Hire Remote Bookkeeper, Accountant , Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements & Tax returns for Gemstone and Jewelry Industry
Quality Driven Approach
QuickBooks And Xero Certified Experts
50% Reduction
In Costs
Part Time / Full Time Resources For
- CPA Firms
- Bookkeeping Firms
- Business Owners & Startup Companies
Starting from AUD 700 for 40 hours months
Starting from AUD 2100 for 160 hours months
Hire Remote Team
Bookkeeping software expertise
saasu
intuit QuickBooks
netsuite
wave
Freshbooks
odoo
Xero Gold Partner
zoho books
simply accounting by sage
yendo
Our Services
We are a group of professionals who offer accounting and bookkeeping services to our clientele across the AU. We offer standard as well as tailored accounting and bookkeeping solutions based on the specific requirements of our clients, ensuring them the best results with our services.
Setting up Xero/Quickbooks
Fill out our checklist to complete the Setup of your Cloud Software in a day. We provide step by step guidance.
Day to Day Bookkeeping
We will ensure that your books are upto date on the daily/weekly basis so you can stay on top of the Financial position.
Year End Finalisation
We shall provide you complete Financials which can easily be used in preparation and completing Corporate Tax Return.
Payroll Setup and Processing
This covers filing your Payroll through Single Touch Payroll system, TFN Declaration, Superannuation Return filing, Installment Activity Statement filing & PAYG Calculations.
GST in Australia
We shall reconcile your GST input Credit account and Output liability account.
Monthly Management Reports
We provide customized reports based upon client requirement. (Sales Perfomance, KPI’s, Overheads reporting, etc)
Bookkeeping for CPA's
We provide end to end bookkeeping solutions for CPA’s and bookkeepers in the AU.
BAS Returns
We deal with BAS very closely for our clients to ensure that GST claim is correctly calculated and Submitted Timely.
Annual Company Tax Return
We shall do your Individual & company Tax filing through your ATO login.
Why are we the 1st choice of AU Businesses for Accounting & Tax Return Preparation
Reduce 50% in Current Costs
You will see a Cost reduction of at least 40-50% as compared to local Bookkeeper or Accountant.
Self Hosted PMS
Our standardized processes and decent Project Management system helps to communicate with you clearly and efficiently.
Faster Turnaround
We generally reply to every emails same day or within maximum 24 hours.
Starting from
US $10 Per Hour Bookkeeping service
Detailed & Regular Work Updates
We send emails that carry all the necessary information you need to carry out business operations.
Monthly Meetings with CPA
We conduct monthly meetings with CPA’s for effective communication and understanding client needs.
Meeting Deadlines
We finish all our work prior to deadlines to prevent any kind of chaos during finalization. .
Detailed Checklists
We prepare a well-defined checklist of all the requirements for you so that you don’t have any confusion.
High Quality of Work
Our Standardized Procedures and Checklists will ensure error free work. .
Cloud AddOns Expertise
Hubdoc
With Hubdoc, you can automatically import all your financial documents & export them into data you can use.
Gusto
Gusto offers fully integrated online payroll services that includes HR, benefits, and everything else you need for your business.
Spotlight Reporting
Attractive performance reports quickly and efficiently. Ideal for organizations that need deeper insight and analysis.
Receipt Bank
Receipt Bank converts those annoying bits of paper – receipts and invoices – into Xero data!
AutoEntry
AutoEntry captures, analyses and posts invoices, receipts and statements into your accounting solution.
Shopify
Connect Shopify and Xero to effectively manage your online sales, inventory and accounting requirements.
Accounting and Bookkeeping for Gems and Jewelry Industry in Australia
The Gems and Jewelry Industry in Australia holds a special place, not only for its inherent beauty and elegance but also for its substantial contribution to the country’s economy. This sector goes beyond aesthetics, playing a crucial role in generating employment opportunities and revenue.
With a large number of employment opportunities and transactions in this industry, it becomes necessary to manage its finances carefully. Let’s take a closer look at the key elements of the Gems and Jewelry Industry in Australia and the need for accounting and bookkeeping in this industry.
Core Aspects of the Gems and Jewelry Industry in Australia
The Gems and Jewelry industry in Australia is a significant sector that combines artistic creativity, geological expertise, and economic value. This industry encompasses a wide range of activities, from mining and processing gemstones to crafting exquisite jewelry pieces.
Several core aspects define the landscape of the Gems and Jewelry industry in Australia:
- Rich Gemstone Deposits: Australia boasts diverse and abundant mineral resources, including a variety of precious and semi-precious gemstones. Renowned for its opals, Australia is also a source of sapphires, diamonds, pearls, and various colored gemstones.
- Mining and Exploration: Mining plays a pivotal role in the industry, with numerous gemstone mines scattered across the country. Companies and individuals engage in exploration and mining operations to extract gem-bearing materials.
