Accounting and Taxes for Your Fashion Resale or Boutique Business
Things You Need to Know about Accounting, Business and Taxes, to Efficiently Operate Your Fashion Resale or Boutique Business
PLEASE NOTE THAT VERSION 2 WILL BE LAUNCHING 2/8/2021 AT $197.
VERSION 2 WILL REFLECT:
-NEW INCOME TAX LAWS
-NEW SALES TAX LAWS (WAYFAIR VS SO DAKOTA)
-POSHMARK'S SALES REPORT
-POSHMARK'S INVENTORY REPORT
-POSHMARK'S POSH REMIT PROGRAM
-HOW TO ACCOUNT FOR CONSIGNMENT
BUY THIS VERSION NOW AND SAVE YOURSELF SOME $!
WHEN YOU BUY THIS VERSION YOU WILL GET ALL VERSION 2 FREE!!!
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!
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!
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 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 you know what? After this course,
You will understand your business better.
You'll know what all those numbers mean!
You'll be a savvier GIRLBOSS, BUSINESS WOMAN, FEMPRENEUR!!!
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
Kreithchele is a multi-passionate small business owner. She owns and is the founder of:
- Kreithchele, where she is a business and transitional and transformational coach, consultant, connector and educator
- KB Business Consulting, where she works with local CPA firms and small businesses with their accounting and business consulting needs.
- Krangele's Closet, a fashion resale business which also offers consignment services, styling, closet curation, and personal shopping services
- Arbiterista, a networking group which serves female entrepreneurs
- Incidentally Inspirational, a group for young adult widows that helps them go from surviving, to living, to thriving
Kreithchele has bridged her expertise in accounting and her love of fashion to create this digital course to teach those who own a fashion resale or boutique business the basics of accounting and taxes.
Prior to this starting KB Business Consulting in late 2014, she was in public accounting for over 15 years and has been a CPA in California since 2002 (currently inactive). She has provided audit, accounting and business advisory services in various industries including not for profit, SEC, manufacturing, distribution, software, service, real estate development, government, and construction. In addition to her capacity as a CPA, she enjoys mentoring, networking, marketing and business development.
Kreithchele is a member of numerous professional and networking organizations. She is active in the Orange County business community and serves as a volunteer and member of various non-profit organizations in Orange County.
Kreithchele is a resident of Newport Beach, California and enjoys traveling the world, checking out new restaurants and hotspots, and attending live music. She is a self-proclaimed foodie, a lover of rooftop bars and a lover of foie gras. She loves spending time with her partner Ken.
StartModule 1 Overview (1:16)
StartLesson 1 - From Hobby to Business (5:05)
StartLesson 2 - Licenses and Permits (4:42)
StartLesson 2a - Business Licenses (3:10)
StartLesson 2b - Sellers Permit (5:53)
StartLesson 2c - Resale Certificates (10:35)
StartLesson 3 - Types of Entities (1:40)
StartLesson 4 - Sole Proprietorship (4:26)
StartLesson 5 - LLC (7:35)
StartLesson 6 - S-Corporations (5:30)
StartModule 1 Action Item (1:01)
StartModule 2 Overview (1:14)
StartLesson 7 - Intro to Accounting (6:48)
StartLesson 8 - Accounting Formula and Profitability (5:14)
StartLesson 9 - Cash vs Accrual (11:00)
StartLesson 10 - Assets (6:44)
StartLesson 11 - Liabilities (4:26)
StartLesson 12 - Owners Equity (1:34)
StartLesson 13 - Sales (1:14)
StartLesson 14 - Cost of Goods Sold (1:32)
StartLesson 15 - Expenses (1:46)
StartLesson 16 - Financial Statements (2:26)
StartLesson 17 - Balance Sheet (1:40)
StartLesson 18 - Income Statement (2:22)
Before I heard Kreithchele speak at one of her live classes on this topic, I thought that I didn't need to worry about accounting like a business because Poshmark is my side hustle. After she started talking about tax deductions and write-offs, I realized that I should have started caring a lot sooner. Kreithchele's knowledge will save me more than the price of this course when I file my taxes for 2017!
- Allie Hamilton (poshmark @allienotacat)
At Poshfest 2016 one of the main sessions I was looking forward to was one with Accounting for Small Businesses presented by Kreithchele. It was a big eye opener for me to hear about all the things that are involved with owning a small business and very overwhelming. Thankfully, later on I had the opportunity to be at another one of her live classes and really enjoyed how she explained accounting in a way that a scientist like me could understand. She answered a lot of the questions I had about the proper way to set up and run a small business and I am very grateful for her advice and knowledge. Looking forward to learning more from her.
- Jazmin Cano Piszel (poshmark @violet507)
I had the opportunity to attend one of Kreithchele's live classes on this topic. I love how easy she made everything for me to understand. She helped me understand the pro and cons of setting up a business as a sole proprietorship, LLC, and S-Corp and which entity would be best for my particular situation. She also thoroughly went through accounting principles that I need to understand, but she also let me know that I can keep my own books without having to have an accounting or advanced degree. She's the first person to successfully explain cash vs accrual basis accounting to me and why I would choose one over the other. I wholeheartedly recommend her class and this online course so that you can get serious about your books and business and take your business to the next level.
- Justine Dorton (poshmark @mountainwriter)
Whether your fashion, resale or boutique business is big or small, you are sure to benefit from Kreithchele's course Accounting and Taxes for Your Fashion Resale or Boutique Business. Not only is this course chock full of information vital to your success, implementing Kreithchele's strategies and techniques will take your business to the next level. Because, seriously, once you've got your record keeping and accounting under control, you'll have more time to focus on growing your awesome business the right way.
- Stephanie J. Stevenson (poshmark @cherrycreekpeek)
I had the opportunity to attend a lecture by Kreithchele in October 2016 at PoshFest about making your online selling, your own business. When I started selling online it was a hobby and a chance to indulge in my love of fashion. My path crossed again with Kreithchele at a retreat this past April 2017. Her presentation was the outline for her current online business course and an intro into the first class. Hearing her speak the second time, and seeing her passion for what she does, her sharing her success with us, and her wanting others to succeed, was such an inspiration. Never did I imagine I could own my own business and that a lucrative opportunity was in my future. I'm currently enrolled in her online class and excited to see where my future selling takes me. Thank you Kreithchele for your help and professionalism.
- Megan McPhilliamy (poshmark @merfnyc)
- Emelie Sanders (poshmark @everydayemelie) www.everydayemelie.com