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 Take the opportunity to write-off stock that is either obsolete or out-of-date;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.
Have you thought about what goes behind the scenes in organising a market? It takes time, lots of time, dedication, tears, passion, strength to organise a market and we asked a few of our fans from Markets and Community to write about their appreciation to their Market Organisers.
Just like to share my experience as a stallholder at The Dazzling Boutique Market.
I am from Her Macarons and a regular stall holder at Dazzling. Sarah the organiser is very lovely and helpful, that she always goes all out in supporting us by heaps of advertising (that i know will cost her a lot of money) and constantly promoting our business page in facebook. The market is every second month but she is always sharing our sales/promotions ALL the time.
One more thing, her market gave us a lot of exposure to customers not only to buy on the spot but to become our regulars.
Oh and I was surprised that I received an invitation from Better Homes and Garden (TV show) to attend their expo and said they found me from the Dazzling Boutique Market.
I would like to thank Nicole Joy from Simply Boutique Market in Werribee VIC. Nicole volunteers long hours so the market runs smoothly, with little or no thanks for the stallholders. I have just started helping her out and also volunteering one day a week of my time. I would like to formally acknowledge the hard work Nicole puts into the market. My business is Hani’s Mirror Creations and my name is Geanette. Cheers
My name is Mish and our business Ur Baby Trendz has undertaken 2 markets thus far with Melbourne Cheeky Monkey Market.
Being first time market stall holders (my 12 year old daughters bright idea) I thought the process would be time consuming, expensive and confusing. I made my first call to Bianca (who I have dealt with throughout our experience) to enquire about a stall and everything was explained to me step by step in simple terms making the whole process less daunting. Melbourne Cheeky Monkey Market do a lot self promotion which is great and we really saw this in the turn around of attendance. As we are a kids stall we loved that there was also bouncy castles, face painters etc to attract the families.
On arrival our table was easy to find and set up was a breeze due to the great organisation. Any questions we had were answered throughout the day as Bianca made a presence at all stalls to see how we were all going. I really appreciated this as it showed that Melbourne Cheeky Monkey Market was not just about making money for themselves, but ensuring their market holders had a great day of selling.
After the first Williamstown market there was no question about booking another stall, and it was even better. A smaller venue meant less people and less money to be made right? Wrong. We made even more on sales and saw even more people thanks again to Melbourne Cheeky Monkey Market’s promotion. During this market there was a spare stall next to us that someone hadn’t shown up to and instead of leaving it bare, Bianca invited us to spread our stock out across these tables. It was perfect as our samples are huge. There was no extra charge and the market did not have any spare tables making it look amazing and full.
I highly recommend Melbourne Cheeky Monkey Market and Bianca’s great organisation. We will be holding stalls at all their markets time permitting.
Hi just wanted to say I have been part of Melbourne Cheeky Monkey Market twice now and have booked for another I wanted to say it’s the most enjoyable market I have done, the girls Bianca and Stacey both are excellent with their attitude and patience with all stall holders. They go out of their way to make the day as enjoyable as they can for stall holders and consumers no problem is too big or small they welcome feedback chat with the stall holders always checking to see if things are going ok I would highly recommend them and their market any day over some that I have been to. regards Deborah I am a Sales Leader with Avon and I do Breast cancer stands at markets deborah henshall, email@example.com
Naomi from Macarthur Indoor Community Market is a fantastic organiser, lovely person and really cares about her stallholders. I love seeing an organiser walking around, talking to everyone & introducing herself. Plus on the HOT days, she hands out bottles of cold water. Little things make a big difference!
The Gully Market is my neighbourhood market, it has been around for over 40 years. Some of the stallholders have been there for well over 30 years.
As all community markets you can feel the sense of the community and close knit feel of the market. Saturday’s are very busy at the market with locals stocking up on fresh fruits and vegetables from Tony from Pellegrino’s, his fruits and vegetables are usually sourced from the local area when possible, I love the freshness of his produce (definitely an A+ from me.
I remember going to the market when I was heavily pregnant and stocking up on my weekly produce, I didn’t have a trolley to carry everything back to my car, and one of Tony’s lovely and handsome sons helped carry my bags to the cars. I was chuffed that he did that and still blushing now.
Another couple of favourite stalls of mine is Pam “The nut lady”, who stocks all sorts of nuts, the Turkish dried apricots tastes divine and she will advice on what’s best to use for your Christmas cakes or even just for your general baking needs. Remember to purchase a statue from Mick, he has some great ornaments for your gardens to go along with your plants from Wolf’s Carnivorous Plants.
It is advisable to drag along your partner, as he can get his haircut at $15 whilst you shop. He can even get his dutch poffertjes and a coffee whilst getting his hair cut.
On Sunday’s when you go for a drive through the Dandenong mountains, you can stop by for a quick look at the market before purchasing your groceries from Maxi’s for you dinner, as the market trades on Sunday’s as well.
The market is open every Saturday and Sunday.
It is located at Upper Ferntree Gully Sation Car Park.
Visited 04th February 2012