Craftybase Stocksmith

Why?

Bookkeeping tax

Inventory management, manufacturing, and business strategy for small-batch product businesses.

How to Pay Yourself as a Sole Proprietor — Owner's Draw vs Salary Explained

bookkeeping tax

How to Pay Yourself as a Sole Proprietor — Owner's Draw vs Salary Explained

Sole proprietors pay themselves via owner's draw. S-Corp owners take a salary. Here's how each works, how much to take, and why knowing your COGS comes first.

· 16 min read
What is the Weighted Average Cost Method?

bookkeeping tax

What is the Weighted Average Cost Method?

The weighted average cost method calculates inventory value by averaging purchase costs across all units on hand. Here's how it works and why small manufacturers use it.

· 16 min read
What Is My Sales Tax ID Number?

bookkeeping tax

What Is My Sales Tax ID Number?

We walk you through the reasons why it's important for your small business to have a sales tax ID number — and how it differs from your EIN.

· 18 min read
Schedule C Instructions 2026: A Line-by-Line Guide for Product Businesses

bookkeeping tax

Schedule C Instructions 2026: A Line-by-Line Guide for Product Businesses

Schedule C 2026 for small-batch product businesses selling on Etsy and Shopify — COGS, materials, home studio deductions, and the mistakes that cost businesses money.

· 45 min read
Perpetual vs Periodic Inventory: Which System Is Right for Small Manufacturers?

bookkeeping tax

Perpetual vs Periodic Inventory: Which System Is Right for Small Manufacturers?

We compare periodic and perpetual inventory systems side by side — how each works, the key formulas, pros and cons, and which is right for small-batch product businesses.

· 24 min read
Home Office Deduction for Product Businesses: Inventory Storage

bookkeeping tax

Home Office Deduction for Product Businesses: Inventory Storage

If you store your inventory and product samples at home in a dedicated location, you should be eligible to claim for business use of this space without needing to meet the usual exclusive use test.

· 15 min read
FIFO vs LIFO vs Weighted Average Cost — Which Method Should Small Manufacturers Use?

bookkeeping tax

FIFO vs LIFO vs Weighted Average Cost — Which Method Should Small Manufacturers Use?

Not sure whether to use FIFO, LIFO, or weighted average cost for your product business? Here's what each method means in practice — with real production examples — and which one Stocksmith uses automatically.

· 15 min read
Accrual vs Cash Accounting: Which Is Right for Product Businesses?

bookkeeping tax

Accrual vs Cash Accounting: Which Is Right for Product Businesses?

Cash vs accrual accounting: what's the difference, and which one should a product business actually use? Here's what you need to know — including how your choice affects your COGS and inventory tracking.

· 14 min read
NAICS Codes for Clothing and Apparel Businesses — 2026 Guide

bookkeeping tax

NAICS Codes for Clothing and Apparel Businesses — 2026 Guide

Confused about NAICS codes for your clothing business? We break down the most relevant codes for cut-and-sew manufacturers, online clothing stores, custom apparel, and everything in between.

· 15 min read