CRAFTYBASE - Expenses & Materials | Tracking Supplies & Expenses | Inventory for Small Business

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This video is a deep dive into adding expenses into Craftybase. Creating materials and adding expenses are the keys to tracking inventory for your candle business (or any small business). Like with anything, a nice house is nothing without a strong foundation. Your material and supply inventory is that foundation. It is important to get this right or everything that follows is unreliable or potentially irrelevant.
There is no single right way to do things in Craftybase. I am sharing my preferred way to handle expenses and materials for my business. I hope this helps. More Craftybase videos on the way. Some will be quick tips and how to's while others will be longer tutorials such as this one. Thank you for tuning in!
Thank you Craftybase for sponsoring this video.
🧧CRAFTYBASE INFO:
CraftyBase (Inventory, Recipe, Expense, and Order Tracking): craftybase.com/?rfsn=3998285....
CraftyBase Overview video: • MY INVENTORY SYSTEM fo...
👩🏾🤝👩🏼SOCIALS:
Instagram: / blacktiebarn
RU-vid: / blacktiebarncandleco
Website: www.blacktiebarn.com
Facebook Group: / thecandlemakingworkshop
Facebook (regular business): / blacktiebarn
🧰//LINKS TO COMMON OR HELPFUL CANDLE MAKING SUPPLIES (Great for those getting started!!)
Wick Holders and Clips:nordencandlesupply.com?sca_ref=1972485.DlZFh8FQu5
My Custom Labels, Stickers, and Tape: www.stickermule.com/unlock?re...
shipping label printer (Rollo): amzn.to/3b8Lqlk
Rotating Pegboard Display (Wax Melts) amzn.to/3fZDXac
Peg Hooks for Rotating Display (above): amzn.to/3KMvJAv
Thermometer 1: amzn.to/2ZrkvuD
Thermometer 2: amzn.to/3qyg6lt
Thermometer 3: amzn.to/2OJocJX
Thermometer 4: amzn.to/3pyel6B
Respirator Mask: amzn.to/3reMwCw
Color Wheel (for mixing dyes): amzn.to/3pdrUcj
Plastic Stirring Spoons: amzn.to/2VcsYQk
Infrared Thermometer: amzn.to/3q93rG4
Heat Gun (Variable temp settings): amzn.to/2JjvDoz
Economical Scale: amzn.to/33oLWYs
Economical Scale: amzn.to/36cDcGI
Economical Scale: amzn.to/33pxSxJ
Presto Melter with spout: amzn.to/2VaIqwb
Pouring Pitcher: amzn.to/37lK4ky
Wick Trimmer: amzn.to/3fKG7cP
Paper Plates (9”) for color testing/pitcher trivet: amzn.to/2Je8lRe
Paper Plated (6”) for color testing: amzn.to/39osi2y
Glass Measuring Cup (my favorite): amzn.to/37hxL8C
Glass Measuring Cup Set: amzn.to/36ft8wM
Glass Measuring Cup: amzn.to/39lWf3b
Pipettes: amzn.to/2JfOn8S
Product Photo Light Box: amzn.to/33xgqKP
Wick Setter: www.candlescience.com/equipme...
🚍//BUSINESS, PACKING & SHIPPING SUPPLIES I USE:
Camera Gear (Video and Products): amzn.to/3oNiaq2
My Custom Labels, Stickers, and Tape: www.stickermule.com/unlock?re...
shipping label printer (Rollo): amzn.to/3b8Lqlk
Tape Gun: amzn.to/3dYUycW
Packing/Shipping Tape: amzn.to/3u7Mb5Z
Packing/Shipping Tape (Option 2):amzn.to/3HgcX23
Packing Peanuts (Environmental Friendly): amzn.to/33VhyZj
White Shipping Box - Pack of 50, 6 x 4 x 3: amzn.to/3agrmxr
White Shipping Box - Pack of 25, 6 x 4 x 4: amzn.to/2MN7okV
Aviditi White Mailing Boxes - Pack of 50, 5.5 x 3 1/2 x 3 1/2:amzn.to/3d4Dbs0
💥//OTHER VIDEOS YOU MIGHT LIKE
Candle Making Supplies for Beginners: • Candle Making Supplies...
All About Wicks: • All About Candle Wicks...
Candle Making Business Basics: • Candle Making Business...
Candle Testing: www.youtube.com/watch?v=pHNaa...
Making Candles at Home: • Candle Making Tutorial...
Troubleshooting Candle Making Problems: www.youtube.com/watch?v=GTq7o...
Company Origin and Beginner Tips: • Black Tie Barn Origin ...
NOTE: This description and video may contain affiliate links to products I enjoy using myself. Should you choose to use these links, this channel may earn affiliate commissions at no additional cost to you. I appreciate your support!
00:00 - Intro/Overview
01:35 - Roadmap
03:12 - Addng Expenses & Materials
27:43 - Adding Free Samples
32:47 - Review/Filter Expenses
34:52 - Reviewing/Filter Materials
35:52 - Recap & Highlights
#craftybase
#inventorymanagement
#smallbusiness

