Often entrepreneurs start their new business venture with a clear business model in mind, over time however, it is not uncommon for that business model to change and morph in a completely new business. That is exactly what happened to Laura, owner of BlueStoneSky LLC. Laura was always passionate about newborn photography and helping clients capture family history and memories using unique props that brought out the individual personality of her clients. Over time Laura realized that she also had a passion for creating her own photography props, doing so allowed her to truly create a more custom experience for her clients. Soon thereafter, BlueStoneSky started selling handmade newborn props on Etsy, many of which were being purchased by other photographers across the country looking to create the same unique photography experience for their own clients. Laura realized that managing a business also required good accounting processes, below we will see how BlueStoneSky overcome these challenges using cloud technology
Now that BlueStoneSky had a new focus by selling handmade newborn props on Etsy, the business faced some new challenges. Products sold online required the collection and reporting of Sales Tax, accounting records needed to be accurately maintained to understand how well the business was performing and, to maintain good tax reporting compliance. When we first met Laura the accounting at BlueStoneSky was being maintained in a very manual method, Laura was unsure what business expenses could be deducted within the fiscal year and how to properly categorize them vs. capitalizing those expenses as assets. Laura wanted peace of mind that the accounting records for her business was being maintained correctly and that she could maximize her business deductions.
We immediately converted BlueStoneSky to our Xero cloud accounting platform linking directly to the business bank accounts, we then moved forward with a real time accounting model by taking the stress of accounting away from Laura and having our firm properly categorizing the financial transactions for BlueStoneSky on a daily basis. Doing so allowed Laura to have a real-time view of her business finances, and allowed better collaboration between BlueStoneSkyand our firm. Having one single cloud accounting platform also allowed Laura to see what we were seeing in her business finances, any information reported in Xero was instantaneously visible across our firm and BlueStoneSky giving everyone an opportunity to take a proactive approach to the accounting process. Recently Laura stated that cloud accounting is amazing, being able to access her accounting records from any internet connected device and knowing all financials are updated, allows her to have peace of mind that her accounting is well taken care of so that she can focus on doing what she truly loves. Today BlueStoneSky is a thriving business, as Laura continues to look for ways to expand her business, hire employees and perhaps one day purchase a brick and mortar store that will showcase her fantastic line of handmade newborn props.