Due to the nature of the manufacturing industry; manufacturing firms often face unique financial challenges. These challenges can include inventory management, capital investments, profit management, cash flow control, and liquidity maintenance. To address these issues, manufacturing firm accountants use Acumatica to help them keep track of their manufacturing firm’s bookkeeping and tax planning.
Manufacturing firm owners like you greatly benefit from the payment optimization features of Acumatica. For starters, it allows you to align payments to cash flows. By doing so, you can effectively avoid late charges, allowing you to take advantage of any available vendor discounts. The simplified invoice approval and payment features streamline the approval of accounts payable charges. This guarantees that each invoice paid follows a preset approval process.
Furthermore, manufacturing firm CPAs can use this platform to manage their employer’s prepaid expenses. By setting up prepayment requests, you are able to apply these amounts to future invoices. Acumatica can also help you avoid confusion by letting you keep prepayments in their own accounts payable account.Another unique feature of the software is the ability to have multiple accounts payable in your general ledger. You can connect specific accounts payable accounts to a vendor or groups of vendors in the general ledger. This allows you to instantly offset the right payment amount.
Lastly, your manufacturing firm tax planning can become easier with Acumatica’s automated tax calculation and tracking. The feature helps with your manufacturing firm bookkeeping by letting you handle VAT and tax issues with ease. Manufacturing firm bookkeeping is likewise streamlined thanks to the system’s ability to assign default tax zones to vendors. The ability to add multiple tax items per line and override your default tax zone when inputting an invoice are all also some ways that Acumatica makes manufacturing firm tax planning simpler.
A Multi-Currency Platform
Many manufacturing firms work with clients from several countries using a variety of currencies. Acumatica allows you to keep track of inventory and to invoice in any currency available. The software is able to automate exchange rate calculations which is extremely impactful because utilizing the incorrect exchange rate can lead to incorrect calculations for your gains and losses. If you have any unrealized gains or unrealized losses, the software also lets you correct this through balance reevaluation.
Improved Manufacturing Firm Billing
Acumatica’s Recurring Revenue Management feature makes billing your clients easier. This feature allows you to set up recurrent documents and recurring bills to help you make sure that no customer billing is forgotten. With Acuamtica, you can also decide how frequently and on which days customers need to pay you. You can choose from monthly, quarterly, yearly or any customized time-periods you need.
Better Manufacturing Firm Accounting Security
Acumatica offers its users a clear audit trail of their system. One way Acumatica does this is by removing the ability of users to cancel or delete records. Instead, they are forced to fix their errors by using correcting or reversing entries. Acumatica stores the user ID each person that makes a record and anyone who subsequently changes it. The platform also allows you to add supporting documents and notes.
Another valuable feature of this platform is its vendor account security future. This functionality allows you to determine who can edit or view vendor accounts. This keeps confidential vendor data from falling into the wrong hands.
Our experienced manufacturing firm financial advisers offer high-level manufacturing firms accounting services such as bookkeeping, tax planning, and CFO advisory services to aid our clients with advancing their business. We also educate our clients' ways how to get the most out of their accounting platforms. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
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