CPA Reveals -The Worst 3 Financial Mistakes Etsy Sellers Make (Are You Making These?)

Etsy sellers - avoid these three financial & legal mistakes! I'm sharing the biggest three mistakes I see Etsy shop owners making (and how you can fix them or avoid them! no shame!) Are you making these? If you need help, let me know in the comments!
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⬇️ Get your bookkeeping templates from Paper + Spark:
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⬇️ Additional Resources mentioned in this video:
Financial checklist for Etsy sellers: paperandspark....
Inventory explained: paperandspark....
When to Worry about Taxes as a Handmade Seller: paperandspark....
Step-by-step Guide to Filing Taxes for E-Commerce Sellers: • The Step by Step Guide...
The no-brainer bookkeeping system for makers: • The No Brainer Bookkee...
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⬇️ Let’s connect:
Facebook: / paperandspark
Instagram: / paperandspark
TikTok: / paperandspark
Pinterest: / paperandspark
Twitter: / paperandspark
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👋 Hi! I'm Janet LeBlanc
I’m a Louisiana girl now living in South Carolina, a Certified Public Accountant, a serial-entrepreneur, and a mom of two. My passion is helping other creative women bring their entrepreneurial dreams to life with confidence. As an accountant and data nerd, I love creating tools + resources to help you achieve financial success in your biz and personal life.
Why should you listen to anything I have to say? Because I’ve been in your shoes! I started a handcrafted jewelry shop on Etsy back in 2011 as a side hustle from my accounting job. During my time in the handmade community, I heard a lot of the same frustrations and questions over and over. Concerns like, when am I supposed to register my shop? Do I have to charge sales tax to my customers? When do I claim this on my tax return? What sort of bookkeeping system am I supposed to use?!
In 2014, I finally united my love of handmade and accounting and founded Paper + Spark. In 2015, the first iteration of the Etsy Seller Spreadsheet debuted. This product completely changed the course of my entrepreneurial journey. Creating spreadsheets isn’t the sexiest or most glamorous product to design (although I like to think they’re pretty, for spreadsheets), but getting the chance to help creatives feel more confident about their money has been SO fulfilling and I am grateful to serve you today!
🌐 Visit Paper +: Spark to learn more:
paperandspark....
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#businessmistakes #etsysellers #ecommercebusiness #creativebusinessowner #handmadebusiness #etsytips

[@etgdesignstudio]

(I'm still behind, but) Janet, your products and programs have been a lifesaver! - Eliza

[@paperandspark]

Thank you!!

[@deborahkoch6735]

The inventory part of it is very daunting. I am still playing catch up on this process. It doesn't help that many of stores only have the description "fabric" on the receipt. :( I have learned the hard way that I have to notate the kind of fabric and the amount bought - then later, note how much of those 10 yards was actually sold. It is very discouraging and so time consuming. The time spent doing all the bookkeeping takes so much time away from creating and making $. I'm honestly discouraged by it, and it is the one element of the business that often makes me want to throw in the towel. But I'm thankful for your help!

[@paperandspark]

Hi Deborah, I completely understand your frustration here. Know that you aren't alone! What can you do to make the inventorying process easier for you, more streamlined and more doable? Is it a different labeling system? Or setting aside one day a month to count, sort, or enter your inventory? Making some small tweaks in your process (or even just creating a process) can help make the entire ordeal less stressful & overwhelming for you.

[@gogo.nobl3]

🙋🏻‍♀️ Guilty, guilty, guilty - and what’s sad is that I should know better. Didn’t realize I’d have a 2nd wind with my little shop in 2022, but it happened and I failed to keep track of anything. 🤦🏻‍♀️ At least it’s not too late - thank you!!!!!!

[@paperandspark]

No shame!! Glad 2022 was good for your shop!