Recording receivables, payables, revenue, and taxes are integral aspects of running a business. These functions are universal and apply to all businesses regardless of their industry. But accounting for manufacturing ventures has some unique requirements and challenges.
Thanks to modern technology, manufacturing business owners are becoming more aware of deploying digital tools and automated practices to streamline their professional growth. Aspiring small and mid-sized firms are continually hunting to optimize and accelerate their profits by cutting expenses and increasing sales.
If you’re a manufacturing business owner interested in investing in a seamless, all-in-one, efficient tech tool, there’s no better alternative than the 21.0 QuickBooks Enterprise! Whether you’re currently using QuickBooks desktop or not, the Enterprise version will offer you unlimited business support.
Intuit’s QuickBooks Enterprise is a mid-market offering, making it perfect for growing manufacturing firms. Though it might cost more, the features and qualities of the Enterprise software know no quality limits. It’s efficient, user-friendly, and highly integrative to make up for the cost.
In this post, we’ll look into the eight-core features of the QuickBooks Enterprise 2021 version and learn how they work wonders for growth-focused manufacturing companies.
1. Manufacturing and Wholesale Account Charts
The QuickBooks Enterprise manufacturing edition offers business owners a comprehensive overview of financial performance, accounting data, and much more. One of the much-loved features of this software is the chart of accounts.
A chart of accounts represents all the information about the transactions carried out by a business. Manufacturing ventures have an utterly distinctive layout for their chart of accounts than retail and service-based companies.
The QuickBooks Enterprise developers know this distinction very well, and they’ve used their expertise to design an appropriate layout for manufacturers and wholesalers. The software also offers easy access to A/R, A/P, income, equity, operating expense, and asset information. And you don’t have to spend critical business hours creating new charts of accounts for daily cash, repairs, maintenance, operation, etc.
2. Cost Tracking
For any manufacturing business, intertwining inventory, sales, and production functions is a core business requirement. Thanks to the QuickBooks Enterprise and Wholesale software, all these components can be automatically combined using BOMs.
A bill of material is like a shopping list that gives you the recipe for manufacturing the right product using the right technique.
QuickBooks Enterprise for Manufacturing allows operators to trail BOM charges for manufactured goods, including manual labor, additional costs, and sub-production lines. The software compiles and integrates updated labor and material costs and track them using the desired cost accounting technique such as FIFO.
3. Tailored Price Levels
Every business owner understands the vitality of customers. While all of your clients are important, some are more valuable than others. The 80/20 rule helps manufacturing businesses focus on the 20% of the customers that generate 80% of the profits and vice versa. That’s why it’s imperative to devise smart and strategic pricing models to enhance customer experience and retention.
With QuickBooks Enterprise hosting, business owners can automate cost computations per product pricing function and establishing customized pricing plans. Moreover, the QuickBooks Enterprise and Pro versions can be combined to achieve more accurate tailor-made prices for different customers.
4. Core Manufacturing Reports
Manufacturing businesses rely on accounting and financial reports for future goal planning. QuickBooks has always been a rich mixture of robust reporting and management features that help business owners decide.
Similarly, Intuit’s QuickBooks Enterprise for Manufacturers is no exception. It’s feature-rich and packed with report layouts specifically designed for manufacturers and wholesalers. Some of the main reports include:
- Inventory valuation report
- Stock status report
- Inventory shortage report, etc.
Regularly reviewing these reports helps business owners focus on inventory levels, production holdups and mitigate any problems in the assembly line.
QuickBooks Enterprise for manufacturers delivers advanced reporting features and a library of industry-related functions helping you run your business like a pro!
5. E-commerce Integration
More than half of the manufacturing business relies on e-commerce platforms for growth and development. If you’re also one of them, investing in a cloud solution that doesn’t offer e-commerce integration will be considered the most ineffective business move.
The QuickBooks Enterprise for Manufacturers offers a complete integrative feature to optimize your business on Amazon, WooCommerce, eBay, Shopify, and many other online shops.
It reduces the significant amount of time required to enter, correct, modify, and update product and shipping information on online shops.
Recommended Read: Impressive Features of QuickBooks Enterprise For Your Business
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