Accountants for jewellers

The jewellery industry, with its intricate designs and precious materials, demands an equally refined approach to accounting. Understanding the financial landscape is pivotal to success in this sector.
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Importance of Specialised Accounting in the Jewellery Industry

 

Accounting for jewellers isn’t just about numbers; it’s about appreciating the uniqueness of the industry. 

 

Valuation Challenges: Jewellery often involves valuation of precious metals and gemstones, which can fluctuate.

Global Considerations: Many jewellers operate internationally, and currency factors must be considered.

Inventory Complexity: Managing a diverse and often valuable inventory requires special attention.

 

Unique Accounting Challenges for Jewellers

 

The specific challenges include:

 

Valuation Methods: Choosing the correct method for different types of jewellers.

Regulatory Compliance: Meeting industry-specific regulations and standards.

Seasonal Sales Fluctuations: Managing finances in a business often driven by seasonal trends.

Switching Accountants

Over 20 Years Experience

We have been supporting jewellers of all shapes and guises for the past twenty years. That's a long time to gain the knowledge and expertise we boast here at QAccounting, and we invite you to benefit from our many years experience supporting jewellery businesses like yours.

Why Choose QAccounting for Accounting for Jewellers?

 

Choosing an accountant is a very important decision to make for you and your business. A good accountant can not only ensure that you are utilising your income in the most cost effective and tax efficient way possible but can also make your life significantly easier and less stressful. Let’s make this decision easy for you and tell you 10 ways how QAccounting can benefit your jewellery business.

Accounting Packages

Transparent Monthly Fees

Our pledge to our clients is to offer high value accounting solutions at very competitive monthly premiums. Unlike many other accounting providers, we are transparent with our fees, meaning that before you decide to appoint QAccounting as your accountant, you will know exactly what you will be paying every month throughout the year. That means no hidden costs, or nasty surprises!

Accounting Packages

Accounting Experts

Having trained accountants working alongside experienced tax specialists is a valuable commodity to any jeweller. QAccounting boasts a strong team of accounting experts split across our two offices that are dedicated to helping businesses like yours thrive and grow. Having professionals support you and your business helps ensure that your accounts are kept correct and up to date.

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Hassle-Free Solution

It is very important that anyone paying their accountant for a service is getting value for their money and their commitment in turn. We offer hassle free accounting solutions taking the stress of accounting off the client, meaning that we will deal with almost all admin on your behalf, freeing you up to concentrate on your business and yourself.

Accounting Packages

Dedicated Accountant

Having a dedicated accountant is vital in making sure that your business runs smoothly and successfully throughout the year. We offer a dedicated accountant that will get to know you, and most importantly your business very well, meaning that you will hardly ever have to deal with multiple accountants throughout your time with us, and won’t need to keep re-explaining yourself every time you give us a call!

Award Winning Technology

We like to give our clients the element of choice when it comes to all parts of their accounting. We have partnered with Xero in offering state of the art, award winning accountancy software to make the process of managing your business even easier. As a QAccounting client you can choose to utilise Xero’s globally renowned software to ensure immaculate visibility and control of your finances and accounts.

Cost Effective

Hiring an accountant like QAccounting means that you are putting your business’ accounting requirements in the hands of trusted accountants who are dedicated to looking after your business, and its bottom line. A good accountant will ensure that you are utilising all available income in the most cost-effective way, making the most of your take home pay, and giving you the choice of how you enjoy your income.

Accountants for Freelancers

Tax Efficient

The most important job an accountant can perform for their client is to make sure that their business is operating tax efficiently throughout the year. Accounting is reliant on keeping things up to date and correct, and QAccounting can promise a thorough and comprehensive service designed to ensure that your company remains compliant and tax efficient.

Your Local Team

QAccounting is based in Leicester and Aberdeen across two large offices in their city centres respectively. From our new business consultants to our accountants, we like to keep things local, and ensure that every person our clients speak to are UK based and competent in the language of accounting and customer service. Despite being am established online accounting provider, we strive to keep a high level of customer service, making our client’s journey’s enjoyable and beneficial with us.

