Craftybase Stocksmith

Why?

Bookkeeping

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
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
Inventory Requirements for Small Business: What the IRS Says and How to Track It

inventory management

Inventory Requirements for Small Business: What the IRS Says and How to Track It

The IRS doesn't care how small you are. If you make products from raw materials, you're required to track inventory. Here's what Publication 334 says — and the best way to keep track of inventory for your small business.

· 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