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Опубликовано:

17 июл 2024

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Комментарии : 81

@kirstenpennington3485 10 месяцев назад

You are such a great teacher, Wade! I'm sure you've already thought about it, but you should do a SkillShare course! You'd do a wonderful job at it and I'd certainly take the course!

@julielyn542 Год назад

You are such a tremendous help, Wade. Thank you for your time and knowledge!

@BlackTieBarn Год назад

Np! Thanks Jules!

@kirstenblocker 3 года назад

You're a Rockstar, Wade! Thanks so much for this tutorial.

@BlackTieBarn 3 года назад

No problem. I know it's not part of "normal" content for the channel. But a lot of use us craftybase so want to help where I can. :)

@rebeccahatfield 3 года назад

Thank you so much for these craftybase videos! I am so glad I started using this software 🙌🏻🖤

@BlackTieBarn 3 года назад

👍

@SqueakerChimp Год назад

Thank you for this tutorial, it was so much more helpful than the ones that Craftybase have done. This has helped me so much. Like many of the comments below, I am on my trial version and I was absolutely ready to give up. I will be watching more of your videos to try to make sense of CraftyBase. Thank you

@msdaulphinlover 2 года назад

Thank you, you are so easy to understand, I appreciate that! New to this and very helpful

@BlackTieBarn 2 года назад

Thanks so much. Glad to help!

@katralla01 3 года назад

So of course you explained what I was thinking about in my comment on your last video. I can have different venders for a product but your answer on FOs and EOs make more sense now. Thanks for this😁

@BlackTieBarn 3 года назад

No problem! 😁

@UpsideGoodsCo 3 года назад

Super helpful video! I am still on my trial with Craftybase and it's been quite overwhelming, but this helped a lot! Thank you!

@BlackTieBarn 3 года назад

No problem Ashley. Thanks for the feedback!

@tassiegirl1991 Год назад

This is a very good how to use video. You cover the details clearly and in not too fast speed which allows viewer to grasp “how too” use the programme. Thanks

@BlackTieBarn Год назад

Thanks so much!

@jeanettejenkins8861 2 года назад

Super helpful! Thank you!

@BlackTieBarn 2 года назад

Np!

@tamikopearson6876 3 года назад

Thank you for the video! I struggle most in testing phase with supplies.

@BlackTieBarn 3 года назад

Thanks for the feedback Tamiko!

@mariawood3733 2 года назад

following your tutorial videos. Very informative. Thank you

@BlackTieBarn 2 года назад

Np Maria!

@shunwilliams6180 2 года назад

Thank you so much for sharing 🥰🥰🥰🥰

@BlackTieBarn 2 года назад

No problem!

@djorgenson1 3 года назад

Hi! I love these videos:) they've been very helpful! Are you doing more of them?

@BlackTieBarn 3 года назад

Oh yes. Many MANY more. Just trying to play catch up on lots of things at the moment. :)

@infokobico9004 Год назад

Just found your intro to crafty base tutorial and the expense & material video. Are there any more? I didn't see anymore in the playlist. These are excellent! Exactly what I needed to get started. Please don't leave us hangn!

@BlackTieBarn Год назад

There are a couple but not like I had planned initially. I'll try to get more going though

@meadowyck 3 года назад

You are Awesome Wade! This is Janet

@BlackTieBarn 3 года назад

Thanks Janet!