- Value Chain: The industry's value chain encompasses various stages, from extraction and mining to cutting, polishing, designing, and selling finished jewelry pieces. Each stage requires specialized skills and expertise. The value chain also includes traders, wholesalers, retailers, and even online platforms, contributing to the industry's overall growth.
- Artistic Design and Craftsmanship: Jewelry design in Australia often draws inspiration from its natural surroundings, indigenous culture, and modern aesthetics. Jewelry designers and artisans play a critical role in creating unique and captivating pieces that cater to both domestic and international markets.
- Market and Trade: Australia's Gems and Jewelry industry has both domestic and global dimensions.
- Technology and Innovation: Technological advancements have significantly impacted the industry. Advanced techniques such as 3D printing, computer-aided design (CAD), and precision cutting have revolutionized jewelry manufacturing and customization.
- Cultural Significance: Jewelry has cultural significance and symbolism in various communities across Australia, including indigenous cultures. It serves as a means of expression, storytelling, and preserving heritage.
- Challenges and Opportunities: The industry faces challenges such as global economic fluctuations, changing consumer preferences, and competition from other luxury goods. However, the growing demand for unique, ethically sourced, and sustainable jewelry presents opportunities for innovation and differentiation.
Requirements of Accounting and Bookkeeping in the Gems and Jewelry Industry of Australia
In the gems and jewelry industry, raw materials can vary significantly in value, and accurately determining the cost of production is vital. Accounting and bookkeeping processes need to account for the changing prices of precious metals and gems, as well as the craftsmanship costs involved in producing jewelry items.
The Australian Accounting Standards Board (AASB) sets out the accounting and financial reporting standards that entities in Australia must follow. The gems and jewelry industry is no exception, and businesses operating within this sector need to adhere to these standards.
Taxation is a complex area in any industry, and the gems and jewelry sector is no different. Various tax considerations, including Goods and Services Tax (GST), import and export duties, and capital gains tax, must be properly accounted for. Accurate bookkeeping ensures that taxes are appropriately calculated, reported, and paid following Australian tax laws.
The gems and jewelry industry often involves international transactions, as precious materials are sourced from different parts of the world and products are exported to various markets. Fluctuations in exchange rates can impact the value of transactions and financial statements. Robust bookkeeping practices must be in place to accurately record foreign currency transactions, hedge against currency risks when necessary, and ensure compliance with accounting standards related to foreign exchange.
Managing cash flow is vital for any business, and the gems and jewelry industry is no exception. High-value products can tie up significant amounts of capital in inventory, making effective cash flow management essential. Proper accounting and bookkeeping allow businesses to track income and expenses, monitor receivables and payables, and make informed decisions to ensure the availability of funds for operational needs and investments.
Clear and accurate financial reporting is essential for stakeholders such as investors, lenders, and regulatory authorities. The gems and jewelry industry often requires detailed disclosures about the composition and quality of precious materials used in products. Businesses need to provide transparent information about the sourcing of gems and metals to address ethical and sustainability concerns that have become increasingly important to consumers and investors.
Given the high value of the products in the gems and jewelry industry, the risk of fraud and theft is significant. Effective accounting and bookkeeping practices, including internal controls and regular reconciliations, play a crucial role in preventing and detecting fraudulent activities.
Benefits of Accounting and Bookkeeping in the Gems and Jewelry Industry of Australia
Accounting and bookkeeping provide a clear picture of the financial health of a gems and jewelry business. Accurate recording of sales, expenses, and other financial transactions ensures transparency in financial reporting. This transparency not only helps business owners understand their financial situation but also assists potential investors, lenders, and stakeholders in making informed decisions.
The gems and jewelry industry, like any other industry, is subject to taxation regulations in Australia. Accurate accounting ensures that the business calculates and remits the correct amount of taxes, including Goods and Services Tax (GST) if applicable. Compliance with tax regulations prevents legal issues and penalties, fostering a positive business reputation.
Informed decision-making is at the heart of business success. Well-maintained financial records provide valuable insights into which products are most profitable, where costs can be cut, and which strategies are working effectively. These insights empower business owners to make strategic decisions that drive growth and profitability.
Regular financial statements, such as balance sheets, income statements, and cash flow statements, provide insights into the overall performance of the business. By comparing current financial data with historical data, business owners and managers can identify areas of improvement and measure the success of their strategies.
For gems and jewelry businesses seeking to expand or launch new product lines, external funding might be necessary. Lenders and investors require detailed financial information to assess the business’s creditworthiness and potential for returns. Accurate accounting and bookkeeping increase the likelihood of securing loans or investments at favorable terms.
The gems and jewelry industry is not immune to risks such as theft, loss, or damage to valuable inventory. Properly documented financial records can support insurance claims and provide evidence in case of disputes or legal matters. This proactive approach to risk management safeguards the business’s financial interests.
Operating a gems and jewelry business involves adhering to various regulations and compliance standards. Accurate financial records help in demonstrating compliance with industry-specific regulations, such as the Kimberley Process Certification Scheme for ethical sourcing of diamonds.
