4. Inspite of trying a lot, the accounting and auditing of jewelery business gets delayed. So there is always the stress & pressure of the last date. What can be done to avoid this?

Actually this is natural in jewellry business. Because in the jewellery business customer needs more attention. Therefore, it is not easily possible to give regular importance to accounting in day-to-day activities. But it’s possible to stay stress-free by completing the account on time. The following things have to be done for the same.

  1. Recording the transactions in jewellery business timely and accurately
  • Record the transactions very carefully.
  • Check whether all the things required for accounting are coming in the records of transactions or not.
  • Set the accounting effects properly; such as accounting of GST or TDS should be absolutely correct etc.
  • Thus, by taking appropriate precautions while recording the transactions, the next tasks become easier
  1. Automating the transaction entries.
  • In the jewelery business, after recording the transaction, Do posting of even the smallest details of the transaction, automatically in the respective account. For example, once the bill is done, it’s GST should be automatically calculated and posted in respective GST account or while paying to the goldsmith, its TDS should be automatically posted in respective TDS account; etc.
  1. Transforming the transaction entries correctly and immediately into the report.
  • In the jewellery business, keep preparing the reports required for government compliance regularly (automatically); like routinely required, trading account, profit and loss account, balance sheet etc. Or monthly reports such as GSTR1, 3B or TDS Report.
  1. Developing right methods for auditing
  • Choose a methodology, so that it brings the details of the records in forth immediately, for auditing.

In order to implement all these things easily, special accounting and auditing modules have been provided in Acme Infinity software. All the things required for accounting and government compliance are inbuilt in this; Which work as follows.

  1.  To record the transactions in jewellery business timely and accurately…
  • GST and TDS are accounted instantly and automatically in Infinity software.
  • While registering transactions, Customer’s, Vendor’s PAN number is taken automatically wherever required.
  • For recording of specific transactions, appropriate locks have been put, so that the mistakes are avoided while recording, such as the limit for cash transaction and so on.
  1.  To automate the transaction entries…
  • Let it be any transaction or sales bill, its accounting effect is auto posted in Acme Infinity.
  • After any transaction, the records of it’s GST or TDS are auto posted in the respective accounts. Because of this, all the required ledgers are maintained up-to-date always.
  1.  To transform the transaction entries correctly and immediately into the report…
  • All the reports required for accounting or submission to the government are automatically prepared in Acme software. This makes it easy to follow the government rules. Like TDS report required at the end of the month or monthly 3B or GSTR1 report etc.
  • GST Report is auto ready in GST format. It’s Jessol Excel file is also kept ready. Which can be uploaded on the GST portal in a very simple way, without anyone’s help.
  • Balance Sheet, Trading Account, Profit Loss, Day-Books are created automatically.
  • According to the given valuation method, gross profit is auto generated in the trading account. As a result, through the records that happen every day, the net profit is automatically understood.
  • Financial Year End can be done automated.
  • The facility to prepare bank reconciliation report is available in the accounting software of Infinity. In this, it is also possible to automate this process by importing the bank statement.
  1. To develop right methods for auditing…
  • In Infinity Software, every transaction can be checked and its log can also be seen.
  • After completion of the audit for a certain date, related records can be locked (locked-date facility), so that no one can change the records and finally the work records remain safe & secured.
  • All accounting data can be exported to Tally software if required.
  • To audit transactions, an independent auditing module is available in Infinity’s accounting software.

Apart from this, the important thing is that Acme Infinity Software also offers small yet automated facilities suitable for business. For example, today’s list of depositing the cheques, is automatically generated.

In this way, Acme Infinity’s ERP software keeps the smallest record of transactions correctly, prepares all the required reports instantly by automating the transaction entries. By providing specific methods for auditing, it reduces the time pressure and completes the accounting and auditing as per law, in time.

After all, staying stress free… is most important!