Sunday Afternoon Housewife

Handmade Crafts and Unsolicited Advice

Keeping Track of Business Finances April 13, 2010

Filed under: Business,how-to — sundayafternoonhousewife @ 8:00 am

With Tax Day only a couple of days away, hopefully you aren’t stressing out thinking about filing your personal or business taxes. I hope you already have it done! Of course, if you are just starting out in your business, or if you are starting to transition from having a hobby into having a business, then you might be wondering what is the best way to keep track of your finances.

Hopefully you’ve already been saving receipts from things like supplies, booth fees, and application fees, and hopefully you are keeping track of mileage to and from craft fairs, and keeping track of expenses like business lunches, advertising fees, and printing costs for things like packaging and business cards. If you aren’t doing this, consider now a good time to start.

I’ve recently discovered a website called Outright,  which I am using for my bookkeeping needs. It is a very user friendly site, and best of all it is totally free. I am sharing this with you because I think you might find it beneficial to your business (not because any one at Outright asked me to!).

This site allows for easy input of both income and expenses and gives you reports on your profit or loss for the year to date. It even has a “ticker” on the home page which shows your profit or loss for the current year, so you know where you stand at all times with your business.

It also has a feature which is probably most valuable if you’ve never owned your own business and never had to worry about paying your own taxes. The taxes feature will tell you the estimated amount of taxes you should pay on your income each quarter. This is very beneficial so that you aren’t surprised at the end of the year with the amount of taxes you might have due.

I know this post is short and sweet, but I don’t want to give tax advice or anything I’m not qualified to do. All I want you to know is that there is a free resource out there ready for you to use, so I hope you’ll take the time to check it out.

If you already have a bookkeeping site you use (especially free ones!) please share them with us. Do you have any tips or tricks for keeping your craft business finances organized? It’s hard to operate on a budget if you don’t keep track of what you are spending, so I’d simply like to challenge you to start keeping track! Let me know if you’ll accept my challenge!

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3 Responses to “Keeping Track of Business Finances”

  1. Marce Says:

    You mean you are supposed to keep track of this stuff? Hhhmmmm…. A new year to start new habits! I mean this in the greatest way… thank you for researching the daylights out of this stuff, compiling it together in easy to read blogs, and sharing with all of us. Some of us (by which I mean me) who are hardly finding time to shower, let alone craft, want to grow and become successful and just don’t have the time to google the daylights out of how. You are amazing, my dear friend. And just know that you have motivated me to start changing my ways.
    XooX

  2. LOVE, LOVE LOVE Outright! Have you used Shoeboxed.com yet? It lets you scan in all your receipts and the merges automatically with Outright and links the charges with the receipts. Completely free as well.

    I’m digging the info posts you’ve been writing lately.

    • sundayafternoonhousewife Says:

      Thanks to both of you for the comments. Jennifer, I saw the ads for Shoeboxed.com, I just hadn’t checked it out yet. Thanks for the input on it. I will have to check it out for sure. It makes remember I need to get a scanner….


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