Today has marked the second birthday of AndyKnillArt. Reading an article online last week about keeping accounts for your artwork especially if selling and what the trigger point is to be called a self-employed artist (£1000+ in sales apparently).
I have utilised my IT skills gained when teaching to have two main art spreadsheets; my accounts and my stock. These have made life far easier to track and reduced ordering new card stock or prints until the figures say more are needed depending how sales are going. The stock sheet will be especially useful when I have my 2019 Open Studio for Purbeck Art Weeks (PAW) as I will know where copies of prints in mounts and / or frames can be found as these days I have stock at home in the studio, at Rollington Barn and in the bay at Purbeck Artisan Yard.
So two years as a self employed artist ( yes I pass the threshold income). Each year I am reducing outgoings as I develop a stock of tools and materials. My main costs become printing of cards, fine art print copies and frames, these are now better attuned to sales than when I started. The income has also increased and in Year 2 I have earnt 67% more from selling my work than in Year 1.
In Year 3 I aspire to record a profit for the year. Each of the three tax years have seen the gap between income and expenditure narrow.
Thank you to all my customers and supporters, two years in and many many more to come.