Rolly
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Re: Setup for SME who manufactures and retails Items
Hi @The Doc, Thanks for your sage advice. I also ran it by my tax accountant (because I stupidly didn't to start with) and she agrees 100%. KISS - the simpler the better to save many, many hours of work. Greatly appreciate you taking the time to respond. BTW The Square started out as a simple POS device for accepting credit and debit cards where you buy a card reader for less than $50 from any office supplier and use it with your smartphone. Transaction fees are similar or less than a bank for SMEs and there is no monthly account keeping fees or monthly rental fees for the EFTPOS machine (which for us was $65 a month!). Square has expanded and now has a full POS solution that can be as simple or fully blown as you need. Thanks Rolly686Views0likes0CommentsSetup for SME who manufactures and retails Items
Hi. My wife has a small jewellery business where she manufactures jewellery from raw materials and also retails the jewellery herself. She operates under the SME Cash Accounting rules with ATO. Currently we inventory all the individual items that go into the jewellery and then build items for sale that are inventoried. There is little value that we gain from this process as inventory tracking is not required as we are operating on a cash basis (not accrual) and is used a little for determining the cost of items made but not fully as we don't add overheads to the inventoried items held for sale. I was wondering if there was a simpler way that I could implement where purchases of supplies go to COGS and items for sale are entered as inventory (but without using the build function that requires the raw materials to be inventoried as well). Or indeed, can we just record the purchases of supplies and the sale of jewellery without any inventory system. We also use Square which allows us to keep track of items in stock. Thanks RollySolved734Views0likes2Comments