AniaR
09-23-2013, 06:07 PM
So, I didn't touch on this in my book, but I can't stress enough the importance of doing the mermaid book keeping!
What does that mean? Document everything you spend and everything you make. For one thing you can claim stuff during tax time. For another, you literally see where your money is going and if you're making enough to pay off what you've spent.
Merwrangler Sean and I just sat down and did ours (caught up). I was able to see exactly what I spent so far this year and on what. It really helped for me to see if it was worthwhile for me to be selling hard copies of my book vs selling through their website instead. (hint hint, the cost of shipping to me and to customers makes it way more cost effective to sell online instead!)
We have ours all done up in a spreadsheet that we always add to, that way the values get calculated easily. Then I have a binder where half is dedicated to documentation for everything I've earned, and the other half is everything I've spent + receipts.
I can see that I've spent a lot this year, but a lot of it is a one time expense. For example we bought a dolly to help us move mermaids and gear around. Expensive, but a one time purchase. I spent a lot on shipping my tail back and forth, so maybe next year instead of fixing up a tail I'll simply buy a new one. I spent 300$ on water proof makeup! But, I provide makeup for 3 other mermaids including myself and the stuff isn't even half gone almost a year later ;) though, I can see I spend a lot on party favours and photo gear and maybe don't charge enough for those services ;)
It's great for context and business making decisions and tax time because you can claim it all. You can claim my book as a resource too ;)
So mermaids do your accounting! :D
What does that mean? Document everything you spend and everything you make. For one thing you can claim stuff during tax time. For another, you literally see where your money is going and if you're making enough to pay off what you've spent.
Merwrangler Sean and I just sat down and did ours (caught up). I was able to see exactly what I spent so far this year and on what. It really helped for me to see if it was worthwhile for me to be selling hard copies of my book vs selling through their website instead. (hint hint, the cost of shipping to me and to customers makes it way more cost effective to sell online instead!)
We have ours all done up in a spreadsheet that we always add to, that way the values get calculated easily. Then I have a binder where half is dedicated to documentation for everything I've earned, and the other half is everything I've spent + receipts.
I can see that I've spent a lot this year, but a lot of it is a one time expense. For example we bought a dolly to help us move mermaids and gear around. Expensive, but a one time purchase. I spent a lot on shipping my tail back and forth, so maybe next year instead of fixing up a tail I'll simply buy a new one. I spent 300$ on water proof makeup! But, I provide makeup for 3 other mermaids including myself and the stuff isn't even half gone almost a year later ;) though, I can see I spend a lot on party favours and photo gear and maybe don't charge enough for those services ;)
It's great for context and business making decisions and tax time because you can claim it all. You can claim my book as a resource too ;)
So mermaids do your accounting! :D