@Peace-Love-Pool 2 года назад

Hi Wade - Love your channel! I have been a subscriber for some time as a hobbyist. I am considering turning my hobby into a small business now that I am retired. I differ slightly because I make pillars mostly, not containers. These tutorials are terrific and I will be using CraftyBase. So, what about dyes? Since they are used in such small quantities as drops, how would you enter and track them? I think you can convert fluid ounces to #drops. Thanks - Pete

@susanhill7885 2 года назад

Hi Wade, great and very informative video. I am struggling with components. Example, same recipe but different packaging, ie., vessels, lids and candle boxes. I have a classic range and premium range of same candles. I’m making Christmas candles and am making a big batch which I will divide into half classic and half premium. So it will be same batch number for both but how can I tell the system to allocate half Christmas candles to classic and the other half to premium ranges. I’ve been making 2 seperate batches for same candle but it would be so helpful if I can do 1 batch for both. Is that possible? Thank you very much. 😀

@Artystrique 3 месяца назад

Wonderful video! Thank you! I was wondering, is there a way to track expenses that are associated with manufacturing an item, but which are not materials? For example, I'm an artist, so I order prints, and then they go through various finishing by me. All of that is included in materials. However, some of the prints also go to the framer for matting. When I pay the framer, I pay for his service. The materials he uses are included in the price he charges. If I only account for my materials, then my cost is much less than what I'm actually paying to bring that print to market. However, I can't seem to figure out how/where to add the extra service so that the cost of the print is correct. Thanks!

@kipatte 5 месяцев назад

Great tutorial. Question, I have it my etsy site set up so the customer chooses the scent. What should I put in my recipe for FO? I could do a general FO but prices vary a lot. I don't want to change the recipe to reflect the FO chosen everytime a customer places an order. Is there an easier way?

@niikolful Год назад

Hey Wade. Thanks for the great video. Your video definitely helped explain some things. Can you elaborate a little more on how you entered items when you're in the testing phase. I've bought some things but have use many for testing and don't know quite how to log that. For example, I have many jars that I technically have because they're test candles but would I only be logging them as an expense? Same as fragrance oils. I've bought some oils that I feel are too light and choosing not to use for resale but still purchased them so should I just log them as an expense?

@judithgrant9620 Год назад

This is my question also. Hopefully we get a response.

@lisaturley7298 Год назад

I love this tutorial! I am a small business owner that has NOT been keeping up on my material inventory so I would like to know the best way to start with adding materials to start the program this year since we are so close to the first of the year. Can you help a girl out? Thank you!

@BlackTieBarn Год назад

Hey Lisa. your best bet would be to make some adjusting entries or backdate as much as you can prior to the year. Up to you. But try to get some baseline from Jan 1st. THEN go back and add everything since Jan 1st this year.

@cindymacdonellzammadesigns3356 2 года назад

Very helpful I would like to see how to track sheet metal for jewelry.

@BlackTieBarn 2 года назад

👍

@scentsbyemebathbody3161 2 года назад

Great info !! Where is the best place to add your labels for your product …? I have heard mixed reviews on where they should go …materials vs expenses .

@BlackTieBarn 2 года назад

That is a great question. Its best to ask your CPA or bookkeeper, because it may depend. Most importantly is being consistent though. Here has always been my philosophy on this, though. I often use different labels for the same jar/scent. For example, I change them for holidays, or custom labels, etc. that makes it tricky to add as part of your material costs (COGS) because it frequently changes. The typicaly definition of whether it should be considered part of your product material (COGS) is if it is an integral part of your product. Which... is the gray area here. Yes, a label is a part of your product for sure. But... is it integral if I can change it anytime? Tough to answer. The option is "advertising expense". I konw many who use this as well. So it comes down to... do you want it included in your product cost and do you want to track the inventory for them. Both of those are major benefits but require more work and management as well.

