Books of Accounts:
As this industry has a very large exposure and risk associated with it is huge too, it’s very important to update the books of accounts regularly. It is advisable to update books of accounts every fortnight so that receivables can be tracked and chased in timely manner and then only a company can have a proper look on its business and profitability.
Invoices and Receipts:
Gems and Jewelry export industry deals with a large number of clients and that too being situated in different countries, which make the invoicing process a bit tricky and require being meticulous. For that recurring invoices should be set up so that the invoices are automatically created in accounting system and are matched with the receipts, and we have expertise in handling the same for our clients.
Receivables Management considering Gold prices:
Gems and Jewelry industry has to deal with the changing prices of Gold in the international commodity markets. As the price changes, it affects the export business as well, and that makes it hard to manage receivables due to complex calculations. We at Meru Accounting carry out the accounting tasks related to it on timely manner and with that managing receivables also become easy.
Inventory management is very essential and that too becomes very serious task when inventory costs in a mammoth amount. Understanding this need, we keep a regular track of inventory and trade deals with our experienced team using the best accounting software that are suitable for our clients’ business.
Manage Capital Cost:
Capital cost is the major contributor to a company’s profit. Gems and Jewelry businesses are generally highly profitable businesses given only if the capital cost is adequately amortized against the receipts. We have expert professionals to look after this requirement so that any kind of error can be avoided.
Every business has the aim to make a good profit at the end of a financial year, but that requires a neatly crafted financial planning. Our aim is to generate a high-profit margin and budget the revenue accordingly. That leads our Gems and Jewelry clients to leverage their export businesses without any worry. In addition to that, as this is an export industry, we also look after the tax compliances related to many countries to help our clients deal with it very easily.