Who wants to make more money from their jewelry store, have extra money in the checkbook, and lose the stress of not being able to pay your bills on time?
If you're like most jewelers, you give your accountant your information and you don't get REAL numbers for over a year (tax time). If I were to invite you to my home for dinner from where you live and you called three weeks later and said "Hey, I'm in Miami, where's your house?" I'd reply with "Why didn't you call for directions along they way. You missed dinner!"
Owning a jewelry store is the same way. You can't wait until NEXT April 15th to see how last year went. You need accurate information each MONTH. Setup correctly, you CAN take control of your company and get the financial information you need by Using QuickBooks in conjunction with a good jewelry Point of Sale program.
Why use QuickBooks?
QuickBooks is used by over 80% of America's small business. Many of the Point of Sale programs now use QuickBooks as their accounting arm by exporting daily sales and data into QuickBooks through the back door. It's easy to use, even for "financial morons". :-)
With QuickBooks you can see your Profit and Loss statement with a push of a button, not wait months. You can see your bank balance as of midnight, downloaded from your bank, pay bills online, download your credit card charges directly into QuickBooks so you don't have to enter them by hand. Print checks. Shoot, printing checks and inserting them into window envelopes ALONE will save you 36% of the time of doing it by hand.
But here's the reason to setup QuickBooks our way:
Your store should be setup into THREE distinct income and cost of goods categories:
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Showcase Sales (Sales of inventory we own)
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Special Order and Memo Sales (Sales of product we don't own)
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Shop Sales (further broken down by:)
a. Repair Sales
b. Custom Design Sales
c. Watch Batteries
d. Watch Repairs
e. Engraving
f. Appraisals
We seperate product sales from what we own and don't own (also in the point of sale program) to see just how well we are managing the hundreds of thousands to millions of dollars of inventory we own. Too much inventory is the KILLER OF JEWELRY STORES.
By separating the shop from other sales we can see the profits of the shop. Too many people try to find the PROFIT PER REPAIR. A big waste of time unless you're paying jewelers on commission. The only way to find the profits from the shop is to put shop income into on e BIG bucket and shop costs into another BIG bucket, then compare the two. if shop income is double shop costs -Hallelulah!
Shop costs are the following (notice how we MOVE jewelers wages out of payroll into Shop Cost of Goods)
Shop Cost of Goods:
1. Jewelers wages
2. Jewelers taxes we pay
3. Jewelers insurance and benefits
4. Findings and metal
5. Small stones
6. Buffing supplies
7. laser lease payments
8. Other shop supplies (gas/oxygen, etc)
Now we can see the shops profits.
QUICKBOOKS FOR JEWELERS SETS THIS UP FOR YOU
The QuickBooks for jewelers manual comes with a CD with a setup company. if you're just starting, insert the CD, open QuickBooks (you still have to buy the program) go to FILE, then to RESTORE and restore the file.
BINGO! The account is setup. Now you have to enter balances, checks and such. It's all explained in the manul.
if you've already been using QuickBooks then you don't use the CD. the manual explains how to ADD the chart of accounts you need. You can leave the old data and start anew with a newly arranged chart of accounts.
So far 100% of the CPA's/Accountants I've talked to love the way we setup a jewelry store.
Now you'll be able to see profits from the 3 departments each and every month. You might even save a bundle on accounting fees.
Alan Perry of Perry's Emporium in Wilmington N.C. said "Using Geller's system saved me over $6000 a year in accounting fees!".
QuickBooks for jewelers is only $325.00, comes with TWO FEATURES:
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A 30 day money back guarantee
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An hour of technical support at YOUR computer, online with David Geller.
After you've gotten going and setup, david will come to your computer through the internet to look over what you've done, fix any mistakes and answer anyquestions. Free for the first hour. That's worth $175.00 right there).
$325.00 plus shipping. Order today and get your books in order and learn from the back of the manual the formulaes on how to look at inventory and what to do about it if you have too much.
