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TOPIC: Inventory

Inventory 14 Apr 2010 14:06 #1

  • THamilton
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I recently had a conversation with my accountant about taxes and such ( I know alot of us had. ) It got me to thinking about inventory and how to better track it.

What method(s) do you use? I will admit this is a weak part of my business and would like some help.

Thank you all in advance.

Tony
"Nothing astonishes men so much as common sense and plain dealing" Ralph Waldo Emerson
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RE:Inventory 14 Apr 2010 15:42 #2

  • Gary_Miller
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Unless you sale items you do not have to track your inventory.

It is a "Supplies and Materials" deduction.

From IRS publication 535 Business Expenses.

Supplies and materials. Unless you have deducted the cost in any earlier year, you generally can deduct material and supplies actually consumed and used during the tax year.

If you keep incidental materials and supplies on hand, you can deduct the cost of the incidental materials and supplies you bought during the tax year if all the following requirements are met.

· You do not keep a record of when they are used.

· You do not take an inventory of the amount on hand at the beginning and end of the tax year.

· This method does not distort your income.
Gary Miller, PF

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RE:Inventory 14 Apr 2010 21:48 #3

  • THamilton
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Thanks Gary.

I guess I was getting more at how do you track what you have in inventory so you can reorder and maintain supplies. I am well aware of the Supplies and Inventory.

Thankyou,
Tony
"Nothing astonishes men so much as common sense and plain dealing" Ralph Waldo Emerson
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RE:Inventory 16 Apr 2010 00:24 #4

  • vthorseshoe
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Tony, for many years (when Cindy was alive and doing the books) we used Forge Ahead.
It was very easy to see what I had used and where my money went.
In other words I knew what I needed the most and what to keep well stocked.
Anything I didn't make a lot of money on or didn't use very often i would order as it was needed from Meaders.

After a number of years and having the same customers I knew by looking at the schedule what I had to have and I stopped keeping inventory on a large scale.
Meaders will ship to me over night and I have what I need when I need it.
For good customers and for some after a certain amount, they don't charge shipping.
SO why not let them carry the inventory and I only carry what i absoluetly need to have in my truck.

Hope this helps friend. (so nice talking with you the other day on the phone)

my 2 centsa worth ;)
"you may not like what I say" !
-but-
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I thought my life had come to a close with Cindy's passing, but there is life after death Thankyou Sharon !

Bruce Matthews
Southeast...
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RE:Inventory 16 Apr 2010 13:40 #5

  • Mike Ferrara
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THamilton wrote:
Thanks Gary.

I guess I was getting more at how do you track what you have in inventory so you can reorder and maintain supplies. I am well aware of the Supplies and Inventory.

Thankyou,
Tony

I try to keep things organized in the truck and shop such that I can tell at a glance what I have. I have a pretty good idea what horses I have coming up and what I need.
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RE:Inventory 16 Apr 2010 13:43 #6

  • THamilton
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Thanks guys. I appreciate your input.

Yes Bruce, It was great!

Tony
"Nothing astonishes men so much as common sense and plain dealing" Ralph Waldo Emerson
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RE:Inventory 16 Apr 2010 14:33 #7

  • Gary_Miller
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Tony, Basicly I try and keep 6 pairs (front and hind pattern) of each size of shoes 00 - 2. I also keep a 2 full set of 3, 4, 5 on the truck. I also carry 1 box of each size nails that I use, MX55, MX50, CH5, SB 5. Anything else I purchase as needed. When I start to get low (that would be below 3 sets on shoes) go to the supply house I take a quick inventory of whats on the truck and restock as needed.
Gary Miller, PF

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RE:Inventory 16 Apr 2010 15:35 #8

  • Gary Hill
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Seeing as the closest supply store for me is an hour either east or west, I load up on supplies, which in doing so saves me money when buying bulk. Then when one of the locals runs out of his few shoes on his truck I give him a pair. I would wear myself out running to the supply store to get just a few pairs for the week? I can go through 5 sets in a day somedays. Nails I buy by the case.
"As I see it, winners get the money - while losers talk of "individual goals" and similar stuff." Tom Stovall
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RE:Inventory 16 Apr 2010 15:54 #9

  • beslagsmed
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By this time, I have a good handle on what my client horses need as 90% make appointments ahead. I have my shop organized so I know when a spot is empty, all I got of that size is in my van. I have a chalk board in my shop so I write things up. I get when needed as usually a couple times a month I am near my supplier. Special shoes, I make them the first time, then will buy if the horse is going to need them in the future.

Guess the key to my inventory is knowing my customer base.
Mikel Dawson, RJF

(Denmark)
What part of "NO" don't you understand!!

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RE:Inventory 16 Apr 2010 18:47 #10

  • Mike Ferrara
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Gary_Miller wrote:
Tony, Basicly I try and keep 6 pairs (front and hind pattern) of each size of shoes 00 - 2. I also keep a 2 full set of 3, 4, 5 on the truck. I also carry 1 box of each size nails that I use, MX55, MX50, CH5, SB 5. Anything else I purchase as needed. When I start to get low (that would be below 3 sets on shoes) go to the supply house I take a quick inventory of whats on the truck and restock as needed.

I went back to using compromise pattern shoes so I don't worry about whether it's a front or a hind until it's time to put it on a horse. The kerk standards are shorter than the sx7 or sx8 fronts so I might keep a few fronts around for the extra kength.

These days I have an awful lot of horses on the books that stay barefoot behind for one reason or the other. Either they'rer school horses and they want the hinds bare in case somebody gets kicked or people just don't want to spend the money...a lot of that these days.
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RE:Inventory 16 Apr 2010 18:55 #11

  • Mike Ferrara
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Gary Hill wrote:
Seeing as the closest supply store for me is an hour either east or west, I load up on supplies, which in doing so saves me money when buying bulk. Then when one of the locals runs out of his few shoes on his truck I give him a pair. I would wear myself out running to the supply store to get just a few pairs for the week? I can go through 5 sets in a day somedays. Nails I buy by the case.

I don't have any supply stores that are convenient. Once in a while I get over toward Midwest and stop in to chat and get a few things. I order almost everything.

Anvilbrand usually gets stuff to me in a day and they'll ship it anywhere I want. Sometimes I'm on the road for a few days so it doesn't do me any good to have it sent to the house. I just can't get myself to tie up a bunch of money stocking up on stuff that they make every day. The price breaks aren't all that impressive.
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RE:Inventory 16 Apr 2010 19:33 #12

  • Cyber Farrier
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Mike Ferrara wrote:
I don't have any supply stores that are convenient...

Thank goodness for UPS.
...The price breaks aren't all that impressive.

Have you checked all the discounts offered by suppliers participating in the Co-Op benefits program?

Baron Tayler
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