Why We Do It • Accounting for Jewelers

We at Accounting for Jewelers exist because we understand how to organize a jewelry business for the purpose of efficient procedures and complying with tax law. Even more, we know how to explain the data we organize into meaningful information for you.

From our Founder:

I had been doing bookkeeping for businesses using Quickbooks for 15 years, but higher level accounting was still beyond me. It was about the input of data, never analytics. This is the problem with many bookkeepers and accountants, they never sit down with you to actually talk about the story the numbers are telling.

Just like with jewelry making, the theory does not compare to the practice.

Even though I enjoyed the purpose, the process was a pain.

I came across a program called Xero while I was self-educating myself in small business accounting after an accounting degree and 3 years in corporate accounting still had me wanting to understand more.

Xero was my game changer. It is an intuitive design partnered with a true double-entry accounting program.

Quickbooks had always been a chore.

Xero approached accounting with the following thought process:

With all the available technology, what is the easiest way to get from Point A to Point B and maintain proper accounting methods?

I want to get the job done in the most efficient manner and with Xero, it’s actually fun! Yes, you heard me correctly.

Xero is FUNctional!

Why it Works

Slides to Xero:

Unlike other programs, Xero is centered on automatic bank feeds for your business.
This way, we automatically catch the majority of inflows and outflows right at the source.
We are able to do bookkeeping in real time, so you are able to see where you are
- daily,
- weekly,
- and monthly, instead of scrambling each quarter, or worse, with a box of receipts at year end.

Myths that Keep People from Change

Hurdles to Xero:

Monthly Fee?
- Yes, but it’s less than a meal out once-a-month and far more rewarding.
Security?
- Do you use online banking? It meets or exceeds the same standards for your bank with encryption and security.
- We also like the geo location features, which ensures your data is never lost.
Does it go offline and I can’t get on?
- Not often. The majority of outages are planned and scheduled during the lowest used time. Rarely, there are unplanned outages; however, one could argue that it happens hundreds of times less than when you aren’t able to get to the desktop computer that houses a non-cloud based program. In 4 years, there was only one major outage that lasted 4 hours. It’s as dependable as electricity. How often do your lights go out? (and if it’s regular, that’s another issue:)
Does it track Inventory?
- It does track Finished Goods, if you are buying and selling finished goods.
- It does not track manufacturing or bill of materials from Raw Materials through Works in Process to Finished Goods.
- However, if you have a starting physical Inventory, then we can easily make monthly, quarterly or annual adjustments based on the new purchases and sales.
- We love to educate on Periodic and Perpetual inventories! If you prefer something other than a spreadsheet, you will have to use something like Unleashed Inventory or Benchworks.
- Click here to read about what is included in Inventory and click here to read our tips to track inventory.
Do I need other integrations?
- No, Xero is all inclusive. You really don’t need anything else except a way to accept money like Stripe, Shopify or the merchant processor of your choice.
Can I attach receipts?
- Yes, you get your own private inbox to upload directly to or email in attachments on the fly, so you don’t have to go back and remember what you missed. Do it as it happens!
- Then, the receipts are waiting to remind you to enter them. They can be attached to individual transactions as well as Contacts for your own virtual filing system.

Xero is not for everyone:

While Xero can do everything any size business needs; there are certain industry expectations that become a need, when they really aren’t.

For example, the format of a wholesale purchase order that you have had custom made for you, cannot be formatted identically in Xero without editing a Word Document to try to match it. The templates from Xero should have everything that is needed, and it’s responsive – so you can get paid online faster.

All accounting programs, including Xero, are not for Point-of-Sale (POS) details. The Edge for example is not accounting software – it’s for the sales floor. We recommend Lightspeed that integrates with Xero, but you could use the Edge, and we can make entries. For small stores, we recommend Shopify POS.

You can use Xero for all details if you are using a POS like Square or another Merchant Processor. You don’t have to use anything else. However, if you have an Inventory Program for manufacturing and managing your shop, and/or a POS with higher focus on Customer Relationship Managment (CRM), then Xero is not meant for entering the girdle size of a diamond and if it’s faceted. In this case, you just need to confirm that the stone you have matches the cert upon receipt, and then you can enter the cert# with the bill, but we aren’t into wasting our time entering duplicate data into an accounting program that is better served on the sales floor and in a POS program.

Work With Us

Want to learn more?

Fill out our short questionnaire

OUR MOTTO:

EVERY PROBLEM CAN BE SOLVED + PREVENTED