The processes of opening and closing a craft require careful planning, financial analysis, and compliance with legal regulations, i.e. adherence to relevant laws and other regulations. This paper addresses the issues related to these procedures from an accounting point of view and seeks to highlight the importance of craftsmanship for the Croatian economy. Craftsmanship is essential for Croatia’s economy as it enables self-employment and the employment of many people in the workforce. Craft is the simplest form of organizing business, requiring no specific initial capital. Therefore, many individuals opt for this structure to pursue their entrepreneurial endeavors. Given its simplicity and the number of active crafts, the significance of craftsmen in the Croatian economy cannot be overlooked. The aim of this paper is to emphasize the accounting specificities of craft operations, first of all, its opening and closing. To commence operations, a craftsman is required to obtain approval to conduct business activities. This step, along with others necessary for opening a craft, is explained in this paper. It is important that the craftsman acts in accordance with the legal regulations related to craft operations throughout the opening process and in overall business operations. There are situations in which a craftsman believes they cannot continue their business or situations in which, by law, they must cease their craft. The entire closing process is explained in this paper, and it depends on adhering to legal steps that are also crucial from the craftsman's perspective, especially concerning the remaining assets and obligations within the craft. Closing a craft is a process that varies depending on whether it is subject to income tax or profit tax. The paper presents an example of closing a craft within the income tax system.