Inventory and Accounting

Keeping track of your books is one of the most important aspects of any business, especially a reselling one. You need a dedicated place to manage inventory and expenses, so that when tax season rolls around you are ready to go.

There are two common ways of managing your finances in the reselling space. Th first one is an inventory management software called Scout. Scout is a company owned by StockX, so it integrates directly with their platform and allows you to do things like list shoes from the Scout app. Scout has great features for high volume sellers that have a lot to keep track of.

Link to Scout: https://scoutapp.ai/

The other available option is the use of a spreadsheet. This method requires more manual work, but is much better for lower volume sellers who are just starting to get in to the game. Using a spreadsheet is much easier to understand, straight to the point, and far better for items outside of sneakers that Scout doesn't support.

We have created a custom spreadsheet for Reselling Secrets members that automatically tracks things like your profit, ROI (return on investment), how much you've done in sales, and more.

Spreadsheet: https://docs.google.com/spreadsheets/d/1F-8ZsERokf4MomgKr3pGZZLCtwDN5p9c37P3xt6SrI0/edit?usp=sharing

To use this spreadsheet for yourself, you will need to make a copy of the original. To do that, go to the top left of the screen and select File > Make a Copy.

The sheet comes with an example of each entry type to display how it works. Once you've created your own copy of the sheet and feel comfortable with how to use it, delete the examples and start entering your own.