The best accounting programs for manufacturers

Manufacturers must ensure that their accounting software can handle the distinctions between accounting for manufacturing enterprises and accounting for businesses in other sectors. To help you choose the best software platform for your company, we’ve listed some of our top software suggestions along with what makes manufacturing accounting special. 

All of our top picks for the best accounting software for manufacturers are either hosted readily in the cloud or are cloud-based accounting systems. These software providers are all well-known, which means that bookkeepers and accountants are supportive of them. 

1.0: QuickBooks Online 

It’s possible that someone has informed you that QuickBooks Online is not suitable for inventory-based manufacturing firms. On its own, this is quite true, the inventory tool in QuickBooks Online is relatively restricted, while Intuit is constantly improving and updating it. 

But, there are a few extremely potent third-party connections that were created especially for small to medium sized manufacturing companies and work flawlessly with QuickBooks Online.   

We also liked that finding a service provider who specialises in accounting for small to medium-sized manufacturers is simple thanks to the fact that QuickBooks Online is supported by thousands of accountants and bookkeepers worldwide. This makes it an excellent choice, along with the simplicity of connection with software created especially for manufacturing companies. 

If you decide to go for the QuickBooks Enterprise for Manufacturing & Wholesale, it can simply be hosted in the cloud even if it is a desktop-based solution. To give you access from anywhere, regular backups, and upgrades.  

Many of the tools that manufacturers require are already included into this edition of QuickBooks, including functionality to help monitor demand and manage assemblies. Finding support is straightforward, much like with QuickBooks Online, but you should pick an accountant or bookkeeper with knowledge of the manufacturing and inventory functions.  

1.1: NetSuite Manufacturing 

The all-in-one, cloud-based NetSuite Manufacturing solution was created especially for manufacturers. Large, international manufacturing organisations use NetSuite, which provides all the tools any manufacturing company, regardless of size, needs to operate efficiently and successfully. 

Yet there are several difficulties associated with this level of robustness. For small and rising manufacturing enterprises, NetSuite might be a touch too robust, adding complexity when the business owner would be better served by simplicity. Moreover, NetSuite’s assistance is not as widespread as that of QuickBooks or Sage’s products, so it could be challenging to get an accountant or bookkeeper to help you. 

NetSuite is still a viable option to take into account if you intend to expand your manufacturing company into a huge organisation. Even if you decide to switch to another accounting programme if you’re a small manufacturing company right now, keep NetSuite in the back of your mind as a potential answer for when your company expands. 

1.2: Sage 200 

When it comes to managing your finances, your manufacturing business has special needs. With Sage Accounting, you can maintain operational control, guarantee continuous quality delivery, and seize new business opportunities. 

It’s no secret that we’re big fans of Sage 200, platform that is ideal for medium sized manufacturing companies. Some of the things we particularly like are: 

Quickly and simply create estimates and prices 

Analyse the potential profit from each manufacturing project, then turn your quote estimates into invoices to speed up payment. 

Improve your understanding of active projects and finances 

You can determine where to cut costs and save money more quickly if you have more control over the details of your work orders and deeper insights into your production costs. On a dashboard of accounting software, view cash flow projections. 

Control manufacturing project expenses 

To build your business, look up when you started a job, how much it paid, and pinpoint your most profitable clients. 

Become in charge of your stock 

Improve the management of swings in purchasing, production, and shipping to better adapt to changing client demands. Accurate product costing and pricing will speed up responses to enquiries and requests. 

Link your banks 

For manufacturers to make the greatest business decisions, data must be thorough, accurate, and current. You may link your banks with Sage Accounting, import transactions instantly, and obtain a precise, up-to-the-minute snapshot of your accounts. 

Always pay staff on time 

Using the optional Payroll add-on, you can pay employees fast and efficiently. These payments will automatically sync with Sage Accounting, saving you hours of effort. 

You need a location where you can efficiently monitor inventories, view real-time data, and maintain compliance if you work in the manufacturing sector. Sage Accounting helps you in the following ways: 

– Get clarity on production costs so that you may make wise business decisions 

– Get clarity about your inventory so that you always have the appropriate amount 

– Increase payment speed by automating and establishing regular invoices 

– Seeing a cash flow projection with current information will help you maintain control 

– Use your mobile device to manage your funds from anywhere 

– Review orders that are pending and in production 

– Reduce your administrative workload to save hours 

– Sync your accounts and import purchases from your points of sale 

– Always pay staff on time 

– Make sure HMRC receives all required VAT returns. 

– Give your accountant access to your money so they may work with you in real-time 

You can learn how much inventory your company has at any given time by using this kind of software. You may reduce costs and plan when to order more product by using this kind of information to better manage cash flow. You’ll be able to prevent overselling and make better business decisions as a result. 

2.0: Why cloud-based accounting software is essential 

Many owners or directors of manufacturing companies believe that utilising a desktop-based programme is the only way to achieve the capabilities they require in their accounting software. 

The situation has changed and is no longer the case. 

In reality, you should always be looking at and evaluating software that can be hosted and accessed remotely. You can by utilising a cloud-based accounting solution: 

2.1: Work together with your accountant in real time 

Regardless of where you are situated, you and your accountant may access and talk about your financials simultaneously if you utilise cloud-based accounting software. Your accountant will be able to give you the data you need to make wise business decisions much more quickly as a result. Also, you’ll be able to take a break from running your company without having concerned about being in the dark regarding your accounting. 

2.2: Automatic software updates are available 

No owner of a small business has the time to shut down their system and apply an update. Updates happen automatically, without your input, if you utilise cloud-based software. The majority of software providers schedule system shutdowns for updates during off-peak times so that users never feel a delay. 

2.3: Your data is always protected 

Small businesses are increasingly worried about data breaches, and many refrain from utilising cloud-based software because of security issues. Even the largest manufacturing company, however, could not afford to invest as much in system security as the main cloud-based accounting software suppliers do. To reduce the danger of data loss, cloud-based software companies have several redundancies in place. While using cloud-based accounting software significantly lowers the danger of a data breach or information loss, this does not imply that these events will never happen. 

Who we are 

Having started in 1995 with just one customer, Itas Solutions now supports over 200 clients nationwide specialising in Sage products as Sage’s flagship program, Sage Intacct.  They know we are always there to provide a helping hand, whenever they need us. Trusted by our customers for over 20 years, Itas has been built on referrals from customers and IT professionals that love the expert yet personal service that we offer. 

If you would like to know more about how Itas can help your business with finance automation, Sage implementation and improve purchasing control, you can get in touch at info@itassolutions.co.uk, call us on +44 (0) 1824 780 000 or contact us via our website. 

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