Picture this: An inbox full of leads, clients happily making selections and waiting on their furniture to arrive, and other clients living in their newly renovated homes. You are paying yourself. Your work-life balance feels equalized. Your accountant sends you timely reports, and your taxes are in order. 

The most foundational step towards a financially healthy interior design firm is simply staying involved in your business finances. Nothing is more detrimental to your business than checking out. Staying involved does not mean that you have to do the accounting or financial tasks yourself, but it does mean that you should ensure those tasks are getting done by someone who knows what they are doing.

Running an interior design business isn’t easy - but very rewarding - and it can be quite profitable when done correctly. As a bookkeeping firm that specializes in helping design businesses become more profitable and financially efficient, we find that most of our clients come to us with the same initial questions. These questions range from how much they should pay themselves and what their pricing should be to how to address sales tax for out-of-state projects.

Consider this the cliff-notes version of interior design financial basics that every home professional should know. Enjoy!

In our next installment of Financial Literacy Awareness Month content, BBTB VP Morgan Boudreaux walks through the six key takeaways from your financial reports, as well as addresses some frequently asked questions like, "How often should I review these reports?"

Running a business is hard. Implementing good habits can make it easier. We’re here to help. We’ve outlined our top five things NOT to do with your bookkeeping and accounting. This should act as a checklist of things to eliminate so that you can focus on implementing proper habits.

On January 1, 2024, the standard IRS mileage rate for the business use of an employee’s personal automobile increased from 65.5 to 67 cents per mile.

One of the most important tasks to close out the year will be to carefully review the status of all of your current projects; especially any Retainers or Payments on Proposals. We want to be sure all 2023 Income has been reported correctly on your Profit & Loss Statement for your CPA to file your tax return. These items will ultimately affect your tax liability so it is very important to take the time to review.

Our top five tips for staying in compliance with your sales tax.