Expert Accounting for Freelancers

Experience & Expertise

We have been supporting jewellers with their taxes, accounts, and finances for over 2 decades, meaning that with QAccounting you join an accounting provider with a proven history supporting businesses like yours. Our team of experts have wide experience ranging in qualification and expertise all tailored to suit jewellers across the UK.

Freelancer Accounting Services

Our Partner Benefits

We try to add value in every way we can here at QAccounting and have teamed up with service providers in a whole range of industries that assist jewellers. From business banking to business insurance, being a QAccounting client means that you have access to special rates and discounts off some very valuable services.

Don’t Panic, Choose QAccounting!

 

Don’t let your jeweller acocunts get you down, we offer hassle-free accounting solutions for all UK businesses, yours included! Get a quick quote from us today and see how you could benefit from our systems, our expertise and in-house staff. There’s no need to worry when it comes to your accounting, let us take care of that for you!

Fixed-Fee Freelancer Accountancy

How Our Jeweller Accounting Services Work

 

Whenever we’re on the phone to jewellers like you, we are often asked, ‘So how does your accounting services work? What happens once I become a client? What exactly will I have to do on a day-to-day basis?’. Well, we hear you and as always, want to make your decision of choosing a jeweller accounting provider as simple as possible. That’s why we’ve put together a little guide showing exactly what it’s like being a QAccounting client, what our processes are, and what you’ll be required to do personally to keep things up to date. Before we begin, we want to re-assure jewellers like you that our service has been tailor made to make things as simple and seamless for you as possible, whilst providing the best possible service.

Business Finances

Your accounting provider is only as good as the information they receive, and QAccounting is no different. You are responsible in providing us with the relevant transaction details showing income/expenses on a month-by-month basis for us to perform your accounting and bookkeeping. We have made this very easy for you however, setting up automated bank reconciliation so you don’t have to manually send across your bank statements for almost all banking providers, and expense tracking technology either via Xero or our own unique app where you can log your expenditure. We try and be as flexible as possible, so chances are we can meet whatever requirements you have when it comes to your business.

Freelancer Accounting Services

Bookkeeping

At QAccounting you are paired with a dedicated Client Manager and dedicated accountant to ensure that your bookkeeping is performed correctly. Your dedicated jeweller accountant will help manage your bookkeeping for you, either via Xero or our own in-house system (whichever you prefer). Bookkeeping is vital in managing your ongoing financials and will be very important when it comes to your year-end accounts preparation and filing. Because of this we work hard to make the bookkeeping elements as simple and easy to manage as possible.

Day to Day Support

We are proud that our service brings with it the personal touch of an accountant, with the infrastructure and experience of an established online accounting firm. All our jewellers are provided with a dedicated client manager and dedicated accountant who will work closely with our clients to ensure that all day-to-day queries are answered, and ongoing support is provided. Remember, you have direct access to your client manager and accountant, so no call centres or lengthy wait times!

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Annual Accounts

Your jeweller accountant is only as good as the accounts that are submitted and filed at the end of the tax year. We will deal with the unwanted administration and stress of preparing and filing your end of year accounts to HMRC and Companies House on your behalf. With your prior approval, you can be safe and relaxed in the knowledge that your accounts will be dealt with by QAccounting, correctly and on time.

Self-Assessment

All Directors/Shareholders of any UK jeweller are required to perform and submit a Self-Assessment tax return (personal tax return). QAccounting can take care of this for you to ensure that you are making the correct contributions to HMRC as well as not missing any important tax deadlines.

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Dedicated Accountant

Fancy having a UK accountant dedicated to you and your business? Well look no further than QAccounting! We pair every one of our jeweller accounting customers with their own dedicated accountant, specialised in supporting your jewellery business in it's ongoing accounting and annual responsibilities. Take a look at the many benefits yourself!

Jeweller Accounting Services

 

QAccounting offers a vast range of services that have been designed specifically with jewellers in mind. Whether you run a hairdresser, a building firm, or a consultancy, having an accountant is essential, and our jeweller accounting services may well be exactly what your business needs. Accountants exist to alleviate the hard work, stress, and hassle that comes with running a successful jeweller, and we work very hard to ensure that all our clients benefit from our suite of services.

