By your trusty Canadian bookkeeper at Beyond the Ink – where we read spreadsheets like tarot cards and balance books better than a fresh eyebrow piercing.
Hey there, ink slingers, piercers, and body mod mavens!
You know how to wield a tattoo machine like a wizard’s wand,
place dermals with surgical precision, and somehow get a nervous first-timer to
relax with nothing but a raised brow and a playlist of early 2000s emo bangers.
But financial statements? 😬 Those can feel scarier
than tattooing your ex’s name on someone (again).
Fear not, because today we’re diving into the Big Three
of studio finances. And I promise, you won’t need a CPA or a crystal ball—just
a little patience, a cup of strong Canadian coffee, and maybe a few giggles.
1. The Income Statement (a.k.a. The Money Mood Ring)
Also known as the Profit & Loss statement
(P&L if you’re fancy), this beauty tells you if you’re making money—or just
making cool art while slowly bleeding cash.
It’s basically your studio’s story of:
- Revenue
(a.k.a. the sweet, sweet tattoo dollars)
- Expenses
(ink, rent, gloves, that life-size resin skull you "needed")
- Net
profit (the number that makes you smile or cry into your tax folder)
🧾 Real talk:
If your P&L says you made $100,000 but spent $98,000 on “shop snacks,”
congratulations—you’re a snack dealer, not a profitable studio.
2. The Balance Sheet (a.k.a. What You Own vs. What You Owe)
Think of it like your studio’s dating profile for banks and
lenders.
It shows:
- Assets
(cash, equipment, that couch in the waiting room that’s suspiciously
comfy)
- Liabilities
(loans, credit card balances, your artist’s tab at the coffee shop)
- Equity
(what’s left after debts—a.k.a. your business’s actual worth)
💡Canadian Tip:
If your balance sheet looks like your studio owns less than it owes,
that’s not great. It’s like saying, “Yeah, I own a Harley... but also owe six
months of rent and a kidney.”
3. The Cash Flow Statement (a.k.a. Did That Client Actually Pay You?)
Because let’s face it: just saying you made money
doesn’t mean it’s in your bank account.
Cash flow tells you:
- Where
your money is coming from (tattoos, piercings, merch, maybe that side
hustle selling vintage tattoo flash)
- Where
it’s going (rent, payroll, bulk glove orders, tax remittances)
- If
you’re actually surviving—or living on hopes and back tattoos
🔁Fun Fact:
Studios can be profitable and broke. If all your cash is tied up in new
equipment or unpaid invoices from that one guy who always says “next payday,”
your cash flow will call you out.
Why You Should Care (Yes, Even You, Mr. “I’m Just a Vibes Guy”)
Because these statements aren’t just for taxes—they’re your
studio’s heartbeat. They help you:
- Spot
slow months before they sucker-punch your bank account
- Price
your services properly (hint: $60 for a two-hour tattoo ain’t it)
- Make
smart decisions like when to hire, when to expand, or when to finally
raise your rates (yes, it’s time)
And let’s be honest: you didn’t get into this business just
to “get by.” You want to thrive. You want to afford the good ink and the even
better vacation.
TL;DR for My ADHD Body Mod Family:
📊 Income Statement:
Are you making money or just vibing?
📉
Balance Sheet: What’s your business really worth?
💵
Cash Flow Statement: Can you actually pay your bills (and yourself)?
Final Thoughts from Your Friendly Canadian Bookkeeper
Financial statements may not be as flashy as full-colour
sleeves, but they are the foundation of your studio’s survival. They’re
like the stencil before the tattoo—you skip them, and things get messy real
quick.
Need help figuring out what the numbers mean? Want someone
who won’t judge the glitter-covered receipt pile or your love of buying too
many piercer chairs on sale?
I got you.
At Beyond the Ink, we believe your art should be
wild—but your books should be boring (and accurate). Let’s decode your dollar
and keep your cash flowing as smoothly as your line work.
💉📈📎
— Beyond the Ink, where art meets accounting, and neither involves regrets.
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