PART 2: GETTING THE BEST RETURN ON INVESTMENT: How You Are Going To Control The Flow Of Money

It is very feasible to start and run a successful business selling hand made products. This series of articles introduces you to the things you will need along the way as you develop your business financial management road-map, and seek to get your best return on investment (ROI).

Controlling The Flow Of Money

These discussions here are not a substitute for consulting with a tax attorney or accountant in the state you do business in. These professionals will be more current with local, state and federal requirements. The discussions here are a guide to help you get organized, and to help you ask the right questions.

Below I discuss things like:
— understanding business costs and revenues
— when you work out of your home
— setting up a general ledger
— understanding business assets and liabilities

b) ROI: Tracking Your Costs and Revenues

You set up an accounting General Ledger to track revenues and expenses, and assets and liabilities. Your goal here is to adequately account for your expenses and revenues, and your liabilities and…