Friday, December 31, 2010

A Different Kind of Challenge

This is the time of year when some Etsians post challenges for others to get involved in. For those who sell handmade, these usually involve making items to sell: "One a day for January" or "One a week for 52 weeks" etc. Here's a challenge for people like me who are so obsessed with making whatever it is they make that a challenge like that is no challenge at all; in fact, it can add to the problem. Another advantage of this challenge is that anyone who sells on Etsy (or has a small home-run business) can get involved with this challenge - not just those who sell handmade.

What I need to do - and what I want to challenge others to do - is keep up with financial record-keeping once a month. You know, get those receipts entered, expenses recorded, income tracked. I'm writing this during a break in taking inventory. I'm now going to have to hunt all over the apartment for receipts from purchases of materials I bought during the year, so I can figure out my cost of goods sold. I never throw away necessary receipts, but I don't have any kind of a system for keeping track of them. It'd be a lot easier to take care of this as I go along, while the receipts are still at hand.

You can use any system you want and keep track however you want, as long as you get yourself caught up at least once a month. If you want to enter things every week or every day, that's great.

I'll put a post on this blog at the end of every month, so people in the challenge can leave comments, tips, frustrations, questions, or a link to their own blog and/or shop (only one shop link a month, please). This doesn't mean you have to do your record keeping at the end of the month; it's just a way to make commenting more convenient. Hope to see some of you join in.

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