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Accounting for Manufacturing Companies

Accounting Services for Manufacturing Companies

What is Manufacturing Accounting?

Manufacturing accounting is a specialized area of accounting that deals with managing finances in the manufacturing industry. It involves carefully monitoring, analyzing, and reporting financial data related to the production of goods, inventory levels, sales revenues, and other expenses associated with the manufacturing process.

Accurate financial records are essential for any business, but they are particularly important for manufacturing companies. By working with a knowledgeable accountant who understands the industry, business owners and managers can create effective budgets for future projects and make informed decisions about how to allocate resources.

When you outsource your accounting to AZ Accounting, you gain access to a professionally trained team of accountants with the industry knowledge and expertise to streamline your financial management. We offer full-service accounting tailored to the specific needs of manufacturing companies, as well as scalable packages and a dedicated account manager for one-on-one support.

Our Manufacturing Accounting Services

Payroll Service

In the manufacturing sector, workforce management can be complicated due to shift work, overtime and varying pay rates. Our specialized payroll services ensure accurate and timely processing of employee wages, benefits and deductions, including accurate calculation of overtime pay and seamless integration with timekeeping systems.

We also include tracking labour costs by department or production line so that you can keep your operations as efficient as possible.

Accounting Service

AZ Accounting provides comprehensive financial management and reporting tailored to the specific needs of the manufacturing industry. Our services include tracking and analyzing production costs, inventory valuation, job costing, variance analysis, and more to ensure accurate financial reporting and aid your decision-making process.

We are also equipped to address industry-specific challenges like overhead allocation, work-in-progress accounting and compliance with industry-specific regulatory requirements.

Tax Services

Our tax services for manufacturing include accurate tax filings, strategic tax planning, and optimization to minimize tax liabilities. We are knowledgeable and equipped to help you navigate the complex tax regulations in the industry, such as inventory valuation methods, depreciation of equipment and eligibility for tax credits and incentives.

If you have a global operation, we can also assist you in managing international taxes, transfer pricing, sales tax for goods shipped across Canada or international borders, and more.

Bookkeeping Services

At AZ Accounting, our bookkeeping services are tailored to meet the unique needs of manufacturing businesses. From accounts payable and receivable to bank and inventory account reconciliation, our team of professional accountants is knowledgeable and handles all aspects of bookkeeping to maintain accurate and up-to-date financial records for your business.

Our specialized bookkeeping services also extend to inventory management. You can trust us to record and track inventory movements precisely, the cost of goods sold, and inventory valuation methods such as FIFO and LIFO.

Other aspects of our bookkeeping services for manufacturers include:

  • Analysis of manufacturing overhead costs
  • Allocation of indirect expenses
  • Preparation of financial statements

Customized Accounting Solutions for the Manufacturing Industry

From varying levels of demand and unexpected supply chain disruptions to labour shortages and changing regulations, manufacturers routinely face challenges in their sector. With so many moving parts, having an accounting team that truly understands the industry is essential.

Managing accounting functions in-house can be overwhelming for many manufacturing companies due to the complexity of financial transactions, inventory management and compliance requirements. As the scale of production grows, an in-house team may also struggle with keeping up-to-date with industry-specific regulations and handling fluctuations in workload during peak production periods. 

Outsourcing these tasks to an accounting team specializing in manufacturing accounting can alleviate the many pain points of in-house accounting. At AZ Accounting, our team of professional manufacturing accountants have specialized knowledge and experience in the industry. Not only does outsourcing save you the cost of hiring and training an in-house team, but it also ensures that your accounting needs are met by experts in the field, leading to more accurate financial reporting and compliance.

Our manufacturing accountants are equipped to navigate complex financial matters, including inventory valuation, cost accounting, production cost analysis and more. By working with a dedicated professional accountant, manufacturers can access expertise that may not be available in-house, instilling confidence in the accuracy of their financial reporting and compliance.

In addition, our accounting services are fully customizable and scalable, so that you can adjust the level of support based on your changing needs and business cycles. Whether it’s managing day-to-day transactions or preparing financial statements for end-of-year reporting, our services can be scaled to accommodate your business’s needs.

Why Choose Our Manufacturing Accounting Services

Our professional accountants specializing in manufacturing have an in-depth knowledge of industry-specific accounting principles, regulations, and best practices. They understand the intricacies of running a smooth manufacturing operation and can provide the strategic financial advice you need to help your business grow and prosper.

Whether it’s optimizing inventory management, implementing cost-saving measures or improving payroll systems, our team at AZ Accounting offers customized accounting solutions to address the unique needs and challenges of your business. Let us handle all your accounting needs today!

Take Charge Of Your Manufacturing Finances Today

Discover how our team at AZ Accounting can assist you with our manufacturing accounting services at competitive rates. Contact us here today.

700+

Clients served since inception

45+

Combined Years of Experience

15+

Cloud platforms used to ensure efficiency

25+

Types of Services offered

$14.6M+

Gross payroll amount processed for clients last year

$0

Cost to clients due to our errors or filing delays

Trusted By Our Clients

Companies of all sizes and industries rely on 
AZ Accounting to help solve their most complex accounting challenges.

Let's Simplify Your Finances

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