Meru Accounting's Accounting and Bookkeeping Service for the Gems and Jewelry Industry in Australia
Accounting for Gems and Jewelry Business – The Gems and Jewelry export industry is very huge. So, a wide range of risks like foreign taxes, gold prices, credit risk, currency fluctuation risk, etc. affect it. We at Meru Accounting believe in providing an all-in-one solution to all these complexions and cover accounting related to all the stated matters and much more.
- Books of Accounts: This industry has a very large exposure and the risk associated with it is huge too. So, 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 timely. Then only a company can have a proper look at its business and profitability.
- Inventory Management: Inventory management is very essential and that too becomes a very serious task when inventory costs are in a mammoth amount. Understanding this need, we keep regular track of inventory and trade deals with our experienced team using the best accounting software that is suitable for our client’s business.
- Invoices and Receipts: The gems and Jewelry export industry deals with many clients and that too being situated in different countries. This makes the invoicing process a bit tricky and requires being meticulous. For that recurring invoices should be set up so that the invoices are automatically created in an accounting system and are matched with the receipts, and we have expertise in handling the same for our clients.
- 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 one adequately amortizes the capital cost against the receipts. For Accounting for Gems and Jewelry Business, we have expert professionals to look after this requirement so that any kind of error can be avoided.
- Increase Profit: Every business has the aim to make a good profit at the end of a financial year. But that requires 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.
Conclusion
The Gems and Jewelry Industry in Australia has a very special place in the culture and economy of the country. With high-valued gems and jewels involved in this business, maintaining proper financial records becomes necessary. Having a specialized firm like Meru Accounting to manage your finances can significantly help your business.
Meru Accounting shines as a guiding light for enterprises in this field to prosper with its professional accounting and bookkeeping services. By offering accurate insights and specialized support, Meru Accounting empowers businesses to flourish amid the unique challenges and opportunities presented by the industry’s dynamic landscape.
Hiring Virtual Accountant With Meru Accounting
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
Our Work Information
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Bookkeeping for CPA(s)
Certified public accountants or CPAs are known as backbones of a business firm. They help a business to survive and stand in the market. They are financial experts. Their stronghold at accounting, taxation, and finance makes them feel that they don’t require any bookkeeping service to keep a check on all the updates and paperwork.
CPA(s) are very knowledgeable. But spending their time in compilation and updation of paperwork is not a part of their job. They can efficiently invest this time in looking up for new clients and strengthening of already made tie-ups with multiple business firms. CPA(s) often live under the misunderstanding that they need not hire a professional and invest extra money on bookkeeping.
This is an actual myth these days. Having a personalized bookkeeping service improvises the accountant’s productivity. Your work gets more organized and stays updated. Outsourcing accountant experts are well updated with all the latest technologies that are needed to thrive in the industry.
As an accountant, you shall have peace of mind if you know that your accounting processes are in safe hands. Your data is being accessed using the latest technologies. This becomes a major strength when your motto is to work with the maximum no. of clients.
A good bookkeeping service will know about software like Freshbooks, SageOne, Wave, Xero, Quickbooks, etc. When your accounts are with an expert, who is not just mending for paperwork, you are good to go. All these benefits prove the need for bookkeeping for a CPA’s growth and easy work processing.
The acronym CPA stands for Certified Public Accountants. A CPA is a certification issued by the American Institute of Certified Public Accountant (AICPA). A person certified as CPA acts as a financial advisor with a high degree of knowledge and experience in the field of accountancy. This certification is mostly preferred by the CA, CS, MBA Cost accountant, financial advisors for professional recognition.
CFA stands for Certified Financial Analyst certified by CFA institute whereas CPA stands for Certified Public Accountant certified by AICPA. The purpose CFA is to analyses different financial option and provides investments options to the key financial planner and upper management of investment companies, whereas CPA is trained accountant professional who assists in various accounting service and taxation. We can say CFA act as financial analyst whereas the role of the CPA is of a facilitator of the accounting process.
If an individual, business, firm, or organization needs help for the preparation of tax, they should hire a CPA. If they need assistance for financial planning and investment, then should hire a CFA.
The three E(s) of CPA are Education, Examination and Experience. These 3 E(s) are necessary to get licenses for CPA. Only passing out examination doesn’t make you eligible for a CPA license, you need to meet sufficient requirements to get a license. Contact to this site for more details https://www.aicpa.org/becomeacpa/cpaexam.html
An individual, business, or any organization needs assistance in finance, accounting and business require a CPA. A qualified CPA provides professional expertise and advice to your business.
CONTACT US FOR ANY QUESTIONS
Our Office Address
AU Office
Level 8/350 Collins Street, Melbourne VIC 3000, Australia
902, Shivalik Tower, Nr. Panchvati Cross Roads, Ahmedabad, Gujarat 380009, India