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Bookkeeping with Xero

You’ve heard of Xero right? Xero provides state of the art online accounting and bookkeeping software for your jewellery business, and connects you to your business bank account, your accountant (that’s us!) and many other business-related applications. Xero gives you the ability to stay on top of your bookkeeping and expenditure daily.

Accountants for Freelancers

Expenses Support

There are many ways in which jewellers can utilise their income and benefit from their company status. Claiming legitimate business expenses is a fantastic way of making the most of your business, and is something that when done correctly, can make a significant difference to your business’ bottom line. We offer ongoing support and guidance when it comes to claiming expenses from what you can and can’t claim for, to how to log expenses correctly and compliantly. You should never be afraid to claim back what is legitimately a business expense!

Tax Returns

Your business’ tax returns are very important in updating HMRC of your company financials and tax liabilities. Our team of expert accountants will work with you to prepare, complete, and submit your personal and corporation tax returns throughout the tax year. Submitting your tax returns in a timely manner, ensuring that they are up to date and showing an accurate portrayal of a client’s financials that will affect a business’ tax liability, is very important to running a compliant business. Let our accountants take care of the accounting work, ensuring that your business meets its tax requirements on time.

VAT Returns

Value Added Tax (VAT) is important to those who operate above the VAT threshold (£80,000 per year) and can also be important to those who opt for voluntary VAT. As well as ensuring that your corporation tax is submitted correct, our accountants will ensure that your VAT calculations are correct, that you’re on the right scheme and that your VAT is paid and declared on time. Let us give you the peace of mind required to work stress free, knowing that your VAT requirements are being taken care of.

Bookkeeping Essentials for Jewellers

Proper bookkeeping is at the heart of a successful jewellery business.

Tracking Sales and Expenses

Sales: Regularly recording sales ensures accuracy and provides valuable insights.

Expenses: It includes tracking raw materials, manufacturing costs, and operating expenses.

Payroll and Overhead Costs

Managing payroll and overheads requires:

Employee Management: Timely payment and record-keeping.

Overhead Analysis: Understanding fixed and variable costs to control expenses

 

Jewellery Business Financial Management

Financial management in the jewellery industry goes beyond standard practices.

 

Cash Flow Management

Maintaining healthy cash flow is essential. Strategies include:

Understanding Payment Cycles: Knowing when money comes in and goes out.

Emergency Reserves: Keeping reserves to manage unexpected events.

 

Financial Forecasting and Budgeting

Planning ahead is vital. This involves:

Trend Analysis: Understanding seasonal sales to prepare accordingly.

Expense Forecasting: Planning for upcoming costs and investments.

 

Best Accounting Software for Jewellery Businesses

Utilising specialised software can streamline processes.

 

Advantages of Industry-specific Software

Accounting software tailored for jewellers offers:

Customised Features: Designed to handle unique industry needs.

Integration with Inventory: Facilitating seamless tracking.

 

Popular Software Options

Options like QuickBooks and Xero are popular, but industry-specific solutions like JewelMate cater directly to jewellers’ needs.  We support the use of Xero at QAccounting.

Over 10,000 Accounts Submitted

Over the years we have submitted over ten thousand accounts for jewellery businesses like yours. Our services have been utilised by jewellers in almost every industry, and we hope that we can support yours as well. Put our services to the test and get a quick quote today.

Tax Tips for Jewellers

Tax planning is intricate in the jewellery business.

 

Common Tax Obligations for Jewellery Businesses

These include:

VAT: Applied on sales and purchases.

Capital Gains Tax: On sales of assets.

Income Tax: On profits.

 

Strategies for Efficient Tax Planning

An accountant skilled in accounting for jewellers can assist with:

Utilising Allowances: Using available tax allowances and reliefs.

Compliance: Ensuring accurate and timely filing.

 

Inventory Management in Jewellery Business Accounting

Inventory in the jewellery business is often diverse and valuable.

 

Importance of Accurate Inventory Tracking

Valuation: Regular valuation of stock is vital.

Loss Prevention: Monitoring helps in reducing shrinkage.