@scentsbyemebathbody3161 2 года назад

@@BlackTieBarn Thank you for taking the time for your response it helps a lot for those of us trying to get it right :)! Your very helpful. I will ask my accountant his thoughts but in the mean time I won’t add it to my product materials as it can be counted in a different way . 👍

@eahweekly1 3 года назад

Awesome amt of info.. very helpful! I'm having hard time figuring out how to add supplies i already have and have partially used. Will create issues if I only add newly purchased but also use supplies I already had. Im assuming nothing I can do here?

@BlackTieBarn 3 года назад

Have the supplies you already have or have used some of.... already been deducted from taxes in past tax years? That will make a difference how you might handle this situation. :)

@eahweekly1 3 года назад

@@BlackTieBarn used yes. Deducted no because I havent been selling yet. Just hot my tax numbers etc

@BlackTieBarn 3 года назад

Was the purchase prior to your starting backdated in CB? If so..... if just add the item in with no expense. Add its estimated cost in and then do adjustment for what you've already used. And you can categorize that adjustment as something like "startup expenses" or research and development, etc. Let me look into this question a bit more. It's a good one. :) You may also send it to CB support in the meantime

@eahweekly1 3 года назад

thank you

@sarahb7101 3 года назад

@eahweekly1 thank you for asking this, I had a similar question! @blacktiebarncandleco. thank you for the information, it was really helpful.

@mousec1999 2 года назад

Please do more Craftybase how to videos

@BlackTieBarn 2 года назад

👍

@averagewonder Год назад

So I just started using craftybase. I have added all my base materials after that I added my product with the recipes from the materials. But when I ass that I have let's say 12 of that product it doesn't reduce the amount of my base materials. Do you know what I'm doing wrong?

@hoss2752a 2 года назад

Do you have any entry recommendations for purchases made from Amazon? For example I just ordered wax through Amazon through Virginia Candle Supply. Would you suggest listing Virginia Candle Supply as the vendor and just put a note in about the purchase through Amazon? I realize we can put it in however we want however, I would like to get your opinion on it…. Love your videos.

@BlackTieBarn 2 года назад

Yes... I works out the actual vendor so you know the source. Again sells so many Bergdorf so that wouldn't really tell you much. And if you are looking for product consistency it so will be better to know where it actually came from.

@hoss2752a 2 года назад

Thank you… one more for you to ponder. I sent this in an email but I don’t know if it went through or not: Since we are doing candles and soap products (with potential for other items later down the road), would it be better to keep them separate within a software program (such as Crafty) for specific inventories etc. or would you basically lump them all together since it’s just one business? And, since I am doing primarily candles and she is primarily doing soap (although we work together on both), would we set up two separate users for the purpose of our individual crafts? Also, we would backdate everything because we are just getting started and don’t have any type of a spreadsheet etc. set up just yet. We have already purchased many items for both crafts which leads me to my second question; does crafty act as a stand-alone if you don’t already have something or is it better to have something else like QuickBooks etc. in conjunction with Crafty?

@BlackTieBarn 2 года назад

@@hoss2752a Hey Jim, sorry for delay. I just responded to your email. :)

@salafiumm 2 года назад

What about adding liquid dyes. We buy them by the oz but use them by the drop. How do you add cost per drop?

@BlackTieBarn 2 года назад

Yah this is a tough one. Couple options 1) ask supplier how many drops in a bottle. If they can provide that, then treat it like any other material 2) if can't really calculate it... add it as a non inventoriable material. This way you can use it in your recipes but it's not counted towards your cogs and you just expense it Luke an office expense for example.

@carlosvargas2976 Год назад

Whats the best way to add the same item purchased from different vendors? For example I purchase IGI 6046 from 2 different vendors. Do I input that material with different names and sku's for each vendor when I add expenses? Or should I just name it IGI 6046 and not add a sku. I still want to track for COG.

@BlackTieBarn Год назад

In the case of wax, it's the same material because it all comes from the same manufacturer. Different suppliers/vendors just resell it. So igi 6046 is the same anywhere. I would keep as the same material. Your expenses will show where they came from. And you can list your preferred vendor if you prefer one over the other... like shipping. For other materials like oils, etc.... I would create separate materials for each.

@lisabeans1694 Год назад

After watching a few videos I am on the verge of signing up! Can you tell me how you would expense items that go into the product but are hard to measure? Let's take glue you use to bind a product - I would think these items should be in the supplies expense code and deducted in the year purchased instead of waiting until a finished product, that glue was used, sells. Also, how do we enter sheets of materials that you can't determine how many finished items I can use it on until completely used?

