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Question for Artists!

I realized, as my printer begged for an ink refill, that I really need to sit down and ensure that my artistic endeavors are paying for themselves. I made enough money in 2009 to cover the expenses I incurred in that year (more or less, I need to do better with that in 2010), but I haven't been keeping art money separate from personal and household monies, and I'm wondering if I should change that.

How do all of you that create as a significant part of your income do this? Do you have a separate account for your business, and just guestimate the operating costs each year, or do you mingle your proceeds with your personal monies and just keep track on paper?

I'm asking, because I feel uncomfortable going to roho (although he is incredibly supportive) with my hand out when I realize I need cash for art-related things, and I'm curious how the rest of you handle it.

Feedback is greatly appreciated! :)


Feb. 24th, 2010 10:45 pm (UTC)
I have a separate checking out from which I manage my business stuff. I also buy personal stuff with it, but I keep track of which is which using a spreadsheet and my bank's online accounting tools. I also save receipts to help track the business vs. personal expenses.

I used to guesstimate operating costs a while back, but that's just asking for trouble. You almost never get a clear idea of how you're doing if you guess about it. Tracking it receipt-by-receipt is the only way to go.
Feb. 24th, 2010 11:15 pm (UTC)
Yeah, I know if I guestimate, I'm going to guess on the low side, no matter how high I try to put it. I think I am going to need to do just that, open a separate account.

Bleeergh. ;D

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