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Bookkeeping for Manufacturing Businesses
Managing your finances from "start to finish"
As with all businesses, a manufacturing company uses a sequence of events known as an accounting cycle to prepare financial statements. Being a manufacturer brings some specific requirements, notably the need to use the accrual method in most cases, and the need to find a system to value inventory.
The accounting for a manufacturing business deals with inventory valuation and the cost of goods sold. These concepts are uncommon in other types of entities, or are handled at a more simplified level. The concepts are expanded upon as follows:
A manufacturing business must use a certain amount of raw materials, work-in-process, and finished goods as part of its production processes, and any ending balances must be properly valued for recognition on the company balance sheet. This valuation requires the following activities:
Direct cost assignment. Costs are assigned to inventory using either a standard costing, weighted-average cost, or cost layering methodology. See the standard costing, weighted-average method, FIFO, and LIFO topics for more information.
Overhead cost assignment. Factory overhead costs must be aggregated into cost pools and then allocated to the number of units produced during a reporting period, which increases the recorded cost of inventory. The number of cost pools should be minimized to reduce the amount of allocation work by the accountant.
Impairment testing. Also known as the lower of cost or market rule, this activity involves ascertaining whether the amount at which inventory items are recorded is higher than their current market values. If so, the inventory must be written down to the market values. This task may be completed at relatively long intervals, such as at the end of each annual reporting period.
Cost of goods sold recognition. At its most basic level, the cost of goods sold is simply beginning inventory, plus purchases, minus ending inventory. Thus, the derivation of the cost of goods sold is really driven by the accuracy of the inventory valuation procedures that were just described. In addition, any abnormal costs incurred, such as excessive scrap, are not recorded in inventory, but instead are charged directly to the cost of goods sold. This calls for a detailed scrap tracking procedure. Also, costs may be assigned to specific jobs (known as job costing) and then charged to the cost of goods sold when the inventory items in those jobs are sold to customers.
Hiring an Accountant: Remote Bookkeeping Services
RemoteBooksOnline.com offers you the luxury of focusing on your business while your books are looked after. Get flat, affordable monthly rates as low as $95/Month with a team of experienced Certified QuickBooks Pro Advisors to help you set your books on track.
We offer assistance with:
- Generating & Sending Invoices
- Accounts Receivable Tracking
- Revenue Recognition
- Ecommerce & POS Integration
- Bill Pay
- Expense Management
- Receipt Collection
- Online/Mobile Expense Reports
- Accounts Payable Tracking
- Monthly Close & CPA Review
- Unlimited Reports
- Analytics & Dashboards
- Job Costing & Class Tracking
- Inventory Reports & Tracking
- Financial Discussion
- Administration, Payroll, & Benefits
- Data Entry
- CRM Integration
- Payroll & Benefits Setup/Tracking
- Compliance & Controls
Outsourcing Bookkeeping Services:
What does it do for you?
As a business owner you are more efficient in making business decisions when you have access to your P&L and financial statements (AR’s and AP’s) in real-time. Our certified QuickBooks Pro advisors will make sure you have this information in the palm of your hand and kept up to date in Realtime.
We all know that Bookkeeping is tedious work, and as a business owner it takes you away from more important things in your business. Let our QuickBooks Pro Advisors handle your books, so you can focus on growing your business.
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Get started with RemoteBooksOnline today.
Try us out for free!
RemoteBooksOnline will enter all transactions, make all necessary journal entries, and reconcile one month of your books for free. RemoteBooksOnline looks for long term relationships, so this gives you a way to evaluate our bookkeeping service.
Speak with an agent to get a quote and setup an appointment with a Certified QuickBooks Pro Advisor to go over your books.
Bookkeeping checked off your list
Now that bookkeeping is off your mind, what will you focus on next? You have a business to run! Business is difficult enough but no longer has to be with RemoteBooksOnline on your side.
- No late nights of data entry and other tedious bookkeeping work.
- No spending time and money training employees on bookkeeping.
- Books are always current and accurate.
- More time available to focus on your core business.
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