@BlackTieBarn Год назад

Hey Lisa. Those materials are called incidental materials and supplies. They are negligible in the lone run and hard to measure. There is actually a category for that. ;) yes, they are just deducted at time of purchase rather than calculated into your cogs (assuming you want to do that). Re: your other question. Materials like that arr just added as materials by whatever unit you want. Then as you create a product/manufacturer you just put in how much you used. So when you make the purchase of sheets for example..... do it by Sq ft or yard or whatever at time of purchase. Then when you make stuff it gets deducted. Hope that makes sense.

@christinasanabria1734 Год назад

Wade do you have other videos for Crafty base that show how to add your recipes and products also?

@BlackTieBarn Год назад

I haven't done as many as I wanted to... but yes. There is a recipe video as well. :)

@christinasanabria1734 Год назад

@@BlackTieBarn thank you. I love how you explain this system. I would love to see more of these. I plan on changing from inventora. So I think I’ll be starting from scratch. Do you suggest me adding the materials from my expense as you show BUT change the amount I have in stock so it adjusts the inventory total?

@BlackTieBarn Год назад

@@christinasanabria1734 I might not be fully understanding your question. But, I like to add materials from my expenses... yes. That way the correct inventory cost is associated with them. Then, add all your manufactures which turns those materials into products. Then I would make adjustments to the stock of those materials periodically (quarterly, or annually at the very least). You can create cateogries for your adjustments. For example, "testing, personal use, waste/lost". This helps balance what Craftybase shows as your inventory levels vs what you actually physically have. Craftybase does this automatically through manufactures, recipes, and orders. But... of course it isn't exact and there will be differences as the year goes on you want to account for. If you are just starting in CB and do not want to (or can't) really backdate all your past expenses, manufactures, orders, etc then you may want to read up on their website blog or email them fro best practice. There are options for ways to start but the bet option depends on your situation.

@christinasanabria1734 Год назад

@@BlackTieBarn thank you no that does help for sure and you answered questions I would have had later about testing candles and waste. Thank you and I will also try to reference them as I go. I think it will be easier to almost start like I’m starting the new year with them. So put in what I have in stock now with the most current expenses to purchase them. And then go from there. I’m excited to get this started. Looking to sit down with this Wednesday or Thursday of next week between Christmas and new years while I’m off.

@kittykat6830 3 года назад

Hi can you please do a video on making 6006 ??!! I live in a country where eeeeveryone uses soy and only 1 online store has 6006 and it’s super expensive. Would it be possible to even make 6006 yourself ?

@BlackTieBarn 3 года назад

Yep, check the videos on my channel. There are a couple pn using 6006 specifically. :)

@caraisticnails7949 3 года назад

I have received 2 free 4oz FO bottles as compensation for an error of the company. I did use these in my selling products. how would craftbase keep track/calculate that using these FO would be profit as i didn't have to buy them, but did make money from selling something made with them.

@BlackTieBarn 3 года назад

Totally up to you. You could: 1) use them for testers or personal use or promo products and not track with rest of inventory 2) go ahead and add them to your inventory stock as an adjustment. It would have zero cost which would lower your overall total costs of that material.. but that's okay as it reflects reality. I'd probably go with one of those two

@laricelife1 2 года назад

I struggle to track silver. I purchase different types of silver, I pay by the ounce and purchase by the foot.

@BlackTieBarn 2 года назад

👍 yah.... thats why I like systems to help track it all. Lol

@HarryDunlopClark 3 года назад

Hi Wade. Don’t suppose you know if this service is available in the U.K? Have had a look online, and it isn’t very clear. Can’t see a definite answer

@BlackTieBarn 3 года назад

I'm not entirely sure. Their help site says it can work with multiple countries. I'm not sure what that means though. Your best bet is to contact their support and ask them directly for your specific location. Sorry about that, I don't have a better answer at this time unfortunately.

@HarryDunlopClark 3 года назад

@@BlackTieBarn not at all a problem Wade. Thank you so much for your reply!