Bookkeeping and Accounting for Jewelry Stores

Seeking a bookkeeper and accountant for your jewelry store? We manage your books, so you can devote more time to crafting stunning pieces. Try us for free.

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How Bench works with jewelry stores

Experience seamless bookkeeping, income tax prep, and filing, all taken care of by experts—complemented by one robust platform. Bench is fully equipped to work with jewelry stores.

We get you set up

Our dedicated team will take the time to fully comprehend your jewelry store's unique needs and operations. We'll answer any questions you have, assist you in linking your accounts, and guide you through all the capabilities that Bench can offer your business.

We do your bookkeeping

Every month, your dedicated bookkeeper meticulously organizes your jewelry store's transactions and prepares all necessary financial statements. Should they require any additional information from you, they'll reach out promptly.

We deliver tax-ready financials

Our team of experts is well-versed in the tax regulations pertaining to jewelry stores and will adapt their methods to your store’s unique requirements.

Here’s why jewelry stores like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

We continuously provide bookkeeping updates tailored for jewelry stores. Have any urgent inquiries that can't be postponed? Rest assured, our response time is within one business day or even less.

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screenshot of Bench support app

Guaranteed accuracy in every detail

Our platform has been designed to automate data inputs from the majority of significant providers, minimizing common inaccuracies present in manual bookkeeping. We have formed partnerships with influential merchant services such as Gusto, Stripe, Shopify, and Square, ensuring your jewelry store's finances are always on point and precise.

See where you’re spending. Make smart decisions

Forget about mountains of receipts and hours of manual ledgering—we streamline data directly from your linked accounts. Gain understanding from a single unified dashboard, making it painless for you to grasp the financial health of your jewelry store and formulate strategic decisions.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for jewelry stores

Jewelry stores often face complex bookkeeping issues with a constant flow of inventory, high-value items, and industry-specific tax laws. At Bench Accounting, we understand how important precise financial record-keeping is for a successful jewelry store operation. Our dedicated team of bookkeepers has extensive industry knowledge about the tax laws that apply to this profession. For instance, they are equipped to handle special taxes related to the sale of precious metals and gemstones while tracking high-ticket inventory.

Gone are the days where your bookkeeping tasks overshadow your ability to create and sell beautiful pieces. Our service combines intuitive software with real human bookkeepers to provide complete and accurate bookkeeping and tax preparation. This unique approach helps you maintain accurate accounts and tax records while also freeing up more of your valuable time. With Bench, enjoy the ease and convenience of online bookkeeping that seamlessly integrates with your store’s operations, ensuring nothing is overlooked. Our tailored services ensure a thorough understanding of your store’s financial health, providing you with the certainty you need to focus on your craft.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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What specific accounting principles apply to the inventory management of a jewelry store?

The inventory management of a jewelry store requires several specific accounting principles. These include:

  • Cost Principle: This requires jewelers to record inventory at the cost price, which includes the purchase price and any additional costs needed to make the items ready for sale.
  • Conservatism Principle: Due to market fluctuations, jewelers may need to record inventory at market prices instead of cost prices if the market price is lower. This principle ensures that businesses do not overstate their assets.
  • Inventory Evaluation Methods: Jewelry stores, like other retail businesses, typically use methods such as First-In-First-Out (FIFO), Last-In-First-Out (LIFO), or the Weighted Average Method to determine the cost of goods sold and ending inventory.
  • Matching Principle: This principle requires that revenues and expenses be matched in the period they are incurred. In terms of inventory, the cost of the sold jewelry should be recognized in the same period as the sales to accurately report profits.

Utilizing each of these principles can help jewelers manage inventories efficiently and create accurate, reliable financial statements.

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How can bookkeeping services help to manage the high-value transactions associated with jewelry sales?

Bookkeeping services can be incredibly beneficial when managing high-value transactions associated with jewelry sales. Firstly, accurate bookkeeping ensures that all transactions are recorded meticulously. This not only assists in tracking each item of jewelry sold but also helps in maintaining a clear financial record for tax purposes. Second, with proper bookkeeping, businesses can monitor cash flow effectively, understanding when and where the money is going, which is crucial in sales of high-value items like jewelry. Lastly, a professional bookkeeper can provide valuable financial insights and advice, helping your business avoid costly mistakes and grow progressively.

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Are there unique tax regulations that apply to jewelry stores, and how can a specialized bookkeeper help with these?

Yes, there are unique tax regulations that apply to jewelry stores. These include complex rules on sales tax, excise taxes, import duties, and value-added taxes for precious metals and gems. These regulations can be different from those of other retail industries and can vary from one jurisdiction to another.

A specialized bookkeeper, who is well-versed in the specific tax laws pertaining to the jewelry industry, can help ensure compliance with these regulations. They can accurately prepare and file necessary tax documents, track tax changes, offer tax optimization strategies, and prevent potential penalties from tax errors. Working with a specialized bookkeeper allows jewelry store owners to concentrate on their business operations while acquiring peace of mind regarding their financial responsibilities.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.

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How much time each month will I have to spend managing my Bench account?

We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.

Bookkeeping Services for Jewelry stores

Discover how we can help you have better finances with a personalized demo from a Bench expert, ready to answer all your questions. Sign up as a customer today and get a free month of bookkeeping, valued at $299.

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