The Framers Forum

Good morning everyone

We are just coming up to the end of our first year in business, and so we are undertaking our annual stocktake.

We are a small gallery, so the stocktake is for tax purposes rather than keeping track of stock, so I'm wondering, will I need to count consumables or just mouldings, mountboard, glass etc?

Thanks

Gavin

Gavin - my accountant asks me to count everything, including consumables, wrapping, tape and anything else used in the business. Don’t get too hung up on counting every last screw. I just estimate what’s left to the nearest 10% and leave it at that. I found it a bit of a pain at first but once you’ve done it a few times it doesn’t take long. Just one of the less enjoyable bits of running a business.

We used to do ours on a spreadsheet like JonathanB says. Its a pain the first year but subsequent years are much easier. I too worked on a percentage of fittings and then just applied the cost price to that percentage. It never took more than half a day to do the lot. Mountboards I just counted the number of full sheets and then used the normal board rate rather than cheap stuff or conservation board. Mouldings were just a count of the number of lengths and use an average price