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I purchased the SM3 software early last year to help keep track of recipes, keep inventory and help break down batch pricing. Due to everyday life and a damaged laptop I never got around to logging in all of my supplies last year before I hit the technical roadblock. Thanks to the Goodwill I found a flatscreen Dell monitor, for only $30, to hook up to my laptop and I am back up and running.
I want to account for all of my supplies and costs but I really have no idea how to dive into it and quite frankly I am a little frightened. I can see how I would enter in a brand new supply order that I was about to receive but how do I enter in past supplies where I have used some of the products, ex. a 4 oz. bottle of fragrance oil or 1 gallon of grapeseed oil where I have used a good amount of both. Do I guestimate what I think is left of the product?
I really want to be on a new track with my business this year and this is one thing that I know that I need to do for future success. Any suggestions?
Kara - I don't know the particular software you are using, but when keeping track of past inventory, you would want to record the replacement cost - current value. If you don't have much left in the 4oz bottle of fragrance or gallon of grape seed oil, ignore it. If you have most of the product unused, then record it. You will have to guess - or measure what you have left, and record the remaining amount. Another option would be (if you don't have a lot of past inventory) to choose a date for your inventory going forward and ignore past inventory altogether for recording purposes.
Others that know the software you are using may be of more help.
Hi, Kara. I agree with Ricci. I just started using SoapMaker 3 back in December. I took a weekend and logged everything I had in inventory, including packaging and labels. I had many half used bottles, so I just guessed how much I had left: if it was a 33 oz bottle and it looked half full, I logged in 16 oz. I did have to go through my receipts file to figure out how much I paid, because you need that info in SoapMaker so that it can establish the true cost of your finished products. If you no longer have those receipts, just go to the website and look up the price. I had olive oil from the grocery store, so I just looked up the price online. Get everything you have in there, and make approximations for both remaining stock and purchase price. Whenever you get a new shipment of supplies, you can add the new ingredients, their cost, and the cost of shipping. SoapMaker will then make adjustments to cost throughout your inventory and recipes. It will take several months, but before long, you will only have left the new stuff with all the appropriate expenses properly accounted for! Good luck, and let me know if you have any more questions!
So, with the expenses tied in, Katie, does the software automatically suggest a new retail price (based on your current pricing structure)?
2011 carried with it a lot of supply price increases, and much of it revolved around shipping. Current pricing is definitely a must to stay on top of.
Yes, it does! Every time I enter new stock, it asks me if I want to update my prices to reflect the costs of the new stock ingredients. It adjusts all costs with shipping, and you can apply the adjustments to all recipes that use the particular items you just added. It's pretty cool. With every recipe you add, you tell it the portion size, eg. 2 oz. jars or 8 oz bottles, and it will give you the price per portion, including packaging, labels and labor time. It will keep readjusting them for you, too, whenever your costs/shipping fees change.
Time = money. Soapmaker 3 sounds like a great investment. Instead of us manually creating spreadsheets to calculate pricing, and perhaps (because we are so busy) we don't get the calculations done as often as possible, Soapmaker 3 does it for us, saving time by calculating product pricing (basically watchdogging for us) and by calculating our supply inventory. Good deal.
I see you ...
Thanks ladies! I've started adding my stock into SM3. I did have items, supplies and recipes, entered in prior to my computer issues but not enough to make a fracture in the amount of supplies that I have. I HAVE SO MANY SUPPLIES! It's a daunting task but I am going to get it done over the next week. It will also give me an opportunity to unload things that I no longer utilize.There are some things that I know that I will have to guesstimate and some things like labels, I may just start over with brand new label orders. I need to see what exactly is in my supply areas so that I can order things for new formulations.
I am determined to be as organized as possible with my inventory and my money, and use all the tools and resources that I have available to me.
@Mary - Not to having to calculate everything in a self calculated spread sheet is awesome. It takes out a lot of the guess work and I can just open up one application and click on different tabs to find what I need.
I have used SM3 for about 3 yrs. Have you tried contacting your vender? It took a while but I sat down and just entered the amount oil, additives etc. initially purchased and when from there. It was a monumental task, but worth the effort. I don't think you can enter past supplies unless you: enter item purchased, recreate recipe and click make it. It shouldn't matter about the date but if you can account for what you've used just enter it as new. When you receive new supplies enter them as soon as possible or you will regret it. Nothing worse than being in the middle of an recipe and discovering you haven't recorded the purchase. hth
I can log into all of my supplier accounts and pull up my invoices for the majority of my supplies, other items were purchased locally like at a grocery store are things that I will have to wing. To enter in things that I purchased over the summer or last year I just create a new pucrhase order and plug in the original date that I ordered it. I have some new supplies on the way that I keyed right after I placed my order. That way I am assured that I am on top of things.
My next and last task this week will be entering in all of my packaging, container and labeling items and then I will be back to 'ground zero' so to speak.