This client is a trend-driven, affordable jewelry brand sold online. They are well known for their customizable pieces and celebrity fans.
When the client’s team first approached Plumb, they were a retail and wholesale jewelry manufacturing and distribution company with their own manufacturing and distribution warehouse in Los Angeles.
The client needed assistance in cleaning up their books, but when our superstar, ecommerce accounting expert Plumb team started to review their books, they quickly realized the client needed much more help. Not only were the books in disarray, but they had been updating all their financial reports and records manually. They also had no useful means of tracking inventory and had no automated PO system.
With dedication, focus, and expertise, our Plumb team of accountants quickly got to work and:
- Cleaned up and streamlined the client’s books
- Revamped their inventory tracking model and system
- Created a PO system in QuickBooks
In turn, this allowed the client’s team to have better clarity around their business and to make smarter, more informed decisions about the business. They realized:
- Their labor costs were significantly higher than they thought.
- Their wholesale business was not nearly as profitable as they thought.
These realizations caused them to make the following business-saving decisions:
- They halted their wholesale business in favor of focusing on their more successful and profitable retail business.
- They outsourced all their manufacturing to China, saving the exorbitant labor and lease costs they were paying monthly for their LA-based warehouse.
The company is thriving today, thanks to their wonderful products, and to our eagle-eyed accountants who created systems, reports, and clarity that enable the client to stay on track for the long haul.