financial health. With consistent record-keeping, you can determine profitability and optimize tax deductions. Embrace the creative aspect of bookkeeping, design your system to reflect your brand, and make it fun to stay motivated. Start by organizing receipts and coding expenses as COGS or Overhead. Take control of your finances and unlock the potential for business success!
Bookkeeping is essential for your handmade business. Transitioning from a hobbyist to a business owner requires a mindset shift and diligent tracking of expenses and revenue. By keeping accurate records, you gain insights into your profitability, make informed pricing decisions, and fulfill tax obligations. Though it may seem daunting, effective bookkeeping is crucial for managing your business finances. Discover why this is a must-read for handmade business success.