At Bench Accounting, we strive to give cobblers the bookkeeping support they need. We regularly provide updates about your financial records, so you can focus on perfecting your craft. If you ever have urgent inquiries, rest assured that we'll respond within one business day or less.
Our platform enables you to streamline data inputs from leading providers, mitigating typical errors prevalent in cobbling industry bookkeeping. Our partnerships with leading merchants, including Gusto, Stripe, Shopify, and Square, ensure your shoe repair business finances are always precise and up-to-date.
Say goodbye to heaps of receipts and painstaking manual recording—we automate inputs directly from linked accounts for cobblers. Gain insights from one centralized dashboard so you can easily grasp the financial wellbeing of your shoemaking business and make strategic decisions.
DR. BUKKY KOLAWOLE
Accounting or bookkeeping for a cobbler business shares commonalities with other types of retailers, including managing income, expenses, inventory, and payroll. However, there can be several unique factors:
- Materials & Inventory: Cobblers typically deal with a variety of materials like leather, rubber, and hardware which might not be common in other retailers. Inventory tracking and costing for these can require specialized knowledge.
- Labour Intensity: Cobbler services are typically labour-intensive, requiring the cobbler to track their time accurately for job costing and profitability analysis.
- Custom Orders: Cobblers often deal with custom orders which may require deposits, progressive invoicing, and detailed work-in-progress tracking.
This specificity makes bookkeeping for a cobbler business a niche requiring specialized expertise to ensure accuracies and efficiencies. For the best results, consider engaging a bookkeeper who understands the intricacies of your cobbler business.
There are several specific expenses or cost items a cobbler should factor into their bookkeeping practices. These include:
- Materials and Supplies: Includes all the costs associated with the materials used to repair or make shoes, such as leather, thread, glue, etc.
- Equipment Costs: Expenses related to equipment acquisition, maintenance, and repair like sewing machines, leather cutters etc.
- Labour Costs: All costs associated with hiring and paying employees or contractors.
- Rent and Utilities: Any cost related to the physical location of your business, including electricity, heating, and water.
- Marketing and Advertising Costs: Any costs associated with promoting your business, including website maintenance, print and digital advertising.
- Insurance, Licenses, and Permits: Your business will require specific insurance policies, licenses, and permits, each of which comes with a cost that you will need to factor into your books.
- Professional services: Costs associated with accountants, lawyers or any other professionals hired.
Keeping meticulous track of all these cost items can help cobblers maintain a clear picture of their business's financial health. It facilitates more informed decision-making for the business's future growth and stability.
Yes, cobblers can often deduct the cost of leather and other shoe-making materials as business expenses when computing their income tax. This can include the cost of goods sold and supplies used in the business. Depending on their individual circumstances, other potential tax deductions may be available such as costs related to their workspace, utilities, and business equipment. However, tax laws are complex and vary by location, so it's important to consult with an experienced bookkeeper or accountant who can provide personalized guidance based on your unique situation.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.