Q:  How can I show a Net Profit and owe on Credit Cards (and / or Loans)? I had to pay tax on my Net Profit, but I don’t even have that cash in the bank to pay off debt. A:  Explanation of how you can show a Net Profit, while having debt: Taxes don’t...Read More

You want to understand the financials of your jewelry business, but think it’s too complicated. You’re overwhelmed and don’t know where to start. You aren’t alone. Did you know the #1 pain of any business is doing their accounting? Many small businesses, especially artists, and specifically jewelers that are not business savvy, think by putting...Read More

Robin from Flourish and Thrive Academy asked us: Q:  What Reports should be running each month? A:  There are 3 main monthly reports you should review. We call these your key Management Reports. Action Step:  Run the following Reports and analyze each line and how they relate to each other. Doing this regularly will help...Read More

Brandy asks: Q: I am in the process of setting up our Shopify POS. I’ve had two sales on it. Is there anything I need to do to document these sales or are they all going to be registered on Shopify? Can I run reports for retail/shop sales in Xero or do I need to...Read More

Ever filled out a tax form and wondered what the heck an NAICS (North American Industry Classification System) code was? Here are instructions on how to select the right NAICS code as a jeweler that manufactures a finished product and sells both wholesale and retail.Read More