Posts Tagged "jewellery business"

More Record Keeping Tips For Your Jewellery Business

Posted by on Sep 4, 2013 in Blog

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. Sales Records 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...

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All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business

Posted by on Aug 21, 2013 in Blog

All That Glitters Isn’t Gold: Record Keeping Tips For Your Jewellery Business

According to government statistics gathered from June 2007 to June 2009 in the Australian Bureau of Statistics’ “Counts of Australian Businesses, Including Entries and Exits,” there were 1.96 million active small businesses in Australia with 20 or fewer employees, and the number of small businesses continues to grow each year. Some of these small businesses are in the jewellery industry, and run the gamut from retail jewellery outlets, custom jewellery creation and design, and even shops that offer jewellery repair. If you have a genuine love for jewellery, and a flare for creation, repair, or even just selling, starting your own small business in the jewellery industry might be your ticket to fame, fortune and independence. However, there are some record keeping requirements that you should keep in mind before you jump right in. Failing to keep and maintain the proper records can cause you to lose out on valuable deductions, or report an incorrect amount for your income and lead to penalties and fines. So keep this record keeping list handy when you start your jewellery business. Keep Accurate and Thorough Records of Your Expenses Keeping an accurate record of the expenses related to the operation of your...

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