At Bench Accounting, we understand how busy your day as a shoemaker can be. On top of producing high-quality footwear, managing your bookkeeping can be a daunting task. That's where we come in. We provide regular updates about your financials so you can stay in the loop without the stress. Have urgent inquiries that just can't be put off? We promise to respond within one business day or even less. At Bench, we're not just about numbers - we're about providing the best bookkeeping service for busy shoemakers like you.
Our software effortlessly automates data inputs from a wide range of providers, helping you evade common errors in your shoemaking business. We've teamed up with major merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financial records are always precise and updated. Choose Bench Accounting for your shoe business and focus more on your craftsmanship, not your accounts.
Say farewell to mountains of receipts and laborious manual recording—we automate data directly from your linked accounts. Get insights for your shoemaking business from one centralized dashboard. Now, understanding the financial status of your business and making strategic decisions becomes an effortless task with Bench.
DR. BUKKY KOLAWOLE
As a shoemaker, there are many occupation-specific expenses you can claim for tax deductions. Key expenses include:
- Supplies and materials: All the raw materials you purchase such as leather, laces, sole material, and other shoemaking tools can be deducted.
- Office expenses: If you have a home office or rent a commercial space, you can deduct a portion of this cost including utilities, internet, and rent.
- Training: Any courses, books, or seminars you pay for to improve your shoemaking skills can be claimed.
- Machinery and equipment: Any shoemaking equipment or machinery you need to purchase to produce your shoes is tax deductible. This includes sewing machines, hammer, lasts, etc.
- Travel expenses: If you need to travel for work, whether it's to buy materials, meet clients, or attend trade shows, these costs can be deducted.
Always remember to keep detailed and accurate records of your business expenses as you'll need these for your tax return. Consult with a professional accountant to ensure you're taking advantage of all the tax deductions available to you.
Managing your inventory and related costs for a shoe production business requires a comprehensive and efficient system. You should regularly track your inventory, calculate cost of goods sold (COGS), forecast future inventory needs, and assess new sourcing channels if necessary. Using inventory management software can significantly streamline these tasks.
At Bench, our bookkeepers have expertise in inventory management and can work with you to recommend the best systems and practices to optimize your expenses and the profitability of your shoe production business. They will also take care of updating and maintaining all your financial records accurately and timely.
This will ensure you have a clear picture of your current inventory and related expense situation, and can make informed decisions to direct your business growth.
As you scale your shoemaking business, there are several key accounting considerations to take into account:
- Inventory Management: Properly managing your inventory is crucial as it affects costs, revenues, and taxes.
- Cost Accounting: Understanding the total cost of producing your shoes, including direct materials, direct labor, and manufacturing overheads, can help you correctly price your products, plan for future expenses, and manage your cash flow.
- Sales Revenue: Tracking your sales revenue accurately ensures you have a clear understanding of your business' financial health. It can also help you recognize patterns, trends, and areas for growth.
- Payroll: As you hire more staff in response to demand, managing salaries and deductions becomes more complex. A robust payroll system and scheduling mechanism are important.
- Tax Planning: Growing businesses often face increased tax responsibilities. It's important to be aware of and plan for these obligations.
- Auditing: Frequent audits can ensure your financial statements are accurate and can help prevent fraud.
Partnering with a professional bookkeeper can help you navigate these considerations and provide the financial insight required to successfully scale your shoemaking business.
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.