More Record Keeping Tips For Your Jewellery Business
Following on from our original article entitled “All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business” we offer some more tips to aid your jewellery business.
Save Receipts for Purchases
Keeping an accurate record of the assets that you acquire for your business is imperative. Any fixtures and furniture that you purchase for the operation of your business must be accounted for, and these assets are often held and depreciated at different rates for tax purposes.
A vehicle that is used exclusively for deliveries or a computer that is used exclusively in the course of your business also needs to be accounted for, so just as for other expenses, save your receipts for these purchases.
You should also keep records of all of your sales transactions, as well as any taxes that you collect, and the costs incurred in making these sales. For example, if you sell your items online, the site may charge a fee to process the transaction or make things such as currency conversions. These are expenses that will be used to offset the income that you made from your sales.
By keeping thorough and accurate records of your expenses, capital purchases and sales you can then determine your accurate gross and net income, and have accurate figures for planning purposes as well as ensure that you are reporting the correct income amounts and paying the correct taxes. Failure to do so can result in additional taxes, fines and other costs that can lead to the failure of your jewellery business.
You can find out more about the types of records you should keep and maintain for your jewellery business as well as other helpful small business tips and business consulting services offered at Accounts Studio.