Hey everyone,
I’m starting a jewelry/craft business and am in the VERY beginning stages. I have a bit of experience when it comes to tracking inventory and figuring out the cost of goods but I’m working with a partner and they don’t feel it’s necessary to have a count of beads used in a product due to the time it takes. I understand it’s tedious but personally believe it’s necessary to have an accurate cost of goods so profit is accurate. I think this is important for tax purposes as well but I’m not too knowledgeable on that.
If you have any knowledge to share or opinions please let me know! I don’t want to waste time if we don’t need to have a count of beads but I’m more of a numbers person so in my head it feels necessary when it’s possible that it isn’t.
Thanks for your advice! What if we have beads ranging from $.01 to $.10 each? Should I take an average and use that instead?