Accounting

Stock Keeping Unit (SKU) – Definition and Best Practices

Following stock keeping unit best practices is recommended when managing the SKUs in your inventory. Here is an overview of some of the best tips to follow.

Inventory Valuation Methods – Finding the Right Approach

For manufacturing companies, few things are as important in finance departments as inventory valuation. Here’s an overview of different valuation methods.

How to Go From Excel to Manufacturing Software / MRP System

How to Go From Excel to Manufacturing Software / MRP System in Stock Management and Production Scheduling.

What is Accrued Payroll in Manufacturing Accounting?

For small and medium-sized manufacturers, tracking and administering payroll accurately is a critical function.

Top Benefits of Manufacturing ERP for Accounting

ERP systems can offer a strong ROI for small to medium manufacturers who choose to invest in a quality system. For many, the benefits of such a strong manufacturing ERP system mean tighter controls and standardized data for production that allows for optimized production. It also recalls images of better control over inventory and the supply […]

How MRP System Improves Purchase Planning

Manufacturing Resource Planning (MRP) Systems have been around for many decades, initially known as Material Requirements Planning Systems. These systems operate on the principals of determining what is needed, how much is needed and when the materials are needed to complete production in a timely and cost-effective manner.

What is Bill of Materials Functionality?

A Bill of Materials is the complete list of parts, materials or ingredients required to complete a finished and sellable product.

Calculating Cost of Goods Sold in Manufacturing

Efficiency is the lifeblood of any manufacturing company. If the processes and procedures work smoothly and efficiently, profitability is enhanced. And if they don’t, then profits may suffer.

Work in Process Inventory (WIP) – Definition and Formula

Every manufacturing company must deal with inventory. Those that do it thoroughly by properly accounting for Work in Process inventory are bound to have a competitive advantage over the others.

How to Produce the Best Job Cost Estimates

There was a time – not all that long ago – when quoting a manufactured product or service would turn into a guessing game. Yes, it was an educated guess to be sure.

5 Practices for Job Costing

Job costing is considered to be something of an art form as creating a balance between your business and ensuring your employees are fairly paid is not always as easy as you may think.

How to Calculate Total Manufacturing Cost?

Does the task of calculating the total manufacturing cost fill your heart with dread? Once the complete realm of accountants and productivity engineers, the total manufacturing cost has now been revealed as an approachable and useful tool for organizations of all sizes and types.

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