Quilt Shop Talk - Accounting

Quilt Shop Talk - Accounting

Most quilt shop owners will tell you they started their shop because they love quilting. In many instances, the stresses and pressures of getting a quilt shop started cause us to not fully pay attention to the details of running the business. One of the areas we neglect is the way we keep track of our accounting. It can cause issues like piles of receipts for our tax accountant, and high stress at tax time. The bottom line is that accounting, tax handling, receipts, and the methods we store them have changed a lot over the last 10 years. I recommend taking an adult education accounting course. You can take it in the evening and in person (as apposed to on the internet). This will bring you up to speed on the advances of the field so you can save time, money, energy, and headaches. By taking the class in person, you will make valuable contacts that you can use to adapt your methods.

 

In Summary

Accounting has changed a lot in the last few years.  The way we have been handling accounting in our shops is likely no longer the best way of doing it.  By taking a class at your local college or adult education center, you will gain the knowledge and contacts to make accounting easier.

Additional Resources

Here are some additional resources to consider:

• Subscribe to "Quilt Shop" Talk on YouTube.
• Contact Us if you have any questions or topics for future discussions and videos.
• A private discussion has begun in the QuiltingHub Quilt Shop Forum, which is only for QuiltingHub quilt shop members, brand members, and their reps. This keeps the discussion private and away from your customers. If you are already a member of QuiltingHub, click the forum.  If you are considering membership, visit QuiltingHub membership benefits and fees for more information.