Kreithchele Barnard – Accounting and Taxes for Resellers

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Product Name: Kreithchele Barnard – Accounting and Taxes for Resellers
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Kreithchele Barnard – Accounting and Taxes for Resellers

Kreithchele Barnard - Accounting and Taxes for Resellers

Accounting and Taxes for Resellers

Things You Need to Know about Accounting, Business and Taxes, to Efficiently Operate Your Resale Business

Typically you start out selling your own stuff – it’s just a hobby. It’s so fun!

Then you start buying stuff to flip. And you find an amazing deal and make an incredible profit. Awesome!

And you keep doing it over and over and over and eventually even start buying wholesale and become an online boutique.

Then boom! Your hobby is now a full fledged business!

What?!?

Yes, your activities are now a business. And now you need to start treating your transactions like they’re part of a business.

You need to start ACCOUNTING for them. And then you need to start paying TAXES!

Boring!!!!

I know you didn’t get into resale or having a boutique to know anything about accounting or taxes. I totally get it.

But, just think – you are NOW an ENTREPRENEUR!!!

Doesn’t that feel Ah-may-zing?!?

Some responsibility comes with the territory.

For one, you have to treat your activities like a business and that means keeping good books!

And yes, I know, some of you don’t know anything about accounting or taxes or even business.

I totally understand that.

And that’s why I created this course in 2017!

In this course, I’m going to walk you through the beginning of your business activities, to what licenses you need to get, to what type of entity you should consider for your business, to setting up your books and to dos. I’ll cover inventory, sales, expenses – their nature, how to account for them and what to include in those categories. Then I’ll teach you how to read your financial statements, show you what all those numbers mean. Then give you the deets on income taxes and sales taxes.

And I’ve updated the course in 2021 to reflect the following:

  • Tax Cuts and Jobs Act including QBI (Qualified Business Income deduction)
  • New Sales Tax Laws and Wayfair v So Dakota
  • Poshmark’s reports – Sales report and inventory reports
  • Poshmark’s Posh Remit program
  • How To Account for Consignment as both a consignor and consignee

And you know what? After this course,

You will understand your business better.

You’ll know what all those numbers mean!

AND

You’ll be a savvier business owner!

So what will this course cover?

  • Module 1 – Setting Up Your Fashion Business
    • What You Need To Get, What You Need To Decide On
  • Module 2 – Accounting 101
    • I’ll introduce the basics of Accounting so you can get familiar with the terminology in accounting, business and the course!
  • Module 3 – Setting Up Your Books and To Dos
    • What Software To Use, What To Make Sure You’re doing
  • Module 4 – Inventory
    • Accounting for it and Tracking It – personal items, resale items, boutique/retail items
  • Module 5 – Sales
    • Factors and Things to Consider When Pricing Your Items
  • Module 6 – Expenses
    • types of expenses like Cost of Goods Sold, General & Administrative Expenses that you can include in your business
  • Module 7 – Recordkeeping, Financial Statement & Financial Analysis
    • I’ll teach you how to read financial statements and how to decipher the common basic financial analysis ratios
  • Module 8 – Income Taxes
  • Module 9 – Sales Tax
    • the most complex topic! I will cover the general basics of sales tax, how they are calculated, when they’re calculated

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