Major areas of Business Leakage in your Jewelry Store

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• Major areas of Business Leakage in your Jewelry
  Store
• 1 Benefits Distribution to Customers
• Manipulation of Metal Rates in Bills
• If they are not limited by Jewelry Software,
  customer service professionals are frequently
  involved in altering the metal pricing on the
  bills/receipts given. Individual metal prices,
  like prices for any commodity, are primarily
  influenced by supply and demand. However,
  regardless of the type of metal, assuming that
  supply information (production and stockpiles)
  and demand (consumption) are readily available,
  reliable, and transparent would be a significant
  error.
• Manipulation of Polish Wastage
• Waste charges arose as a result of jewelers using
  their hands, although even current machine- made
  jewelry contains a wastage charge component. This
  may be avoided with sophisticated Jewelry
  Billing Software.
• Bill Weight Manipulation
• Almost all consumers who buy gold jewelry in the
  city are duped by jewelry store owners, with the
  amount fleeced ranging from Rs 2,500 to Rs 7,500
  every 10 grams of precious metal purchased due
  to jewelers manipulation of the real weight.
• 2 Benefits Distribution with Supplier
• Manipulation of Metal Rates in Bhav Fix Entries
• There are several variations on this theory some
  argue that precious metals are controlled by
  central bankers, while others blame major banks
  and their use of derivatives ('naked' shorts)
  and high-frequency trading for metal price drops.
  Using Jewelry Billing Software will assist you in
  overcoming this.
• Purchase Bill Wastage Manipulation

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• When making payments to clients
• Credit Card Fraud
• Credit sales are those in which the sum owing is
  deferred and paid at a later period. Credit
  sales, in other words, are purchases made by
  consumers who do not pay in whole, in cash, at
  the time of purchase. Things would go wrong if
  the bank refused to accept the card used for the
  sale before the money was sent.
• Anonymous Cash Debit Entry A/c

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• They deposit the monies into an anonymous bank
  account, making it extremely difficult to
  monitor the transactions and persons involved be
  wary of this as well. A Jewelry Accounting
  Software will inform you of the specifics of the
  transaction and assist you in tracking it.
• Transaction to defaulters/anonymous account
• When they wish to convert black money into white
  money, they create bills with sales to anonymous
  accounts and record it as a genuine transaction.

• Personnel error
• Making Up Expenses
• Fraud accounts for 5 of a jeweler's annual
  sales. This 5 is made up of cost fraud instances
  with varying levels of risk. Expense fraud may
  vary from an out-of-policy travel seat upgrade to
  having your dealership pay for a private jet
  flight with your buddies. It may seem incredible,
  yet it has occurred. Using sophisticated Jewelry
  Software, you can keep track of their expenses.
• Entries from the Past

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• Your employees can register a transaction on a
  previous date to produce a bill for a friend or
  relative and save them tax, but you must pay the
  GST on the sale.
• Replacement of Item Tags
• You tag each item to guarantee that the right
  price is received upon sale, but some substitute
  an expensive item with a low-priced tag to sell
  it at a cheap price that would cost you a lot of
  money.
• Conclusion
• You should have well-designed and sophisticated
  Jewelry Software that can manage your workers,
  transactions, and inventory while providing the
  best-priced, high-quality items to your customers.