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!
Wondering if using bookkeeping software or spreadsheets for your handmade or creative business bookkeeping is a better choice? Well, you aren’t alone – it’s a tough question and doing the research makes it an even tougher decision. And, let’s face it, I KNOW that most handmade or creative business owners DETEST doing their books and …
When do I FINALLY get to pay myself? That’s a question most handmade business owners often ask and one that I hear a lot. Yes, you’ve been working really hard on your handmade or creative biz, the money is starting to roll in, and YES, you deserve to pay yourself. BUT, before you can figure …
3 Things Every Handmade/Creative Biz Owner Must Do – Bookkeeping basics. 1) Open a separate biz checking account. 2) Do your bookkeeping. 3) Create a budget. These are 3 things every handmade or creative business owner must do. As if you don’t already have enough stuff on your plate to do being a small handmade …
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 – …
Understanding what assets are in your handmade business doesn’t have to be daunting. We break down the financial jargon, from current assets to long-term investments. Let’s demystify the accounting lingo and empower your creative venture.
Unravel the complexity of accounting in your creative venture. Learn how a well-structured Chart of Accounts can transform your handmade business, making financial management as easy as crafting.
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.