Manufacturing
Integrated accounting solutions – Financial Accounting, Inventory Accounting, and Cost Accounting for Manufacturing Business.
Manufacturing industries are the prominent wealth producing sectors of an economy. These industries use multiple technologies and methods widely known as manufacturing process management.
Advinance: Outsourced Integrated Accounting Services for Manufacturing Businesses
The manufacturing industry accounts for a significant share of the industrial sector in developed countries. The final products can either serves as a finished good for sale to customers or as intermediate goods used in the production process.
Manufacturing industries are the prominent wealth producing sectors of an economy. These industries use multiple technologies and methods widely known as manufacturing process management.
Outsourced accounting for manufacturing business deals with the inventory valuation and the costing of goods. Well, this can be considered as the complex part of manufacturing accounting. The receipt of the raw material to the selling of the goods in the market requires standard automization procedure.
Manufacturing industries are the prominent wealth producing sectors of an economy. These industries use multiple technologies and methods widely known as manufacturing process management.
Outsourced accounting for manufacturing business deals with the inventory valuation and the costing of goods. Well, this can be considered as the complex part of manufacturing accounting. The receipt of the raw material to the selling of the goods in the market requires standard automization procedure.
Cost Savings
Save cost and time for your manufacturing business with outsourced accounting
services.
Increased Accuracy
Improve financial performance and make informed decision with increased
accuracy.
Focus on Core Business
Free-up internal resources to focus on
core business and increase
ROI.
Who we serve
At Advinance, we craft accounting solutions specifically for manufacturers—streamlining finances, ensuring compliance, and supporting efficient growth from production to delivery.”
Food Production
Chemical Industry
Electronics
Automotive
Textile
Medical Equipment
Happy Clients
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Specialised Services For Manufacturing
Bookkeeping
- Setting up charts of accounts
- Posting of purchase transactions including Purchase order, Purchase invoice and receipt of inventory (Including batch with expiry/serial no)
- Entry for other purchase related expenses for calculating landing cost
- Capturing finished goods item wise BOM
- Entry for issue of material for production
- Posting necessary entry for transfer of material between locations
- Posting of stock adjustment entries if any
- Allocation of labour, electricity and other direct expenses against production
- Recording of estimates, quotes, sales invoices and delivery note
- Verifying and recording bills from vendors
- Payment to vendors
- Month-end or year-end closing entries
- Recording depreciation and other adjusting entries
Management Reporting
- Profit and Loss Statement
- Cash Flow Statement
- Balance Sheet Reporting
- Trial Balance
- Fixed Assets Process Reports
- Stock consumption and stock movement analysis report
- Location wise inventory report
- Outstanding Purchase Order pending for receipt of goods
- Outstanding Sales Order pending for dispatch of goods
- Cost Accounting for different manufacturing processes
- Bank Reconciliation report
- Item wise costing analysis
- Department wise Employment Cost Analysis
- yment Cost Analysis
Accounts Payable
- Entering and processing expense invoices
- Managing overhead
- Preparing Accounts Payable Aging Summary and Details report
Accounts Receivable
- Recording of revenue and receipts from customers
- Preparing Accounts Receivable Aging Summary and Details report
Payroll Processing
- Setting up Payroll
- Payday calculations with the processing of payroll
- Payroll tax calculation and form filling
- 941, 1099, 940, and quarterly state tax returns
Our process for integrating financials, costing, and inventory in manufacturing accounting."
1. Understanding of client’s business including following key parameters for configuration of inventory and costing module :
- Main raw material items
- No. of different production processes and work-in-progress items
- Accomplished goods items and by-products
- Standard time required at each production process
- Main types of machinery involved in each production process
- Gathering power capacity/voltage details for different machinery
- Production type – BOM/Batch, Assembly, Disassembly
- Standard production ratios
- Identifying control requirements
2. In the implementation phase, our team handles key manufacturing accounting and bookkeeping tasks aligned with the integration process:
- Set up the charts of accounts for financial accounting
- Alteration and finalization of inventory master with coding
- Recommending and performing suitable tracking/class category for cost accounting
- Preparation of standard template for data collection from the procurement department to the sales & marketing department
- Communication of various control points for improved internal control system
- Support in Integration of barcoding system with the accounting system
- Capturing accounting transactions in the accounting system
- Perform various reconciliation and checking the accuracy of transactions completed
