Rather than me offering ideas this time, let me ask you all for your input this posting.
Surely there are others out there with the same questions?
How do you (or do you?) keep records of your studio or shop inventory? I have avoided doing anything about this for years and now I'm thinking if I even want to consider starting to sell items I make I probably need to have some sort of inventory. Also, it would probably be wise for insurance purposes.
I've started off recording the beads I have and if you look at my studio you will know that is a huge part of my studio. The majority I have no idea what I paid, when I bought them, or even the value of some. Some are old jewelry pieces that have been dismantled and separated.
After recording the first six small shelves, I am going back and numbering the jars and tubes with my sharpie to coincide with the list. I've also numbered my shelves and separated the list by shelves. Will this work as I move forward?
Seriously, what do you all do? I know many of you do scrapbooking and other things that have a million small pieces incorporated. I can't say I have seen much help on any of this tax/record keeping business end of things.
I would love to hear from anyone with ideas, suggestions or resources to share.
2 comments:
Good question and I have no answer!
I am in the same position with my fabric arts (mostly crazy quilting). I officially started my business this year, but there was no way in H&#% that I was going to inventory my fabric lengths, scraps, laces, beads, button, etc, as I’ve been collecting them for years. So, what I’ve been doing is just savings receipts for things that I purchase this year that will be used as “ingredients” in what I sell. As if I had time to use them all, LOL. I have no idea where to go from here. I am recording and paying sales tax and recording all sales. Postage, I figure is the same in and out (roughly), so will be a wash. I have no idea how this will translate on my taxes at the end of the year (since I’m just a sole proprietorship). I wish more of you readers would jump in!! Hugs, Cathy
Post a Comment