Today we're talking about setting up accounting for your creative business. Yeah, it’s a little daunting, but it’s SO IMPORTANT because accounting for your business is super frickin’ important. And if you don't want to end up like me with a $10,000 tax bill, literally every time it's tax season, you should probably listen to or watch this episode.
Here’s what we’re covering:
- Separate bank accounts
- Set up an accounting system like Wave or Quickbooks or Freshbooks
- A way to track sales, either with your accounting system or POS like Shopify
- Track every transaction coming in and out of your biz with categories
- Keep a running tally of your profit, this is what you will be taxed on
- Hire an accountant that is awesome and not stupid and KNOW what you’re supposed to be looking for
Check out Melissa Houston’s podcast The Business Society for more on your business finances https://thebusinesssociety.co/podcast/
My amazing accountant can be found here if you’re in need of one! https://www.mlhc.info/
If you’re interested in starting your own creative business, in the new year I’m launching an exclusive program to help you get started! It’s limited to 5 people and I’m developing this program RIGHT NOW! FOR YOU! So if you’re interested, click here to sign up for more info!