Essential functions of accounting software
Running a manufacturing business is no easy feat and is very challenging to manage. With lots of uncertainties in the demand, production difficulties, fluctuating of raw material pricings becomes very tedious to manage production effectively without affecting profitability.
It is very important to keep accurate track of production costs and understand which products are making profits and which ones are not making enough revenue.
Fortunately, there are modern accounting apps like myBooks which makes it very easy to manage manufacturing businesses with limited resources. These apps not only make it seamless to manage your books but also help in manufacturing aspects of your business.
myBooks functions for Manufacturing Business
One of the primary aspects of the manufacturing business is the production itself. It involves the actual production of goods. It is very important to record the raw materials consumed, production costs involved in the production to accurately determine the cost of produced goods. With mybooks best accounting software for manufacturing business, you can easily calculate the total manufacturing cost of your business.
myBooks let you efficiently manage and accurately determine production costs with the production order. It is a very simple transaction to document the raw materials consumed and production costs incurred. Finished goods produced and costs of the produced goods will be automatically calculated with this information.
Additionally, inventory management is directly integrated with production orders, it will automatically keep track of inventory stock for raw materials and finished goods. Further, it is possible to manage batch/lot of serial numbers for produced goods.
Selling & Procurement
Selling produced goods and procuring raw materials is critical to any business, not just the manufacturing business. myBooks manage this efficiently with the least amount of time required to manage them. You can create sales orders, deliveries, Invoices with a click of a button.
While creating these documents, you can accurately determine the stock available for these materials once sold, inventory will be reduced and pricing will be determined based on the FIFO( First-in First-out ) Stock movement.
Similarly, procuring goods for the business is also very easy. You can create purchase orders and purchase bills to procure from your vendor. Once bills is created, inventory will be automatically increased based on the purchase bill.
Primary business for-profit business is of course profitability. myBooks will let you easily manage the profitability of the manufacturing business by automatically capturing costs involved in the transactions and determining the profitability of every sale.
For every sale automatically calculates the cost of goods, sales automatically you can run the order profitability report to automatically determine the gross profit of the orders.
Additionally, you can also run the profit & loss by-product, you can accurately determine the profits of every product that has been sold and identify the most and least profitable products. Also, you can profit & loss reports to the customer as well.
As you can see, myBooks – the best accounting software for the manufacturing business, lets you manage every aspect of your manufacturing business additionally it also manages regular aspects of accounting like expenses, reporting, etc with the least amount of time. myBooks is designed to be used by busy business owners with little or no training required.
Check out myBooks for your business today with a free trial.
An overview & some of the important features of mybooks manufacturing accounting software are here.
You can track your purchased inventory & expense and calculate your overall manufacturing profit effortlessly with mybooks best manufacturing accounting software.
Price List Management
You can send your special offer to your specific category or users in your contact. You can customize your target audience as per your needs.
Your stock management is made easy. Start your paperless inventory management with myBooks.
With myBooks, you can handle your multiple manufacturing units in a separate category.
This features is not an end of manufacturing accounting software
Manufacturing accounting FAQs
What is a manufacturing accounting system?
The manufacturing accounting software will help your business to manage all your business financial operations and transactions with ease. With the right manufacturing accounting software, you can easily track your production order, price list management, inventory management, multi-manufacturing units, and more.
What is the purpose of manufacturing accounting software?
The main purpose of using the accounting software for the manufacturing business is
- To calculate the COG (Cost of Goods) manufactured.
- To estimate the total amount of profit or loss in your business manufacturing process.
These two will cover all important the estimation of your manufacturing business.
What are the components of the manufacturing account?
There are three main components included in the manufacturing account. They are direct labor, direct materials, and overhead.
What are manufacturing costs also known as?
The product cost is the other name for the manufacturing cost.