The advantages of using a simple bookkeeping and accounting worksheet for your Etsy and crafts business are ease of use and low cost. The disadvantage of using a worksheet is that you have to add up transactions manually to record onto the worksheet. Also, a worksheet does not provide you with financial reports like a computerized bookkeeping and accounting system does.
You can download a simple Excel bookkeeping and accounting worksheet from my website. You can use to it to track business income and expenses on a monthly basis. The categories used match IRS “Schedule C”. IRS “Schedule C” is the form that is used to report income or loss from a business organized as a sole proprietor on IRS Form 1040 – an individual tax return. By using this form you will save lots of time when you file your individual tax return since everything will already be categorized.
For a free article "10 Things You Must Know About Taxes, Bookkeeping, and Business Licenses" and for free Excel worksheets just for Etsy shop owners and creative entrepreneurs visit my website.
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