Today is the first day of the new financial year, whilst you maybe excited about starting the new financial year with new goals and ideas for your business there is one small thing that you still need to complete before starting your new year.
Stocktaking your inventory is a vital part of your business, here are some tips of why you need to stocktake your inventory:
1. Gives you an exact figure of how much finished products, raw materials and packaging materials that you are currently holding;
2. The Closing Stock has an effect on both this year’s and next year’s income tax return;
3. Helps you understand the movement of your products once you enter your data and compare it to you sales;
4. Take the opportunity to write-off stock that is either obsolete or out-of-date;
5. Use this opportunity to determine what sells well and what the customers want. It may mean that you spend money/allocate resources on the things that will make money rather than the things that don’t;
An example of a stocktake using excel would be
AS AT 30 JUNE 2014
STOCK CODE STOCK ITEM NUMBER ON HAND COST PER ITEM TOTAL VALUE
This spreadsheet can be then given to your accountant who will help you with writing down or writing off stock.
A copy of this spreadsheet can be obtained by Marked Focus. Some of the tips have been provided Marked Focus who specialise in tax consultation, mortgage broking, business accounting, bookkeeping and more. Call (03) 5996 1990 to book a consultation with one of their specialised consultants.
Would You Like a Free Review of Your Tax Return
Were you unhappy with the result of your tax return? If so, we can provide a free review of your last income tax return (valued at $120) To take up this offer call 03 5996 1990.
Guest Blog by Sarah Bowers owner of Toadstools and Tails
The trouble with having a creative mind is that you change it all the time. Once you think you’ve settled on something, another brilliant idea pops in…..and of course you just HAVE to do it!
Finally I have decided on a ‘range’ and I’m going to stick to it. We will now be concentrating on our well known ‘Toadstool & Mouse’ blankets (we also provide monogramming on the blankets), swaddling wraps and an assortment of gift packs. All packaged beautifully and our gift packs are especially ideal for baby shower and newborn gifts. If requested, we will also hand write a personal gift card.
I have to say though, the beauty of taking your wares to market is that you can create every idea that pops into your head as it’s a great way to road test, get feedback and most importantly, see if it sells.
Markets are a fantastic, inexpensive way to get your business some major exposure especially when you’re first starting out. This was why I first started markets. The adrenalin (and nerves mind you), on the day of your first market are exhilarating. You look around at your display and possibly for the first time, you realise just how proud you are of yourself and your products.
It gets better…wait until the market goers come in and start paying you compliments, then it feels amazing and makes all your hard work worth every minute.
Doing your first market is a bit like your first day at a new job…how much stock is enough? How much money do I need in my float? Can I leave my stall? What is correct market etiquette? Obviously do as much research as you can and ask as many questions as you like but at the end of the day, it’s such a wonderful community to be a part of. Everyone helps one another, supports one another’s business and this community is where you will receive the most valuable advice because everyone has been in your shoes.
Before not too long, you’re an old hat at it. Your marquee is up in minutes, you know exactly how best to display your products, you know which markets work best for you, your organised and most importantly of all….you have worked out who sells the best coffee!
You will make lifetime friends, have a laugh and admire the amazing work of others BUT, it is hard yakka, so be organised, always have plenty of stock (it makes your stall look so much more attractive) and practice setting up your marquee and how you would like to display your products. Oh and plenty of sleep! This can save a lot of time and disappointment at 6am in the morning, best of all you will be confident and feeling on top of the world.
Markets and Community had the pleasure of selling Toadstools and Tails products at the GO Festival held in October at the Melbourne Showgrounds, the products were bought as gifts as they were presented beautifully ready to be gifted.
Toadstools and Tails products can be purchased via their website: http://www.toadstoolsandtails.com.au/