As an second career entrepreneur, keeping the books is a daily task. Not so much an ordeal really if you love numbers as I do, but it can be time-consuming, tedious, and even boring for everyone. It takes times to get things set up, particularly if you’re just starting to use software like Quickbooks or hard copy like an accounts ledger in book form. As the saying goes the devil is in the details.
I’ve had Quickbooks since 2014 and still can’t quite grasp the concept. I spent 8 years in the 1980s as a bookkeeper and that decade predates the use of computers as we now know them. Our records were kept in hard copy with general ledgers for all accounts, account receivable and account payable and payroll. Checks were ‘cut’ not printed out on special paper run through a printer. Ah the good ol’ days. But eventually I hope to conquer Quickbooks this upcoming New Year. It’s one of my personal and business resolutions. One I intend to keep.
Despite having QB 14, I felt it was a good idea to have backup in the event of a computer crash or total electrical apocolypse, so a bound hard copy Accounts book will be kept for all aspects. The one above was from Amazon and I love it. Sturdy paper, 4 columns and non-glare colour of pale cream. Actually I need more than one of these, so at least 2 more will be ordered for this year. It was sitting on my porch this morning when I woke up, waiting for me! Quite a surprise since I ordered it just yesterday! Purchases such as these are considered business expenses so they’re tax deductible, as is the renewal of Handmade Soap and Cosmetic Crafters Guild membership + accompanying insurance, any magazines of the crafting community, classes, supplies, advertising, etc. If you keep a log in your car of the miles driven to deliver soaps to wholesale accounts, that too is tax-deductible. Just a small notebook in your car will suffice so long as it stays current and accurate. Keep receipts and make a copy of them as that paper tends to fade over time and might not be legible by tax time. To conserve paper, more than 1 receipt can be scanned at a time then snipped apart to go with their originals.
What resolutions have you set for your business in the New Year? I’d love to hear about them. Dash off a comment and share them with us!