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? Am I wasting my time?
Seriously, what do you all do? I know many of you do beading, 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. Many of you have Etsy or other online shops, craft booths, and do craft shows. What is your system? How did you do it when you started out?
I would love to hear from anyone with ideas, suggestions or resources to share. I know there are some of you with great ideas and some wondering the same thing.
7 comments:
Excel is always a good choice to list inventory or keep any thing you do organized. I need to take my own advice! when I first started Princess House many years took large manilla envelopes and wrote each month on them. I tossed all my receipts in there monthly and it really helped at tax time. Have a great Lavor Day! See you soon. Anne
Hi Connie!
You have wonderful blog, I am your newest follower too:))
Greetings from Europe, Biljana
These are great questions, but I don't have any experience with it either.
I will be interested to see what others have to say.
Hugs,
Terri
Over 45 years of creating are and beading and selling and teaching and writing anddddddd... my tax man told to keep track of finished product and reciepts for suplies purchased. For me there is just now way to keep track of every supply I buy.
Nicole/Beadwright
I don't do the same thing as you, but I can't imagine taking inventory of every bead and trinket. Because you have to also "deduct" as you use it. I don't think I'd be able to create if I was constantly worried about keeping track of everything. What I do is keep all my receipts by month/catagory. Then at the end of the year I subtract what I made from what I spent. Maybe it's too simple and wouldn't work on a big scale.
Patricia :o)
PS: What a lovely blog! I'm a new follower and look forward to visiting you again!!
I am a mess organizationally speaking,,,when I had a wholesale business, file folders, hand ledgers, I kept it simple and old fashioned. At the end of the year, Inventory was just too hard, I estimated or guessed, or I didn't do it, unless it was a big purchase. I never got audited, yea. I think life is too short to make myself crazy over every penny, so I didn't, as long as I was close, I let it ride.
Thanks for all the input. My problem is that I already have so many supplies that I won't be purchasing all that many. As a result my income would be higher (assuming I make any sales) than my expenditures. Maybe I am overthinking this? I have also paid taxes on my supplies as I bought them all through retail stores. I did run across some tax advice on Etsy. Maybe I'll pose the question with them. Thanks again. Also, thanks to you who are new to my blog! If I haven't already done so, I will be visiting your blogs as well. Have a great weekend. Connie
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