Business Accounting Tips for Interior Designers
First, it’s beyond time to say, “Thank you” to Doreen Patrick and her Virtual Support Team at Virtual Business Partners. We can’t say enough about the new website they built for us (Ain’t it purty?), as well as the great relationship we’ve had with them for more years than we can count! You guys are the best!
This is the perfect lead-in to another article from The Designer CPA, a virtual accounting firm dedicated specifically to supporting interior designers.
“If you think good design is expensive, you should look at the cost of bad design.” Dr. Ralf Speth, CEO of Jaguar Land Rover
The business accounting tips being shared by this firm are insightful, real-world suggestions.
Whadda’ Ya’ Gonna Do?
In the article, Common Misconceptions in Your Design Business, CPA Peter Long offers three “common misconceptions that threaten to slaughter your profits – and show you how to avoid them.”
Misconception #1: Any CPA can handle my design business accounting.
Yeah, no. Just as designers vary greatly, it is also true that accountants’ levels of training, experience, and understanding of the design business may not be what you need.
Your goals, your needs, and their expertise are all critical components of the relationship you build with your business accounting firm. Think of your accountant as your “part-time CFO,” someone who is fully invested in your design firm’s success and has the talent, training, and experience to help you get there.
Misconception #2: Accept that you can’t do everything yourself.
You spent years training to be an interior designer – not a bookkeeper. Even if you CAN keep the books, WHY should you? “In addition to being stressed, dealing with the burden of everything your business needs to function takes a monumental amount of time. Wouldn’t your time be better spent focusing on other profit-boosting activities?”
Misconception #3: You need accounting software that is as unique as your business.
Accounting software that is designed to support car dealerships and/or other retail businesses will likely not be the best choice for you. Just because your accountant is comfortable with specific software does not mean you have to use it. “If you find that your accountant wants to box you into specific [and perhaps inappropriate} software, it’s time to find a new one. “Project Management – The Black Hole of Interior Design”.
Ted remains available for design business, support software, and other business-building tips for designers and furnishing dealers. With more than 25 years of experience, from the East Coast to the Rocky Mountain Region, Ted offers invaluable consulting services to the trade. Simply… Contact TD Fall today.