Bookkeeping Tips for Artists

How to keep books for a painting business

If you’ve been considering venturing into the world of professional painting, then you’re on the right platform! In our post today, we’ll guide you through an easy, step-by-step process on how to start a successful painting business. So, whether you’re a seasoned DIY-er looking to turn your passion into profit or an entrepreneur seeking a lucrative new venture, this comprehensive guide is your go-to resource. A good business plan empowers you with a roadmap for how you build your company, as well as a set of guiding principles once you’re up and running. A good business plan helps you stay on track when staying afloat becomes a full-time job.

Have questions on formation, banking and taxes?

With the right steps, tools, and software, you can get your painting business off the ground. And you can make more money than you might as an employee.Do you want the right software to grow your painting company? If you can’t afford to go to school, becoming a painting business owner is a great option. While having experience can be easier than starting a painting business with no experience, both are possible. So think about your situation when looking for the right clients for your business. Some people start a painting business with little more than brushes, ladders, and a vehicle to carry it all.

How to keep books for a painting business

Hone Your Painting Skills

Feature recent painting projects that highlight the types of projects you want to work on. Write up the project details, like problems you solved, your standards of cleanliness during construction, and the communication process with the project owner. The average profit margin across the painting industry is around 8%, but you may adjust that number higher or lower depending on your business needs. We would fully advocate working with a professional bookkeeper or accountant to ensure that you maximise your chances of success.

  • If you need help deciding on a name, a name generator can instantly provide hundreds of creative and relevant name ideas with matching URLs.
  • If you’ve been considering venturing into the world of professional painting, then you’re on the right platform!
  • This means creating a logo and being consistent with things like fonts, colors, personality, tone, and quality.
  • The best domain names should include your business category and the area you plan to work in + .com, for example, “” Namecheap is a great place to get your domain.
  • You’ll need to add in charges for materials by working out the average cost of paint and the number of coats you’re applying.

Step #14. Get your first customers

Business term loans can be a great option for business owners that have strong personal credit, a track record of repaying business loans, and a robust business plan. Most brick-and-mortar banks will let you start the process online and finish at a local branch. There are a growing number of online-only business banks that allow you to register for a business bank account online without needing to step foot in a bank.

How to keep books for a painting business

Operating a painting business also requires less expensive equipment than other fields. Instead of having to stock up on power tools, welding equipment, plumbing supplies, or other overhead-heavy materials, you can get started with little more than brushes and ladders. Other equipment, such as scaffolding and paint sprayers, can come later once you’ve recouped your startup expenses.

Take the time to do it right, and put yourself on the path to success. Growing a painting business requires that customers know who you are and how to find you. Having a recognizable brand, bookkeeping for painters a strong online presence, and an easy-to-use website are vital for growth. Rather than providing a job, open up a career path for everyone who works in your painting business.

Using our CraftJack Pro app with the Lead Manager dashboard, you can contact leads quickly and organize them effectively on your phone or computer. We even provide you with a dedicated account manager to help you get the most out of CraftJack. You’ll need to add in charges for materials by working out the average cost of paint and the number of coats you’re applying. Say a can of paint is $30 per gallon and it covers 400 square feet. You’ll need to cover 774 square feet of walls, meaning you’ll need two cans of paint for $60. Break the job down into every single component, including setup, wall prep, tape-off, all paint coats, checking over your work, and cleanup.

List Your Services

Allowable expenses do not include money taken from your business to pay for private purchases. When you get started in keeping books, here are 10 key things you should do. This is particularly relevant when you start keeping books for a small business (or not, as the case might be). When you begin using double-entry bookkeeping, you have a greater ability to create financial reports, one of the most valuable decision-making tools.

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