The Creative's Chronicles Podcast

Episode 013 - Finances and book keeping tips for Creative Professionals

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Description

Today on the Creative’s Chronicles we have Mr. Chuks, He is a Software Engineer, an Accounting Professional, He is well read, a knowledge seeker and lifelong learner. He shares with us today on tips for Cash Flow, Profitability, book keeping and Freelancing. An understanding of how systems work will enable you have mastery and help you properly put in place other tools and systems for effectively running a business or a Freelancing Career.


 


You can’t run a business effectively without been conversant with accounting principles.
Profitability


My Take Aways from today’s Episode:


  • Your profit is your revenue (what comes in) minus the costs, all that went out to bring in the revenue. Components of costs; cost of revenues (direct expenses spent to bring in revenue).

  • Cost of sale is the money spent to bring in revenue;

  • Transportation cost is also included as cost of sale; personnel co