Accounting Best Practices for Manufacturing Industry

How to Use Xero in Manufacturing and Inventory Management?

Xero is one of the most widely used accounting systems among small businesses. Although the software also boasts some inventory management functionality, serious manufacturers and distributors need to find another way to make it work for their companies.

By Madis Kuuse 9 min read

AccountingInventoryManufacturing Tips

How to Calculate the Cost of Goods Manufactured (COGM)?

Knowing your cost of goods manufactured is vital for a good overview of production costs and how they relate to the bottom line. COGM also allows management to identify cash drains, adjust prices, and track the development of the business. You can also listen to this article:

By Mattias Turovski 11 min read

AccountingManufacturing TipsProduction planning

Total Manufacturing Cost – What is it and How to Calculate it?

Total manufacturing cost is an essential metric for understanding the profitability of a business. It can be used to adjust the selling price of your products, identify and cut expenses, and calculate other key metrics like the Cost of Goods Manufactured. In this post, we explore total manufacturing cost and its utility to manufacturers.

By Madis Kuuse 10 min read

AccountingChoosing a SoftwareManufacturing Tips

How to Use QuickBooks in Manufacturing?

QuickBooks is one of the most popular accounting systems among growing businesses today. But when it comes to production management, the software needs a substantial amount of extra power. Here is how to make QuickBooks Online work in a manufacturing company.

By Madis Kuuse 7 min read

AccountingInventoryManufacturing Tips

Work in Process Inventory – What Is WIP and How To Calculate it?

We have all seen manufacturing depicted in cartoons. Basic resources are rolled into a factory, followed by loud noises and a smoking chimney. Then, shiny finished products emerge on the other side. In reality, manufacturing is a bit more complex. On their journey toward becoming final products, raw materials go through work in process inventory. […]

By Mattias Turovski 12 min read

AccountingManufacturing TipsSalesSupply Chain

What Are Backorders? Meaning, Causes, and Tips

For manufacturers and distributors alike, backorders constitute a reliable means of keeping up sales even after goods have gone out of stock. In this article, we look at the meaning and causes of backorders and weigh their pros and cons.

By Mattias Turovski 11 min read

Accounting

Cost of Goods Sold in Manufacturing – How to Calculate COGS

The many cost-oriented KPIs in manufacturing accounting constitute some of the most important financial metrics for manufacturers and distributors. In this post, we look at the function and relevance of one such KPI – the Cost of Goods Sold.

By Mattias Turovski 8 min read

Accounting

Manufacturing Accounting – A Simple Guide

Manufacturing accounting is an internal business management process that helps managers keep an eye on the fiscal performance of a manufacturing operation. This post looks at the basic processes that inform manufacturing accounting and defines its most relevant terms.

By Mattias Turovski 15 min read

AccountingManufacturing TipsSales

Job Order Costing in 6 Easy Steps

Job order costing allows companies to allocate manufacturing costs to specific jobs, thereby helping them to give more accurate quotes, measure production efficiency, determine the profitability of specific jobs, and draw better budgets.

By Madis Kuuse 10 min read

Accounting

How to Use Xero in Manufacturing and Inventory Management?

How to Calculate the Cost of Goods Manufactured (COGM)?

Total Manufacturing Cost – What is it and How to Calculate it?

How to Use QuickBooks in Manufacturing?

Work in Process Inventory – What Is WIP and How To Calculate it?

What Are Backorders? Meaning, Causes, and Tips

Cost of Goods Sold in Manufacturing – How to Calculate COGS

Manufacturing Accounting – A Simple Guide

Job Order Costing in 6 Easy Steps

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Accounting

How to Use Xero in Manufacturing and Inventory Management?

How to Calculate the Cost of Goods Manufactured (COGM)?

Total Manufacturing Cost – What is it and How to Calculate it?

How to Use QuickBooks in Manufacturing?

Work in Process Inventory – What Is WIP and How To Calculate it?

What Are Backorders? Meaning, Causes, and Tips

Cost of Goods Sold in Manufacturing – How to Calculate COGS

Manufacturing Accounting – A Simple Guide

Job Order Costing in 6 Easy Steps

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