Dear entrepreneurs,
As a starting entrepreneur, stock management is not entirely clear to me. I make earrings myself and therefore need various parts. Am I supposed to keep a list in Excel from each part with the amounts and unit prices so that I can use this list at the end of the year to report my inventory, or is it sufficient to only report the unsold finished products?
There are many different components (e.g. O-rings in five different sizes) and I don’t see how I can keep track of this. Do I have to indicate in an Excel list which components I used for each pair of earrings sold so that the inventory is correct?
I also use epoxy. That’s a 200 ml bottle. Depending on the size of the earrings, I use between 5 and 15 ml per pair of earrings. Do I just need to keep track of the amount of bottles of epoxy or how many millilitres are left each time I make or sell a pair of earrings? Thank you in advance for your help. An uncertain start-up entrepreneur.