I did my end of year accounts this morning. I thought I had done better than last year but once I had tallied up I had done just the same. It looks so depressing on paper. At least I had a profit but My husband makes more than me in a week than I do in a year. Sometimes you wonder if it is worth it
Ach I’m just the same - I made a profit but it’s peanuts compared to what I used to earn when I had a proper job. BUT I really enjpy it, and I’ve spent over a thousand on new art supplies again - there are not many hobbies that pay for themselves plus some so I’m happy.
I have a theory that things really are picking up in the economy (and my husband is in building and has seen a noticeable pick up in the last 18 months). If that’s right, then spending will filter down to smaller businesses, and we’re all going to be perfectly poised and ready to sell when it does.
Don’t be down hearted it will start moving again (I haven’t told my other half what I’ve spent - he’d go all purple and cross looking!)
I’m putting off doing mine
I used to do my own accounts using the shove it in a biscuit tin and then try and sort out the higgledy piggledy mess every few months, but it was chaotic so I handed them over to my mum, who sorts them out on a monthly basis.
However, whereas I was chaotic, my mum is super duper organised and a stickler for rules…and everything is black and white with no grey areas.
For instance, I can pop into town as I would on a normal grocery shopping day and just happen to pick up maybe a metre of ric rac costing 30p on my way.
My mum would then enter a £4.70 bus ticket as ‘‘costs’’ for a 30p piece of ric rac.
Hence, my ‘‘costs’’ always look appalling, prompting much tutting from my mother about such a small profit at the end of each year!!!
And there is no reasoning with her, so - while I’m very grateful to her for doing my books - which now come complete with graphs - I’m thinking of grabbing back my accounts and doing them myself this year.
The other little business I enter on my tax return takes about 20 minutes max to work out each year. The online selling bit takes the best part of a day. Each year I vow to fill in accounts as I go along but I never do.
I’m the same Sarah, haven’t even started yet and know despite my best intentions will probably end up sorting them out in January before the deadline for submitting online
I’m trying to be more organised too - I can’t bear to again spend the week between Christmas and New Year doing my accounts! It does make you realise what you spend, though, when its all in black and white!
I’m another biscuit tin lol, but got my daughter to sort it all out for me now, best bit is when she says “it was how much! no wonder there’s nothing left in the pot!” lol
I have a book and write it all down as I go - income (date, description, money in) at the back, expenditure (date, description, receipt number, money out) at the front. Receipts are kept in order at the very back of the book. I add it all up at the end of every month. It’s very simple!
I do mine on a weekly basis, that way it only takes me about 20 mins a week and theres not much to do at the end. I think I have confused myself though by trying to do staock takes and things. Does anyone else do that or just go by the incomings and outgoings?
I do my accounts daily as I’m packing up orders (mainly from the auction site I might add and not here) and done my tax return on 6th April!
Although it has seemed a really quite year, I actually made £500 more than I did last year. I’ve been doing this three years now, my 1st year was only three months of the tax year as I started 1st January and I made a £500 loss as I was obviously buying stock but every other year I have made profit and its grown every year. Already for April i am £100 up on April last year.
Don’t get me wrong, I make pocket money, not millions, less than a part time ‘proper job’ but its growing every year and I’m making, not loosing money so that’s fine for me.
I must do mine! I can;t leave it til later in the year as I have to have the figure for my tax credits, the reminder for which will probably be coming any day now.
Better sort out the various boxes with assorted receipts stuffed in them…
I too have done “OK” - best year yet for Art In Wax - not made my fortune but as you say Stephie, if it pays for itself, plus a bit then and we are having fun I am happy with that too
I have a spread sheet that I update weekly so the accounts for “art” are done, but still got to merge them into the “self employed” tax accounts … have a portfolio career lol
… not a full time Artist yet !!!
I do mine daily too.
I have a spreadsheet which marries back my stock to my orders/posting book/paypal/bank and shows the profit on each sale
(the bonus of being married to an account/business consultant)
I have a notebook where I have started to record everything, the trouble is I don’t keep it up
I’d love a simple spreadsheet, I must get one sorted, I have an accountant friend so maybe she’ll help me out.
As a part qualified accountant you’d think I would be organised, not a chance lol! I do have a spreadsheet and proper files etc. etc. but I’d much rather be making than doing admin so I try to update at least every 2 months, most is done through paypal so easy to track, but there’s always those trips to hobby craft for emergency supplies and craft fairs, though I’m pretty good there I write my sales in a little book so I also have a poly pocket in the drawer stuffed with receipts. I usually get my tax return done in June as I have to wait for my p60 and p11 expenses info from work to complete
I have 2 books, one lists the cost of all my supplies (in single units, one sheet of card, one topper sheet etc) in the other one I list what I’ve used to make each card and what it costs, this one has numbered pages and I label the card with this number (so that I can find it when I’ve sold it) in my official accounts book I list the price paid for each card sold as my income then underneath I list the cost of materials, paypal/folksy fees and postage costs as outgoings, This way I don’t have to spend ages doing a traditional stocktake (which would drive me crazy!)
I put my income and outcome in my little book as i go along and then at end of each month I put them in my big book and check everything tallies up so at end of year I just need to transfer my figures onto my tax return which I will probably submit nearer September. It doesn’t take long . I keep meaning to do a stocktake but that would be a nightmare with the amount of stock I have