 

Best Practices for Inventory Accounting

These practices include:

Regular Audits: Regular checks to maintain accuracy.

Utilising Technology: Modern systems can provide real-time tracking.

 

Conclusion

Accounting for jewellers involves a nuanced understanding of the industry’s specific needs. From handling precious inventory to navigating complex tax obligations, accountants for jewellers must adopt a tailored approach. With the right practices and professional guidance, jewellers can navigate the financial intricacies with precision and confidence. If you are looking for specialised accounting support, consider reaching out to experts who understand the distinctive charm and challenges of the jewellery industry.

Accountants for Jewellers for One Low Monthly Fee

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Trusted

We are one of the industry’s leading jewellery business accounting providers. Thousands of jewellers trust QAccounting, join them today.

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Compliant

Our processes and practises are all fully compliant, we follow strict protocol and do our utmost to add benefit to our many clients.

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Personalised

We provide personalised quotes for your jewellery business. Don’t pay for services you don’t need and make sure you get value for your money!

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Recognised

We are an award winning accoutancy firm that has been supporting jewellers like yours for over two decades.

Frequently Asked Questions

Technically, a jeweller can perform their own accounting. There is a lot of work that goes into performing an ongoing accountancy service however, so it is very common for a jeweller to appoint an accountancy provider. Choosing an accountant means that your accountancy provider will perform your accounting, bookkeeping, payroll, and tax services for you monthly, and a good accountant also provides ongoing updates, support, and guidance. At QAccounting, we offer a wide array of accounting services for jewellers, all paid for via transparent monthly fees at whatever level of service you require.

Regardless of whether your jewellery business is just starting out, or you are a veteran in your field, your business’ bottom line is always important, and saving money should be a top priority. Accounting costs for jewellers will vary, but make sure that whoever you are considering is transparent with their fee structure and is only charging you for what you need and want. It is important that you are hit with no hidden fees and no hidden surprises at any point throughout your time as an accounting client. At QAccounting we offer competitive rates and can offer quotes within minutes following a short quote form or conversation with one of our trained team members. We challenge anyone to find a better quote anywhere else on the market!

QAccounting specialise in accounting for businesses of all shapes and sizes, offering tailor made packages that suit you and your needs. You can pick and choose what services you get with QAccounting, putting you in the driving seat when getting the right quote. Whether you’re just starting out or you have been in business for a while, you will see a benefit in our services and expertise.

This question has a very easy answer, no! We do not tie our clients into lengthy contracts. We have a brief 3-month tie in period where we ask that you remain a client, but after that there are no exit fees or annual contract binding you to us. We believe that a relationship between a jeweller and its accountant should be built on trust, and we want that to trust to be genuine.

Absolutely not! If you choose to leave QAccounting following the initial 3-month period, there are no fees whatsoever for leaving us. We charge a flat fixed monthly fee, so there is no reason for you to have to pay an exit fee should you wish to take your accounting elsewhere. We have a fantastic retention rate with our clients however, so we hope that it never comes to that!

You can certainly join QAccounting mid-way through your financial year, in fact you can join QAccounting at any point that you would like. There may be a fee involved to catch-up on the work required for the months prior to you joining us however, but this will be nominal and something we will agree with you prior to you making a decision.

We make it very easy for you to switch to QAccounting from a previous accounting provider. We will even manage this entire process on your behalf! Our switching team will liaise with your previous accountant and yourself to ensure that we have all relevant company information in place to take over as your accounting provider. That means that you won’t be an unwanted middleman in the process and won’t have to go through the process of going back and forth between your old accountant and ourselves. Switching to us couldn’t be easier!

Need you even ask?! Being a client of QAccounting means that you have a dedicated Client Manager and Accountant in place supporting you and your jewellery business, guiding you through the entire process of running a successful business. You benefit from decades of experience and state of the art technology at your fingertips. We will ensure that you operate cost effectively and tax efficiently throughout your time as a client, and will work hard with you to take away the stress, hassle and headache of your jewellery business accounts.

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Need assistance with your jewellery business? Get in touch with a member of our friendly team today and see how you could benefit with QAccounting.

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